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Robocoin’s BTC ATM has taken more than CAD$1M in a Month

Robocoin’s BTC ATM has taken more than CAD$1M in a Month
November 29
19:28 2013

Since its launch in late Oct., the Bitcoin ATM built by Robocoin, and  installed in a Canadian coffee house, has taken over a million Canadian dollars. The machine acts as a exchange terminal of sorts, allowing users to exchange traditional fiat currency for Bitcoins, or vice versa. The machines themselves use the company’s much talked about 3 step verification, with hand, face, and ID scanners, to helping with enforcing Canadian transaction limits, currently CAD$3,000 daily. Specifically, the machine is located in Waves Coffee House in Vancouver, and has done more than 1500 transactions.

I’m very happy to hear that these Bitcoin ATMs are getting used. I’d hate for the business owners to go through all the trouble and costs associated with getting that set up, only to have it not be used. This is a great sign for future businesses having BTC ATMs in their establishments. I’m hoping since it’s made it a month already in the coffee house, that any policy compliance would have been worked out by now, and it still did over a million dollars worth of business!

Quoting Coindesk’s talk of the ATM’s processing, “On the machine’s first day at the coffee shop, it processed $10,000 in 81 transactions. It then broke Robocoin’s first-month goal of $50,000 by reaching a volume of $81,000 after just a week. By day 17, the machine had broken even for its operators.” If I was a fellow business owner in Canada, I’d probably see that and wonder how to get myself one, if it’s that easy to make some extra money for the business. I mean, they broke even in their first month of business with it, and will only be making money from it from here on out.

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About Author

Jacob Sears

Jacob Sears

Jacob is a college student up in Alaska, currently studying Political Science. He's not heavily invested in bitcoin (have about 0.04 BTC to my name), but loves supporting it any way he can. He finds writing in the third person very disorienting, but hopes you like his articles. If you absolutely love them you can donate some spare coin to him by clicking here. Also, follow him on twitter @TotallyGeeky (or just click that cute little bird to the upper right)

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2 Comments

  1. Justin Dupre
    Justin Dupre November 30, 10:53

    Can’t wait till we get ATMs out in my neck of the woods.

    Reply to this comment
  2. Jacob Lageveen
    Jacob Lageveen December 13, 23:45

    If it keeps going like this we might see more and more ATM´s like this. However this worries me alot. The bitcoin is too speculative. Not ready to put any monthly earnings in it because of the fluctiations.

    Reply to this comment

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