Shortly after the first bitcoin ATM machine was announced in Singapore, a new one has been installed at Singapore restaurant Bartini Kitchen in Boon Tat Street.
According to Singapore’s main newspaper- Straits Times, the machine is Singapore’s first machine that can accept bitcoins and returns cash to spend.
The bitcoin ATM machine, called Robocoin, was set up by Mr David Moskowitz, the Singapore-based founder of bitcoin exchange Coin Republic, and Vancouver-based Bitcoiniacs. The machine will provide another option for people who want to transact in bitcoins but prefer to deal in smaller amounts or do not want to go through the bitcoin exchanges.
For those unfamiliar with bitcoin, bitcoin is a peer-to-peer payment system and digital currency which uses cryptography to control the creation and transfer of money. If you still haven’t read up much about Bitcoin, here’s an excellent article titled “Explain Bitcoin Like I’m Five“ that helps you figure out the concept behind it.
Earlier in March, Singapore based Tembusu Terminals also set up the nation’s first Bitcoin ATM machine. With the ATM, Singaporeans are able to swop their physical dollars for virtual bitcoins. However, the ATM is only one way: you will be unable to draw cash from it. With the new Robocoin, you can now instantly draw cash from your bitcoin account.
Just curious, anyone here owns any bitcoins?
Also read: First Bitcoin ATMs open in Singapore, draws long queue from cryptography enthusiasts
Featured image credit: David Moskowitz
