The Bitcoin craze is about to get a whole lot crazier once Robocoin starts installing ATMs in the U.S. that support the virtual currency. Robocoin said it's planning to install Bitcoin ATMs in Seattle, Washington and Austin, Texas. These kiosks will function like ordinary ATMs except they'll have scanners than can read driver's licenses, passports, and other government-issued IDs to confirm a user's identity.
Bitcoin ATMs will allow users to turn Bitcoin currency into cold, hard cash. Users will also be able to deposit cash to buy Bitcoins by transferring funds to or from a virtual wallet on their smartphone devices, Reuters reports.
While these will be the first Bitcoin-supported ATMs in the U.S., they won't be the first of their kind. Robocoin, which is based in Las Vegas, Nevada, has already installed a Bitcoin ATM in Vancouver last year. More of these types of ATMs are planned for Canada, along with locations in Asia and Europe.
The ability to buy and sell Bitcoins at these ATMs could cause the virtual currency to fluctuate even more than it already does. At present, a single Bitcoin is worth in the neighborhood of $630. Less than five months ago, Bitcoins were worth $150 a pop, and in December of last year, they were trading at nearly $1,000 each.
ATMs represent the latest effort to legitimize Bitcoin currency. In addition to these kiosks, there are several websites that accept Bitcoin currency, including Overstock.com, TigerDirect.com, Zynga.com, and more.