Earlier this year, CoinVault ATM launched a similar Bitcoin ATM in Austin, TX at Central Texas Gun Works. That particular ATM was revealed on Texas Independence Day to an assembled event featuring local politicians and enthusiasts. CoinVault ATM is based out of Houston, TX, which is the largest metropolitan area in Texas. It is a little bit ironic that CoinVault ATM has successfully set up Bitcoin ATMs in Austin and Dallas, but not yet Houston. As with all things in the Bitcoin realm, time is the ever-present adversary. In talks with CCN, CoinVault ATM's Sheldon Weisfeld has emphasized that CoinVault ATM is dedicated to providing Bitcoin ATM solutions anywhere possible. From CoinVault ATM's press release:
CoinVault ATM is driving adoption of innovative digital currencies by introducing convenient ATM's to the public. We have lowered the technical barrier and now anyone can physically buy or sell bitcoin at their convenience. For current Bitcoin investor our ATM 's provide the immediate liquidity the digital currency environment requires. They are fully FinCEN compliant and allow up to $9,000/per day.
Furthermore, CoinVault ATM believes that "Bitcoin ATMs" need to feature two-way functionality otherwise they are simply "Bitcoin Vending Machines." For this reason, CoinVault ATM has worked hand in hand with Robocoin, which features industry-leading security protocols. However, to the often excessively privacy-conscious Bitcoin community, Robocoin ATMs' offered security precautions might seem too onerous, cumbersome, and unnecessary. End users have often complained about high fees, delays, etc. Robocoin's Sam Glaser has addressed the community's concerns. Certain aspects of a Robocoin ATM are not under the control of Robocoin once the physical ATM has been purchased and installed by a third party. Inevitably, the first Bitcoin ATMs will have higher fees than many are comfortable with using; however, as more and more are set up, competition will drive fees down inevitably.
Everything is bigger in Texas... That includes the enthusiasm and drive of resident Bitcoiners. With the Texas Department of Banking has clarified the state's position on Bitcoin, each of Texas's largest cities has seen Bitcoin-related progress. Earlier this year, Austin was home to the state's first Texas Bitcoin Conference and now hosts a dedicated "Satoshi Square." In Houston, the Bitcoin community (with the help of CoinVault ATM's Sheldon Weisfeld) will be opening a Texas Bitcoin Embassy and are leading a Texas Coinitiative. Dallas's Bitcoin community is growing fast and shows no signs of slowing down. Texas has even clarified that Bitcoin-for-Alcohol sales are perfectly OK. Suffice to say that Bitcoin ATMs are just the beginning.
Featured image from Shutterstock.
Disclosure: Caleb is a founding member of the Texas Coinitiative.
Last modified (UTC): December 17, 2017 4:45 AM