Southeast Bitcoin Launching South’s First Bitcoin ATM in Charleston

Southeast Bitcoin, “The South’s Only Bitcoin ATM operator,” recently unveiled its groundbreaking Robocoin ATM at the Dig South Interactive Festival. It made quite the impression and is now seeking a home for the machine in the Charleston area. The Robocoin ATM allows customers to buy and sell Bitcoin through its kiosk and features user identity verification, bank-grade hardware and security, and 100% regulatory compliance capabilities.

southeast-bitcoin-feature

Southeast Bitcoin’s Robocoin ATM unveiled at Dig South.

Southeast Bitcoin founders, Coley Hudgins and Trey Morrison, discovered Bitcoin while blogging on The Resilient Family, which explored disruptive, innovative technologies and its effects on family life. They quite rightly believed it would be a game changer in world currency and started looking at its potential from an ATM perspective in November of 2013. They purchased their first Robocoin ATM a month later.

Bitcoin is the world’s biggest cryptocurrency that runs on open-source software and utilizes instant, global, peer-to-peer transactions to make and receive payments over the Internet without a need for an intermediary. Transactions are made through Bitcoin’s virtual wallet via the web, mobile app or ATM.

Hudgins and Morrison selected Robocoin as their ATM from several existing Bitcoin ATM manufacturers for a number of reasons. First, it is bidirectional, meaning you can both purchase and sell Bitcoin during transactions. “It’s like a traditional ATM machine if you have Bitcoin that you want to sell because it will spit out cash. But you can also buy more Bitcoin if you want to do that too,” says Hudgins.

Secondly, a lot of due diligence goes into conducting a transaction from a regulatory protection standpoint. For instance, the user enters his identification card, goes through a palm scan, and gets his photo taken. Given that Bitcoin is so new, the regulatory treatment is still up in the air and regulators are taking a close look at it. “All of these identify verification procedures will bode well from a regulatory standpoint, but at the same time, we don’t share that information with anybody. They’re simply our verification procedures and we protect and control the information gathered. We do think these verification steps will be important as Bitcoin becomes more prevalent, though” says Hudgins.

coleyhudgins-southeast-bitcoin

Coley Hudgins, Southeast Bitcoin Co-Founder

Another major advantage of Bitcoin is that it allows for “frictionless exchange,” says Hudgins. “There is no friction moving Bitcoin from one person to another. For coin remittance, it’s going to be a huge game changer. When folks living and working in the US want to send money back to friends and family back home in Mexico, Nigeria, or wherever, you previously had to march down to Western Union, pay a ten-percent transaction fee, and then lose on the exchange as well. Now they can do it instantaneously. It’s a really big deal. The frictionless nature will be one of the most important aspects of it.”

Hudgins believes the advantages of Bitcoin clearly outweigh any early concerns, despite negative press: “It’s highly volatile at the moment, and a lot of folks are speculating. The kinks are still being worked out. The Mt. Gox situation was unfortunate but necessary to weed out the bad actors so that Bitcoin can eventually become more robust. Same thing with Silk Road, that being shuttered by the Department of Justice and the Feds ultimately was a good thing in order to legitimize Bitcoin in the long term.”

Southeast Bitcoin’s ATM is one of only five Bitcoin ATMs in the US—along with Seattle, Austin, Boston, and Silicon Valley. It has been more difficult to deploy Bitcoin ATMs in the US, unlike Europe, Canada, and Asia, because of the regulations that require registration as a money transmittal business first in a lot of states, making it more challenging to undergo compliance procedures. This was one of the reasons Southeast Bitcoin chose Charleston. Hudgins explained, “The thing we really liked about South Carolina —it’s one of three states in the nation where you don’t have to register as a money transmitter. We had to comply with regulations. But regulations in South Carolina are less stringent than other places like DC, Virginia and North Carolina. Setting up elsewhere would have taken a lot of resources, but in South Carolina we are up and running immediately.”

treymorrison-southeast-bitcoin

Trey Morrison, Southeast Bitcoin Co-Founder

Southeast Bitcoin also chose Charleston because of its growing tech scene—

“Charleston in particular is getting the same vibe as Austin and some of these other tech-oriented cities. That to us was really intriguing as well. As a result of us researching Charleston, we discovered the Dig South technology conference and figured it’s the perfect place to showcase the Bitcoin ATM machine. At Dig South, we got a really positive response. There was a surprising familiarity with Bitcoin as well. It confirms what we believed—Charleston is a young, hip, tech-oriented city. It has that early-adopter ethos to it.”

Southeast Bitcoin has a handful of potential locations for their ATM that are under review and is hoping to begin deploying in the next thirty days. The ideal location will be indoors (the machine is not weatherized), have high traffic, long hours, and tech-oriented clientele such as a hotel lobby, coffee shop, or brew pub that is open 6am to midnight, four to five days per week.

After deploying their first ATM, Southeast Bitcoin plans to continue rolling out more ATMs in Charleston and the Southeast region. “They’re so new that what we really need to do is get to a point where we have a real life opportunity to analyze the data and transactions to start planning long term.”

 

Related News


Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-includes/class-wp-comment-query.php on line 399

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204

Warning: count(): Parameter must be an array or an object that implements Countable in /nfs/c02/h01/mnt/25662/domains/siliconharbormag.com/html/wp-content/plugins/the-events-calendar/common/src/Tribe/Customizer/Section.php on line 204