bitcoin

Bitcoin center opens in Prague

in Business

A new center has a self-service RoboCoin vending machine and face-to-face service

Users of bitcoins now have an easier time obtaining and selling the virtual currency in Prague. A client center with an ATM-style device opened May 28 in Prague’s Smíchov district. The center — operated by wBTCb.cz, a subsidiary of World BTC Business SE— was under preparation for half a year.

The center will provide face-to-face help for people unfamiliar with how to use bitcoins. Using the self-service machine is more completed than simply making a bank withdrawal, especially for newcomers to virtual currency. Users have to set up a virtual wallet to hold the bitcoins and take additional steps. The self-service device has menus in Czech and English.

The self-service machine is the first of its kind in Central Europe, according to World BTC Business (WBTCB) CEO Martin Stránský. The machine, made by RoboCoin Technologies LLC, works in two directions, allowing users to both buy and sell. Stránský also said hopes that the ease of making transactions that the RoboCoin machine and the center provide will help to expand the user base of the currency beyond computer geeks and make it accessible to everyone who wants to use it.

The bi-directional self-service automat is a full-fledged alternative for purchase and sale of Bitcoin, which was so far possible only electronically via BTC exchanges. According to WBTCB, the advantage is that the transactions take few minutes and the client’s money can be collected almost immediately, without having to wait several days for it to be credited to the account.

The new client center with the RoboCoin device is at the corner of Arbesovo náměstí and Elišky Peškové Street, and is open Monday to Friday from 10 a.m. to 7 p.m. The limit for a single transaction on the machine is 25,000 Kč or the equivalent in bitcoins and there is no need for any personal client identification.

If the client is interested in the purchase or sale of bitcoins over the 25,000 Kč limit, he or she can make a reservation by phone and he will be assisted by the staff. Identification is necessary for such transactions to meet the requirements of Czech financial legislation. For legal reasons, a limit of 350,000 Kč is set for cash transactions.

The staff will also provide consulting services within the client center to registered clients. WBTCB says it wants to become one of the main propagators of virtual currencies in the Czech Republic and will regularly prepare public workshops and seminars for clients and the public.

The center, however, does not offer investment advice regarding bitcoins. It is merely a tool to facilitate using them. As with all investments and financial transactions, potential users should seek out information from reliable sources before starting.

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