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Saturday, July 26, 2014

UK Gets Its FIRST BITCOIN ATM - Many more to come?






A two-way Robocoin bitcoin ATM has just landed on the shores of England, thanks to the efforts of Global Bitcoin ATM, a UK-based company. Located at Worldwide Connection, an Internet cafe in Holborn, central London, it is the first Robocoin machine in Europe and the first two-way ATM in the UK capital.

The Old Shoreditch Station Cafe had already been accepting bitcoin for drinks and coffee when Raziel decided it was the perfect place for his ATM. "I wanted my ATM to be more than just a cash-taking functional machinery stuck in an exchange office or an airport," said Raziel. "I wanted it to be more of an experience. The reason I chose the Old Shoreditch Station is because it's more than just a venue for my ATM. It's a real meeting spot for bitcoin enthusiasts who can pay for their coffee or cocktails with bitcoins and it's a real hot bed of creativity in East London."
Competition heats up Lamassu is a great option for those people who want their bitcoin instantly -- just scan your QR code, pop in your cash and receive your bitcoin in your digital wallet.

He also emphasized that the machine's anti-money laundering (AML) and 'know your customer' (KYC) features attracted them to the product. The Robocoin machine was funded by Lebanese investor Antoun Toubia, who was given the honours of cutting the ribbon off the machine for his fiscal input.

An excited crowd gathered to use the machine at its launch this afternoon, although not everyone was impressed with the lengthy registration process. Simon Dixon from Bank to the Future was the first person to use the ATM. After he successfully registered, he purchased bitcoin worth £10, he said.
Bitcoin boost

Global Bitcoin ATM said it will charge a 7% commission on all transactions via the Robocoin machine. Until now, Raziel had been trading at 8%, but, following the arrival of the competition, he plans to lower that rate to 5% starting next week. He is, however, excited to welcome more competition because it will be good for the entire bitcoin ecosystem.  "We're very excited about the new ATM competition in London. I think one ATM can slip through the public net, but with several ATMs all across the city, I think it'll do very well for all our businesses."

Meanwhile, a third player is going to enter this competition later this month. SatoshiPoint aims to install its first bitcoin ATM at Nin Com Soup within Old Street tube station. The restaurant itself will also start accepting bitcoin around the same time. SatoshiPoint is a UK-based bitcoin kiosk company using the Robocoin KYC and AML platform. SatoshiPoint to Launch Three New Bitcoin ATMs Across the UK

Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today's money worth less tomorrow.

The digital currency Bitcoin promises all these things. And while it's far from achieving any of them — its value is unstable and it's rarely used — some have high hopes.

"There will be alternatives to the dollar, and this might be one of them," said former U.S. congressman Ron Paul. If people start using bitcoins en masse, "it'll go down in history as the destroyer of the dollar," Paul added

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