CIO Today

CIO Today Network Sites:   Top Tech News  |   CIO Today   |   Mobile Tech Today   |   Data Storage Today
Daily Briefing for Technology's Top Decision-Makers
Neustar, Inc.
Protect your website & network
using real-time information & analysis

www.neustar.biz
Wednesday, April 16th 
The future of tape is here.
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Trending Topics:   Security Heartbleed Big Data Cloud Computing Windows XP Data Centers OS X Mavericks
Home
Enterprise Software
Enterprise Hardware
Big Data
Network Security
Cloud Computing
CRM Systems
Data Storage
Operating Systems
Communications
CIO Issues
Mobile Tech
Chips & Processors
World Wide Web
Business Briefing
After Hours
Press Releases
 
Free Newsletters
Top CIO News
 
Mobile Tech Today
 

World Wide Web

Bitcoins Now Have an ATM, with Withdrawals in 60 Currencies

Bitcoins Now Have an ATM, with Withdrawals in 60 Currencies
October 30, 2013 10:20AM

Bookmark and Share
The bitcoin ATM was developed and deployed by Robocoin, a company that intends to make bitcoin "grandma friendly." Robocoin CEO Jordan Kelley told news media that, with this ATM, his company is "bridging the gap and bringing reality to this digital currency." The bitcoin ATM allows withdrawals up to $3,000 daily in any of 60 national currencies.

Your Next Generation Data Center Is Here! Vblock™ Systems: the world's most advanced converged infrastructure are built on the Cisco Unified Computing System with Intel® Xeon® processors. Vblock™ Systems deliver extraordinary time to market, ROI and TCO, and flexibility to meet your continually changing demands with 5X faster deployment, 96% less downtime, and 1/2 the cost. Click here to learn more.

Are bitcoins evolving into a real-world currency? That question is prompted by news that the world's first bitcoin ATM was set up in Canada earlier this week.

The machine, located in a coffee shop in Vancouver, allows users to buy, sell and trade the virtual currency, as well as to deposit cash or checks or withdraw bitcoin in any of 60 national currencies, up to $3,000 daily.

The ATM was developed and deployed by Robocoin, a company that intends to make bitcoin what it calls "grandma friendly." Robocoin CEO Jordan Kelley told news media that, with this ATM, his company is "bridging the gap and bringing reality to this digital currency." The owner of the coffee shop where the ATM is located and Robocoin each make a commission on transactions.

Hand Scanner

The Robocoin ATM is fully automated and has a hand scanner for ID authentication, as well as the ability to read government-issued identification.

Bitcoins are attempting to emerge from their somewhat underground reputation for being used in less-than-kosher transactions, such as the recently shutdown online drug operation called Silk Road. Last August, New York officials subpoenaed 22 companies using bitcoins because of possible money laundering or other illegalities. Included in the subpoenas were VC firms Google Ventures and Andreesen Horowitz.

The currency is encrypted computer code that is stored in a virtual wallet, and only a limited number of bitcoins are being created so as not to generate inflation.

Users can buy and sell bitcoins in such exchanges as Mt. Gox in Tokyo, and the current value of one bitcoin is about $200. The Robocoin ATM allows for currencies to be exchanged according to real-time data on exchange rates from Canada's VirtEx exchange. Robocoin has said that its ATM machine complies with various currency laws, including those involving money laundering.

Coinfloor Trading Platform

The $20,000 machines will next be located at commercial establishments in Toronto and Montreal, and Robocoin says it has received inquiries from organizations in Australia, Kenya, Ireland and more than a dozen other countries.

Roger Kay, an analyst with industry research firm Endpoint Technologies Associates, told us that the U.S. federal government "keeps a jealous eye out" for other currencies in its borders, so that even if the bitcoin ATM got a better foothold in Canada it might face an uphill climb across the border in the U.S.

In London, an operation called Coinfloor attempted to open for business on Tuesday, but the Web site shut out many investors because of what Coinfloor says was "overwhelming demand." Coinfloor says it is the most advanced bitcoin trading platform around.

In Oslo, Norway, a man named Kristoffer Koch bought an apartment in the central part of the city recently with the returns he had made from buying -- and forgetting about -- $24 of bitcoin. He bought that amount of bitcoins in 2009, as he was conducting research on encryption. In April, he remembered the purchase when he read about their soaring value, as his 5,000 Bitcoins had ballooned to being worth about $700,000. It took him a day to remember his password, and he redeemed about a fifth of that amount.

Tell Us What You Think
Comment:

Name:



 World Wide Web
1. How To Beat the Heartbleed Bug
2. Twitter Acquires Data Analyzer Gnip
3. Google Proudly Scans Your Gmail
4. Google Grabs Droid-Maker
5. Tech Stocks: From Giddy to Glum




 Most Popular Articles
1. BlackBerry Drops T-Mobile After Nasty Spat
2. Will Satya Nadella Launch an Office for iPad?
3. Google Unveils Android Wear for Smart Watches
4. Cisco, IBM Launch Internet of Things Consortium
5. IBM Applies Big Data Analytics To Fight Against Fraud

Have an informed opinion on this story?
Send a Letter to the Editor.
We want to know what you think.
Send us your Feedback.

 Related Topics  Latest News & Special Reports

  How To Beat the Heartbleed Bug
  Twitter Acquires Data Analyzer Gnip
  Google Proudly Scans Your Gmail
  VMware Rolls Out DR-as-a-Service
  Google Grabs Droid-Maker

 Technology Marketplace

Business Intelligence
Get real-time, cloud-based information services with Neustar.
 
Cloud Computing
BMC's I.T. solutions unleash the power of your business
Next Generation Data Center Is Here! Vblock™ Systems from VCE
 
Contact Centers
HP delivers the future of the contact center with HP Qfiniti 10.
 
Data Storage
Next Generation Data Center Is Here! Vblock™ Systems from VCE
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
Barium Ferrite (BaFe) is the future of tape.
 
Enterprise Hardware
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
Barium Ferrite (BaFe) is the future of tape.
 
Enterprise I.T.
BMC's I.T. solutions unleash the power of your business
 
Hardware
Protect your network with APC Smart-UPS battery backup
 
Network Security
Protect your network with APC Smart-UPS battery backup
 

Network Security Spotlight
How To Beat the Heartbleed Bug
Heartbleed headlines continue as IT admins scramble for answers no one has. Early reports of stolen personal data, including 900 social insurance numbers in Canada, are starting to trickle in.
 
NSC Backs Disclosing Software Vulnerabilities
Disclosing vulnerabilities in commercial and open source software is in the national interest and shouldn't be withheld unless there is a clear need, says the National Security Council.
 
Heartbleed Flaw Affects Hardware, Too
It appears the Heartbleed security bug affects not just Web sites, but also the networking equipment that connects businesses and homes to the Net, including Cisco and Juniper's equipment.
 

Enterprise Hardware Spotlight
Vaio Fit 11A Battery Danger Forces Recall by Sony
Using a Sony Vaio Fit 11A laptop? It's time to send it back to Sony. In fact, Sony is encouraging people to stop using the laptop after several reports of its Panasonic battery overheating.
 
Continued Drop in Global PC Shipments Slows
Worldwide shipments of PCs fell during the first three months of the year, but the global slump in PC demand may be easing, with a considerable slowdown from last year's drops.
 
Google Glass Finds a Home in Medical Education, Practice
Google Glass may find its first markets in verticals in which hands-free access to data is a boon. Medicine is among the most prominent of those, as seen in a number of Glass experiments under way.
 

Mobile Technology Spotlight
Is Amazon Launching a 3D Smartphone?
Once known for selling books on an e-commerce platform, Amazon is now a bona fide hardware maker -- and it's reportedly rolling out an innovative smartphone with a 3D screen.
 
Review: S5 Features Useful, Less About Gimmicks
There's a lot to like about Samsung's new Galaxy S5 smartphone -- among them, its relative lack of features. Samsung chose to focus on features people might actually want, not gimmicks.
 
Analyst: Samsung Galaxy S5 Won't Sway iPhone Lovers
The Samsung Galaxy S5 hits store shelves on Friday and the reviews are starting to pour in. The question is: Can the latest in the Galaxy line grab more market share from Apple’s iPhone?
 

Navigation
CIO Today
Home/Top News | Enterprise Software | Enterprise Hardware | Big Data | Network Security | Cloud Computing | CRM Systems
Data Storage | Operating Systems | Communications | CIO Issues | Mobile Tech | Chips & Processors | World Wide Web
Business Briefing | After Hours | Press Releases
Also visit these Enterprise Technology Sites
Top Tech News | CIO Today | Mobile Tech Today | Data Storage Today

Services:
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About CIO Today Network | How To Contact Us | Article Reprints | Services for PR Pros (In partnership with NewsFactor) | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 CIO Today. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.