Last updated on September 29th, 2016 at 03:21 pm
Tel Aviv is welcoming a special event this Wednesday (11th) evening. The company BITBOX is getting ready to launch Israel’s first Bitcoin ATM, a Robocoin machine that will allow the users to buy and sell cryptocurrency on the go.
The device will be installed in the lobby of the Town-House TLV hotel, located on Yavne Street, at the corner of Rothschild Boulevard.
“The launch of the first Bitcoin ATM in the Middle East will allow any person with no previous knowledge of Bitcoin and how it works to easily buy and sell Bitcoin 24/7 bypassing the bureaucracy of the banks”, explained Nimrod Gruber, CEO of BITBOX, quoted by GreenProphet.com.
Besides, according to Gruber, the machine’s familiar and intuitive interface will make the whole process really easy even for the new Bitcoiners. The users don’t even need a digital wallet to store the newly bought cryptocurrency, as the Robocoin machine automatically creates one on the spot if necessary.
Bitcoin is experiencing a massive growth-trend in Israel but until now all transactions must either be carried out through a bank, with a lot of bureaucratic hurdles involved, or through trading with private individuals which can be unreliable and raise questions of trustworthiness.
According to BITBOX, the ATM – built in the United States – will be particularly useful for Israel’s foreign workers, who can now buy BTC through the machine in Tel Aviv and send it to their families. Then, it will only take a few minutes until their relatives are able to withdraw local currency in their home country without losing money along the way to pay for giant fees.
Featured image from Wikimedia