The Las Vegas strip just got its first bitcoin ATM. Coin Cloud, the company that operates the Robocoin machine has announced the opening of the “Bitcoin Bodega”, which will provide a quick and easy way for tourists and gamblers to buy or sell bitcoins.
This innovative technology means dealing with bitcoin whilst traveling in Las Vegas has never been easier and patrons from all the strip’s casinos can now conveniently convert their winnings into the cryptocurrency.
Just like a normal bank ATM people who use the machine in the newly opened bitcoin kiosk can withdraw cash as well as store money digitally on the blockchain and access it with incredible ease. The kiosk allows users to buy bitcoins by depositing cash into the ATM and then the user just needs to scan a QR code on their smartphone to transfer the bitcoins to their personal wallet. It is a straightforward process and the purchase process takes around five seconds. Users will just need to make sure they already have a bitcoin wallet prior to using the machine.
Located near the end part of the strip, the ATM is located inside the Viva Vegas souvenir shop at 3735 Las Vegas Boulevard, which is just south of Harmon Avenue. The ATM operation hours are from 8 a.m. to 12 p.m. every day of the week. The ATM is walking distance from several casinos on the strip including ARIA Resort & Casino.
Advocates of bitcoin are of the belief that one day the currency can replace cash although it would need to gain mainstream support in order to gain wider acceptance and be a serious alternative to traditional currencies. Users of bitcoin who deposit money into an online account can pay for things using their smartphones at participating businesses that accept bitcoins. Bitcoins have also become a popular accepted currency at online gaming sites.
The problem right now is that few places on the Las Vegas strip actually accept the currency. Casinos on the strip still don’t accept bitcoins but gamblers are able to sell their bitcoins for cash to be used for gaming. The BitcoinsInVegas.com website lists a number of local businesses that accept the bitcoin currency, although according to McAlary “I’m not aware of any on the Strip.”
Businesses that are already accepting the digital currency include The D Hotel & Casino, where another one of the bitcoin ATMs resides in downtown LV, and the Golden Gate Casino. Bitcoin enthusiasts will obviously be hoping for a wider choice of merchants that accept bitcoin especially when it comes to businesses which are located on the strip.
Security features of the new bitcoin ATM include palm vein scanning and the machine requires users to enter a phone number and PIN number for protection against theft and fraud. Furthermore, a security guard is on the premises of the kiosk during operational hours, and all of the data that is collected, transmitted, and stored for each transaction is fully encrypted, and no data is stored on the ATMs.
Bitcoin, being a digital currency, is not controlled by any central bank or government and there are no physical bills. However, users can convert their bitcoins into real-world currencies, including of course US dollars. Given the wild fluctuations of the bitcoin exchange rates, owning the currency can be a bit of a gamble, although with all the benefits this is probably one that tourists and other gamblers hitting up casinos on the Las Vegas strip are probably willing to take.
More information about the first bitcoin ATM on the Las Vegas strip can be found at CoinCloudNV.com