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The first bitcoin ATM to land in Taiwan
Taiwan News, Staff Writer
2014-01-03 04:20 PM
According to a report from TechCrunch Friday, a leading technology media, the first bitcoin automated teller machine (ATM)—Robocoin—is landing in Taiwan and Hong Kong as its manufacturer Robocoin expands its reach in the Asian market. The company is planning further releases in Europe, Canada, and the U.S. The first Robocoin landed in Vancouver last October.

Robocoin CEO Jordan Kelley expressed optimism about Bitcoin market in Asian countries, saying in a media interview with TechCrunch that bitcoin demand in Asia is huge. The company also revealed that over 50 machines were sold in the first 50 days of accepting orders.

Robocoin spokesperson Sam Glaser said that the machine provides individuals the easiest way to buy and sell bitcoin while providing operators more business opportunities with bitcoin. Glaser explained that operators can connect their digital currency exchange account with this unique ATM platform, and the Robocoin software uses those account credentials to perform all of the tasks in real time.

Another great feature about this first bitcoin ATM machine, said Glaser, is that it goes without arduous exchange process as it does on the Internet, yet it still works in a high-secure manner. The 3-step verification (The palm vein scanner + the ID scanner + facial matching) gives operators visibility of their customers and defends against money laundering, replacing the need for a bank teller. Also, the servers are not publicly accessible from the internet which minimizes the attack by hackers.

Bitcoins are issued and managed without any central authority whatsoever. Late December, Taiwan's central bank and Financial Supervisory Commission (FSC) warned the public of the high risks in bitcoin transactions, saying that investors have to bear all the consequences themselves.

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