Bitcoin ATM in Canada transacts over C$1M in less than 30 days

By Rizza Sta. Ana

Nov 27, 2013 12:30 PM EST

According to a report published on virtual currency news aggregator Coindesk, the Robocoin Bitcoin ATM accepted over 1,500 transactions at more than CAD1 million since its launch in Canada on October 30. The ATM machine for Bitcoins was placed in a Waves Coffee House in Vancouver.

The machine acts out the services of an automated teller machine, but processes sales and acquisitions of bitcoins. It has biometric time locks and a privacy-shielded touchscreen, which is used to identify the user via a palm scanner. The Bitcoin ATM can dispense and accept cash in international denominations. The ATM is reportedly 3G and Wi-Fi enabled. Daily transaction is reportedly regulated with a daily limit of CAD3,000 in Canada.

The team who created the Bitcoin ATM said the machine will change the way how the virtual currency is being sold or bought. RoboCoin represents a compelling investment for business owners. They'll earn a percentage of transactions and attract Bitcoin's loyal user-base, while also offering unprecedented access and ease-of-adoption to Bitcoin newcomers. Furthermore every Robocoin on the market increases Bitcoin liquidity and usage, putting upward pressure on the digital currency's valuation, awareness, and legitimacy."

The Robocoin ATM in Canada processed USD10,000 in 81 transactions in its first day. The Robocoin ATM broke its first-month goal of USD50,000 in its first week by reaching a transaction volume worth USD81,000. Operators of the machine broke even after 17 days.

A company statement was released, which read, "For operators, Robocoin offers the best way to invest in bitcoin - a scalable and highly profitable exchange business that's as easy as purchasing and plugging in a machine."

Robocoin is reportedly planning to ship ATMs in the hundreds all over the world in the next six months. These ATM machines cost USD20,000 or USD18,500 for those who had ordered and bought the machine this year.

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