Bitcoin ATMs in Casinos
Coin Cloud are a firm specialising in the provision of Bitcoin ATMs. This week they announced they would be installing two new Bitcoin ATMs in Las Vegas casinos. They have already installed Bitcoin ATMs in the downtown area of Vegas as well as on the strip. The new machines are to be installed in the Plaza Casino and the Lucky Dragon Hotel and Casino. As the name would suggest, the Lucky Dragon Casino is very popular with Asian clients.
Coin Cloud have said that many tourists prefer to use Bitcoin, thus avoiding exchange rates and bank limitations. Of course, Coin Cloud will be making a charge for using their ATMs in the same way as the banks do for using their ATMs.
The Bitcoin ATM or BTM as they might call it, enables the exchange of Bitcoins and cash. The virtual currency ATMs are connected to the internet but not to a bank as with conventional ATMs. These new ATMs allow the redemption of Bitcoins for cash. Bi-directional machines also allow Bitcoins to be purchased with cash. When purchasing Bitcoins a paper receipt is given or money can be moved to a public key on the block chain.
Buying Bitcoins at a Coin Cloud ATM
Firstly, type in your mobile phone number and you will receive and SMS message. Enter the unique code to set up your account. Now choose where you would like your Bitcoins to be sent. You can scan the QR code for your mobile Bitcoin wallet using your mobile phone. Alternatively you can print a paper wallet or manually enter your wallet address. It you do not have a Bitcoin wallet you can download one from the iTunes App Store or Google Play Store. Insert cash to the value and you will receive a paper receipt and another SMS.
Selling Bitcoins at a Coin Cloud ATM?
Firstly, type in your mobile phone number and you will receive and SMS message. Enter the unique code to set up your account. Now input the address of your Bitcoin wallet, you can scan the QR code or manually enter it. (Do not forget to include the appropriate miners fee) You will receive a receipt with a redemption code. Now, wait about 10 minutes for your Bitcoins to get confirmed on the block chain. Once confirmed you will receive an SMS informing you that your cash is ready to be picked up at the ATM. Enter the 8 digit redemption code to receive you cash.
Although each Bitcoin transaction is recorded in a public log, the names of buyers and sellers are never revealed. Only their wallet IDs are visible. Thus, anyone making Bitcoin transactions can do so and remain anonymous.
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Disclaimer: This article only represents the author’s opinion and should not be taken as investment advice.