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Chicago To Get New Bitcoin ATMs From RockItCoin

Chicago, Illinois now has 24 Bitcoin ATMs thanks to RockItCoin, a new company that decided to install four new BTMs in the area and they will be adding more in the near future.

“RockItCoins goal is to become the largest player in the BitCoin Currency exchange space. In Chicago we will be installing 10-15 more machines”, said RockItCoins CEO Michael Dalesandro.

He continues:

“You provide us with a phone number and valid mailing address and we send you a validation code. Once you enter your validation code you have a choice to receive your Bitcoin into your digital wallet or use the printed QR code. Once you have selected how you want to store your Bitcoin you simply insert the cash, click send and get a printed receipt. The process from start to finish at the RockItCoin ATM is around 4 minutes”.

The process sounds quick and simple, but “RockItCoin has very high fees (12%), against the 5% to 7% fees of their competitors”, said Eric Grill from CoinOutlet.

But RockItCoin will try to decrease them as soon as possible: “As with any early adoption technology, costs tends to start on the high side, but demand will drive the cost and the liquidity down over time”, promises Dalesandro.

These four new RockItCoin ATMs have been installed at the Food N’ Fuel petrol station in Frankfort, at Lenny’s Gas N’ Go in Kankakee, in Flanagan’s Bar and Grill in North Chicago and in Sherry’s Food Mart in Chicago.

These machine are one-way only, so just for buying and not for selling, but “we offer both one-way and two-way machines, it’s up to the store owner on what kind of machine they prefer,” said Dalesandro.

Illinois seems a great Promised Land for Bitcoin as this state has a high density of BTMs (more than 30 as suggested by CoinDesk.com).

In fact “Illinois has taken a positive position on Bitcoin in general so that would likely be why we see so many showing up in the market. And there is a very active meetup group there”, said Eric Grill, CEO at CoinOutlet Inc.