Bitcoin ATMs: Simplifying Bitcoin for the Masses

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Jan. 17 (Bloomberg) -- Jordan Kelley, CEO at RoboCoin, explains how his company’s Bitcoin ATM works on Bloomberg Television’s “Bloomberg Surveillance.”

The first atm of bitcoin.

Welcome to surveillance.

Questec is so much for having me.

First of all, how does this work?

How does the digital kiosk work?

Can a newbie like myself acquire bitcoin to an atm?

Totally.

We have created the easiest way for people to buy and sell.

It is as simple as going to the machine, tapping buy and trading in your cache and scanning your digital wallet or printing out a receipt and, -- trading in your cash, and scanning your digital wallet or printing out a receipt.

We actually sell our machines to operators.

Operators hook in their online exchange account so they actually hold their inventory in an online exchange.

One of the exchanges we use is called bitstem.

How do you account for the rapid and violent moves in bitcoin value?

Quickly build some impressive technology, some of which is patent pending.

Basically, operators are holding their inventory therein fiat or bitcoin.

We recommend that they hold in fiat.

The software takes from their fiat badge and delivers to the customer, wielding our customers with risk free profit.

Let's look away from the atmi deal with bitcoin.

This is a terrific op-ed this morning.

This is in "the financial times." you should read every word of it whether you are pro or con bitcoin.

Jordan, how do you respond to the esteemed economist john p orlando -- jean-pierre landau.

We are seeing tons of transfers.

We see people using bitcoin is a store of wealth and a transfer of money.

They leave me really bullish.

Naturally, there will be a lot of hoarding.

As we make the currency more useful, i think our mobile machines move around the world faster.

Every news organization loves to talk about bitcoin but very few people use it.

And most of the bitcoins are being courted by people at this point.

So when you put your business on together, how many people will use these atms?

That is an unbelievable amount of people.

There is a line outside of a coffee shop in vancouver.

In hong kong or new york, it will be unbelievable.

Thank you very much.

There it is, you debate on bitcoin.

Dr.

falkenrath, where are you on the coin?

I think it is a novelty.

It has a buzz factor that people are really into, but i don't think it will take off.

It is really in demand in places like asia.

There is a big debate over whether it is a legitimate currency.

Why are some markets more hungry for bitcoin than others?

Etiquette has something to do

This text has been automatically generated. It may not be 100% accurate.

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