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Robocoin to launch Bitcoin ATMs in US markets

February 18, 2014

After testing the waters in nations where currency regulations are a little less stringent, a Bitcoin ATM will make its debut in the United States. According to a Reuters report, Robocoin machines will go into service later this month in the Seattle and Austin, Texas, markets.

Users of the machines will be required to scan a government-issued ID, such as a driver's license or passport, in order to begin a transaction. Once verified, the customer can choose to deposit cash to purchase bitcoins or to cash in bitcoins for U.S. currency.

The popular virtual currency could be in for a test of its long-term viability as government edicts, black market trader arrests and recent hacker attacks on Bitcoin exchanges pose challenges to its value and liquidity.

After listing at a high near $1,100 per bitcoin in late 2013, the price of the digital currency has dropped in recent days to less than $650 amid a double-posting issue that caused major exchanges to halt transactions until the problem could be addressed.