- First Bitcoin Capital is advancing its status as a blockchain tech developer by acquiring the nation’s first bitcoin ATM patent, which it believes controls all bitcoin ATMs and kiosks in the United States
- First Bitcoin is preparing to enforce its patent rights, which it predicts should be worth more than $50 million in profits during the coming five years
- More than 3,000 bitcoin ATMs are currently operating in the United States, and an average of 3.7 bitcoin ATMs are being added each day
- First Bitcoin is also launching an ATM check-cashing service for unbanked payday customers, and it expects to add money order services and bitcoin buying/selling options through a nationwide network of SAMCO kiosks
First Bitcoin Capital Corp. (OTC: BITCF), a blockchain-powered technology developer that has created more than 100 unique cryptocurrencies during its history, is preparing to make a revolutionary leap in its revenue generation following its acquisition of the ‘bitcoin ATM patent’ (http://ibn.fm/COpsb), which it intends to use in governing the more than 3,000 bitcoin ATMs – and growing – operated in the United States.
Bitcoin ATMs are novel machines built on the model of a standard banking ATM, but they allow their users to instantly buy or sell bitcoin and other cryptocurrencies using cash or tokens, without any expectation of a bank account’s involvement in the transaction – although debit and credit cards are accepted.
The patent covers the mechanism that manages the purchase and sale of cryptocurrencies at the kiosks. Industry watcher Coin ATM Radar states that a daily average of 3.7 bitcoin ATM installations were occurring in the United States as of July (http://ibn.fm/ZUJco), and First Bitcoin stated in its news release announcing the acquisition that a business plan prepared by a third party predicts that the patent will bring in more than $50 million in profits over the coming five years.
The company is establishing its strategies for implementing an IP management plan, and it predicts that the patent could have a significant impact on the cryptocurrency industry itself.
“All bitcoin ATMs and kiosks manufactured and sold in the U.S., and all bitcoin ATMs and kiosks operated in the U.S. are believed to be subject to this patent and the company intends to enforce its right upon acquisition of same. The company has already begun negotiations with a major law firm that has a very successful track record in enforcing patent rights when working on a contingency basis,” the news release states (http://ibn.fm/FRYce).
Patenting bitcoin ATMs has been the subject of corporate competition in recent months. DNA Dynamics announced (http://ibn.fm/H3H2D) that it hoped to control “a crucial patent that requires any bitcoin ATM operator to give a royalty on every bitcoin ATM transaction throughout the U.S.,” for example, and Bank of America filed its own statement of interest (http://ibn.fm/4rehC) in technology that uses blockchain to “accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits, such as gift registry transactions.”
“Being the first ever publicly traded company in the bitcoin and blockchain industry, we now have acquired one of the most important intellectual properties in this space, as we believe that this patent will provide us a unique and leveraged position, in addition to our other projects as we continue moving forward into the digital asset and cryptocurrency businesses,” First Bitcoin CEO Greg Rubin stated in a news release. “This patent complements our innovation in the field.”
First Bitcoin is developing its ATM presence by launching a pilot test program through which it has ordered Simple Automated Money, Inc. (SAMCO)’s S.A.M. kiosks to integrate bitcoin ATM into self-service check cashing kiosks nationwide, beginning with three kiosks in Northern California. The ATMs will grant unbanked consumers a fast and confidential check-cashing experience through SAMCO’s web-enabled units (http://ibn.fm/HBZSU).
First Bitcoin stated that it is expanding its California dispensary ATM locations to include C-stores and supermarkets. The company announced that it will also begin to add bitcoin buy/sell capabilities through the nationwide network of 85 SAMCO kiosks currently in operation, as well as money order processing and check cashing through touchscreen, biometric-secured access.
For more information, visit the company’s website at www.FirstBitcoin.io