The first Bitcoin automatic teller machine has arrived in Tel Aviv, making Israel the first-ever country in the Middle East to have the machine installed.
Through the initiative of BitBox, a peer-to-peer payment platform, Bitcoin users in Israel will now be able to purchase and send out bitcoins all day and all night without having to go through a bank or an online Bitcoin exchange.
“The launch of the first Bitcoin ATM in the Middle East will allow any person with no previous knowledge of Bitcoin and how it works to easily buy and sell Bitcoin 24/7 bypassing the bureaucracy of the banks,” said BitBox CEO Nimrod Gruber.
The Bitcoin ATM, which is the American-made Robocoin machine, has the capability to accept and dispense fiat currencies in exchange for Bitcoin. This enables Bitcoin enthusiasts to have a new, faster, and more convenient method of acquiring the digital currency and in converting them to real ones.
Moreover, the Robocoin ATM has a user-friendly and responsive interface that makes the entire process simpler for late Bitcoin adopters. It even benefits new users, who previously do not have a Bitcoin wallet, by automatically creating one upon their Bitcoin purchase.
Using this machine, however, does not expose the funds to threats because Robocoin comes with a host of security features that are designed to protect users from theft and fraud and are compliant with anti-money laundering regulations.
Gruber added that this Bitcoin ATM will serve as the best option to quickly buy and sell bitcoins for local currency, benefiting foreign workers to send money to their relatives from and back to Israel without being subject to huge fees imposed by financial institutions.
Also, the installation of a Robocoin machine will encourage online bettors to wager more on Bitcoin gambling sites because exchanging their funds for the local currency can be as simple as going to the lobby of the Town-House TLV Hotel, where the ATM is found.
Bitcoin gambling operators may, then, expect a rise in online betting activities in the region, which will also serve as another means to further take the digital currency in the mainstream market.