First Bitcoin ATM Opens Today in Texas

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Feb. 20 (Bloomberg) –- CTO For Bitcoin Agents Reza Piri discusses the other markets where Robocoin machines will be popping up and how the machines are bringing liquidity to the bitcoin market. He speaks to Matt Miller and Trish Regan on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

For bitcoin users.

Thanks for joining us.

When will we see these atm's pick up?

One of the things with bitcoin is it is hard for regular people to find out where to buy them.

If you have an atm it makes it a lot easier.

We have put one here at this bar in austin.

Our next one will be at the sxsw trade show in a couple weeks.

You can look at it in person.

See how it functions and works.

I will come down for that.

By the way, can i put in dollars and get bitcoin, put in bitcoin and get dollars?

Is it a two-way system?

The bitcoin atm system we are using is bidirectional.

You can put in cash and get a bitcoin address and use the address and scan into the machine and get cash back.

That is awesome.

Because it eliminates the need for a bank account, doesn't it?

You can go and get cash at any point.

Where do you have, what do you see orders for this going?

I imagine bitcoin takes off and they will get everywhere.

That is the assumption.

It is a brand-new market.

Guys like us are going out and taking the risks and putting them out there.

It is all fine, but i think that it is definitely coming online right now.

There are plans to bring some to seattle and a few other places.

The guys that robocoin are getting after it.

We are glad to be a part of it.

One of the big problems here, the fundamental problem is there is so much volatility in prices.

The idea that people will be able to go to an atm, you see more and more sprout up across the country, does that helps them some follow -- stem some volatility in bitcoin?

I still think the fundamental issue is volatility.

Intel there is something we can peg it to or have some software that backs up it going as a form of insurance-like options or futures, you will still see price volatility.

But that could change.

The open source community, there are a lot of developers working on things.

As it stands now, the price is still volatile.

But as it becomes more mainstream, people use it on a daily basis, it becomes more liquid, atm's are a step in the right direction.

And obviously what you also need is merchants to take bitcoin as currency, right?

So i think we see about 20,000, 25,000 merchants in the u.s. to take bitcoin now.

That is people who take bitcoin sort of directly him as opposed to people who take it from using a gift card or some other sort of indirect method.

Do you see that taking up with the atm's? i am sure i could pay for beer at handlebar, right?

Absolutely.

You can take your bitcoin address, get cash, and go to the bar and purchase beer or whatever you want here.

I'm not sure, they are not excepting bitcoin yet, but we have a list of companies in austin excepting it.

I got a talk oh the other day -- a taco the other day with bitcoin.

People are becoming accustomed to it.

Coinbase is a good company out there, doing amazing things.

Also bitpay, these other companies incrementing the point of sale system.

I heard there was a point of sale system that integrated bitcoin into their point-of-sale.

They take credit cards, cash, and bitcoin on the same point-of-sale system.

If you can buy a taco with it, it's legit, right?

I feel it has gone legit.

Totally.

Any information on orders, any information on other people that want these?

I hang out on bitcoin bulletin boards, so i hear about this stuff all the time.

Do you hear from people in new york who want to put them in stores?

From people in los angeles?

As we are an operator, not the seller of the actual atm, we have not really seen a lot of that yet.

You probably want to talk to the guys that robocoin about that.

We will.

Good luck with that.

Coming up, something far more serious.

Bring you up to speed on the latest on the crisis in kiev.

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

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