RoboCoin:An ATM that Lets You Get Bitcoins With with Cash

Is your grandmother into bitcoin trading?

Unless she keeps up with all up to date technology, then chances are she has never heard of it. This could change, if RoboCoin CEO Jordan Kelley’ vision comes true. He hopes to one day have the Robocoin ATM kiosks, which were launched today, on every corner. This would make getting bitcoins as easy as inserting a dollar bill. This makes it easy for anyone to buy and sell bitcoins.

The Robocoin, with optional biometric security, is a full ATM. It could be placed in a variety of convenient locations, such as in stores, banks, and conferences. The ATMs give you the option of not only buying bitcoins with US dollars, but with any of 60 different currencies from around the world. It is as simple as signing into their account, and depositing the amount of money into the machine for the number of bitcoins they wish to purchase.

The ATM doesn’t only allow purchases with the US dollar, but also gives you the option of using on of 60 other currenciees from around the world.

Robocoin is linked up with both, Mt. Gox and Bitstamp, and all exchanges are tracked in real time. The machine holds 2,200 bills when it is full, and even gives customers the option to exchange their bitcoins for cash if and when they need to.

Kelley says that todays launch was met with a rapid response, and that Robocoin ATM have already been ordered for a large number of locations in the United States, Canada, Kenya, Australia, Ireland, The Philippines, and more. The cost of having a Robocoin machine put in your place of business is $20,000. Also, when the ATM is in operation, they get a small percentage of the transaction.

“We think Bitcoin is the future of currency. Its democratized and authority-agnostic, and now it can be on every corner and accessible to the masses.”Kelley said.

Many countries that are experiencing volatile currency problems, particularly third world countries, are showing a lot of interest in the concept of the Robocoin ATM. They see the potential in the bitcoin as a way to protect themselves from the effects of rapid inflation. The first Robocoins are set to be in place in Fall 2013.