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RoboCoin is launching its 2.0 network which include ATMs that plan to do more than just dispense cash or Bitcoin.
Bitcoin is designed to bring the frictionless financial future to the human race. There are two impediments to that. Its entry and exit points when switching with the old world are too cumbersome and our simple monkey brains take time to learn new technology.
RoboCoin is getting ready to launch its new “2.0” remittance and banking platform, originally announced back on June 10th. Coming along with that is its new ATM machine, which among other things, scans your palm-vein signature to confirm your identity.
Most readers of CoinTelegraph would agree that Bitcoin has its advantages, but most would also have to admit, it is a little rough around the edges. The system isn't easy to get into and it isn't easy to get out of. Moving around the system is easy enough, but entry and exit points are still far too narrow for most people to get through. Additionally, moving in the system is quick and cheap compared to traditional systems but the internet is a dangerous place, and ill-informed bitcoin users make for easy targets.
Bitcoin ATMs are one of the most obvious solutions to this problem. People know ATMs, they get ATMs. But Bitcoin ATMs haven't been able to expand out of a few isolated areas. Robocoin is looking to expand its markets and it is doing it by making Bitcoin ATMs much more than just a place where you can buy and sell Bitcoins.
There are two ways Bitcoin ATM manufacturers are trying to tackle this problem. One, is to make the machines as simple as possible and let the buyers figure out the bitcoin market themselves, Robocoin takes a different approach, adding complexity when setting up the ATM for first time use, but a more complete and user friendly experience once you are inside.
The first thing RoboCoin 2.0 does is allow you to circumvent the whole 27-34-character public key, and lets you send bitcoins using only a phone number. You can still use a bitcoin address if you want, but a ten digit U.S. phone number is all you need to send money to anyone else using the RoboCoin Network in the country.
Your phone number is also used to log in to a machine. An additional 4-digit PIN and a scan of your palm-vein signature is required. Assuming the hardware works at least as good as it does in their recently released demo video, this could make it significantly easier to buy, sell and most importantly, move bitcoins.
Like all ATMs, the Robocoins obviously work with their own local currencies, so a user could easily put dollars into a machine (which is then instantly turned into bitcoins) send them to someone in Mexico who takes them out (as they are instantly turned into pesos) without the large fees associated with services like Western Union.
As alluded to, the new platform is more than just Bitcoin machines as well, your entire account can be handled online. Although in order for the system to work you do have to put your trust into RoboCoin. Teir security does seem in order and they do promise to keep most of the funds in cold storage.
RoboCoin is still internally testing its security. It expects to welcome its first customers for its new machines and systems at the end of this summer.
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