The bank-style features of the upgraded network of Bitcoin ATM shows potential for the gambling industry to fully embrace the use of Bitcoin in land-based and online locations.
This opportunity was made possible after the world’s leading Bitcoin ATM manufacturer Robocoin had announced the upgrades its existing machines will undergo—one of which is the ability to send funds to phone numbers.
The Las Vegas based company that installed the first Bitcoin ATM in a coffee shop in Canada in 2013, is set to improve the process of buying and acquiring cash in 12 currencies through its machines launched in 13 countries.
The Robocoin ATM, which will be aptly called ‘branch’ upon the release of the new services in summer, will allow complete user control over their bitcoins in terms of storing, accessing, and sending from any ATM. Included in the new features are the ability to transfer funds without the need to wait for confirmation on the blockchain as well as to withdraw cash from their Bitcoin wallet.
Moreover, instead of using the Bitcoin wallet addresses, users will be able to send bitcoins directly to a phone number instead, making money remittance easier and faster. Meanwhile, recipients who haven’t acquired any Bitcoin account yet will find the transferred funds at their local machine.
Seeing that this may be prone to threats, Robocoin ensures customer security against fraud through its three-step authentication: the phone number acting as the username, the PIN, and the biometric palm-vein scans.
“The new Robocoin Bank removes the pain and the barrier to entry,” said Robocoin CEO Jordan Kelley in an email.
With the improvements set to roll out in the network of Robocoin branches, there will be an evident shift toward having a Bitcoin account with ability to control several wallets and deposit and withdraw funds through any of them.
Although still early to say, land-based casinos may increase their following by installing the new Robocoin branches within their premises to allow Bitcoin users to withdraw cash in real currency from one of their wallets in their account and use it to purchase chips.
Likewise, online bettors will benefit in terms of faster withdrawals as Bitcoin gambling sites may opt to directly send the payouts to the users’ phone number instead.