Robocoin has been rolling out the Bitcoin ATM’s around the US, and now the company has announced a new service, which they are calling the first Bitcoin Bank.
The company’s Bitcoin ATM’s will now support deposits and withdrawals of Bitcoins from a private Bitcoin wallet, and users will also be able to manage transfers, the company explains how it will work below.
Now customers can store, access, and send bitcoins wherever there is a Robocoin Branch, with just their #PhonePinPalm. Customers can now send bitcoin to a phone number–disruptive potential on the remittance industry.
No more bitcoin wallets, QR codes, public/private keys, or waiting for block chain confirmations to get your bitcoins and cash. Bitcoin sent in the Robocoin network is transferred instantly–no confirmations required.
Customer’s palms are their password–trust that bitcoins are biometrically secured with the best password in the world, their palms. Also take comfort in 100% proveable reserves.
Revolutionizing Bitcoin Transactions
Robocoin’s new service is set to revolutionize the way people interact with Bitcoin. By eliminating the need for traditional Bitcoin wallets, QR codes, and public/private keys, Robocoin is making Bitcoin transactions more accessible and user-friendly. This is particularly significant for those who may not be tech-savvy but are interested in using Bitcoin for everyday transactions. The ability to send Bitcoin to a phone number simplifies the process even further, making it as easy as sending a text message.
The instant transfer feature is another game-changer. Traditional Bitcoin transactions often require multiple confirmations on the blockchain, which can take several minutes or even hours. With Robocoin’s network, these delays are eliminated, allowing for real-time transactions. This is particularly beneficial for businesses that accept Bitcoin, as it ensures they receive payments instantly, improving cash flow and reducing the risk of transaction failures.
Biometric Security and Proveable Reserves
Security is a major concern for any financial transaction, and Robocoin addresses this with its biometric security feature. By using the customer’s palm as a password, Robocoin ensures that only the authorized user can access their Bitcoin. This method of security is not only more secure than traditional passwords but also more convenient, as users do not need to remember complex passwords or carry around additional security devices.
In addition to biometric security, Robocoin offers 100% proveable reserves. This means that customers can have full confidence that their Bitcoin is backed by actual reserves, reducing the risk of fraud or insolvency. This level of transparency is crucial for building trust in the cryptocurrency industry, which has been plagued by scams and fraudulent schemes.
The potential impact on the remittance industry cannot be overstated. Traditional remittance services often charge high fees and take several days to process transactions. With Robocoin’s Bitcoin Bank, users can send money instantly and at a fraction of the cost. This could be particularly beneficial for migrant workers who send money back to their families in other countries, as it allows them to keep more of their hard-earned money.
You can find out more details about this new service from Robocoin over at their website at the link below.
Source Robocoin, TechCrunch
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