Instant enrollments through Quick Enroll

Quick enroll gives operators the ability to decide if they would like to place newly registered users into a provisionally approved state which allows them to transact immediately after enrollment.  If it is enabled, the user is able to instantly log-in to their account.  Robocoin Compliance reviews the application at a later time and determines if the user can continue transacting or be placed into a denied state.  If it is disabled, it will prevent the user from transacting until they have been cleared by the compliance team. quickenroll

Website Verification Enabled

Those who wish to become verified to transact with government currency now have a new option to do so from the website by simply authenticating their social network and submitting a picture of a government issued photo ID. Although new accounts can only be created in-person or an invite code for the time being, this can prove to be useful for those whose application was denied when doing so from a machine.

This feature expands our verification process from just in-person enrollments at machines and will be the primary means of enrollment when public registration is opened from the website to everyone.

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Uptime Maintained During Bitstamp Outage

As Coindesk reported, the Robocoin platform and machine transactions were kept online during the unexpected downtime of Bitsamp.  This is due to bitcoin inventory always being available and stored in a trading account within the platform, ensuring Bitcoin is ready for trading regardless of the liquidity mechanism.

When the exchange went down, the price was switched to Coinbase and our network was immediately notified to disable automatic forwarding of bitcoin to Bitstamp accounts until their issues were sorted.  Many opted to simply switch the Robocoin Connector to another exchange who has already integrated with us.

They were able to do this because operation accounts are given the ability to forward sold bitcoin on to another bitcoin address automatically for liquidation, a feature becoming more popular in other wallet products that was available from the beginning for our use-case:Screen Shot 2015-01-11 at 6.55.02 PM

This resiliency to even major infrastructure changes was not available even a year ago, showing how much progress both we as a service and the bitcoin community as a whole has improved over time.

Security Features Part 1

Robocoin uses different independent third party penetration testers and services to help us keep the platform secure.  In addition to resolving technical issues, some activity that comes from this is the implementation of new features.  We have implemented the following security features as of late:

2-Factor Withdrawal

Withdrawing bitcoin from your Robocoin account may trigger a 2-factor withdrawal request if it appears to be suspicious.  This is to help mitigate problems where an attacker could used an authenticated session from your computer to compromise your account.  Money movement is suspended until a 2-factor code is provided.

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Activity Logging and Reporting

User session tracking lets you know if the last time your account was logged in was authorized.  If you find unauthorized or suspicious activity, contact fraud@robocoin.com.

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Required Captcha at Login

To help mitigate automated attacks on user credentials, a captcha is used to ensure only human traffic is being considered.

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As more security features get included and implemented from our roadmap, we hope to keep you updated on progress.

Quick Deposit: Explained

Quick Deposit gives operators the ability to provide instant and trusted bitcoin deposits to kiosk customers by moving bitcoin from their account float to the customer’s primary wallet account where it is instantly available via an inter-platform transfer.  This lets customers instantly have the bitcoin they send from the bitcoin network available in their accounts.

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Quick Deposit works like this:

  1. Alice wishes to deposit bitcoin from an external wallet and withdraw it to cash instantly.  She walks up to a Robocoin-enabled machine, logs in, and selects Receive Bitcoin.
  2. The operator has enabled Quick Deposit and set the confirmation threshold to zero and has set the maximum amount of bitcoin they are willing to cover to 10 XBT.
  3. As soon as Alice sends bitcoin to the generated address on the screen, the Robocoin platform will detect the broadcasted transaction.  From there, the transaction and the state of the account must satisfy the following rules:
    1. There must be enough bitcoin in the operator wallet.
    2. The transaction amount must be at or below the bitcoin limit set by the operator as indicated at the machine.
    3. The transaction must be sent to the generated Quick Deposit address within 24 hours.
    4. There cannot be any anomalies with the transaction.
    5. If any of these conditions are not met, the deposit will revert back to a “normal” bitcoin deposit where the customer must wait for 6 confirmations before it becomes available to their account.
  4. Bitcoin that is transferred to Alice has already been fully confirmed and deposited (with six or more confirmations) into Robocoin previously from the operator.  The operator account will continue receiving and waiting for six confirmations from Alice’s transaction, but Alice is able to use the operator’s transferred bitcoin to cash out immediately.

Our goal is to continue to provide both a secure and convenient means of buying and selling bitcoin for cash and Quick Deposit is our latest iteration of achieving this.

Instant Deposits from Kiosks via Quick Deposit

This advanced functionality gives operators who wish to temporarily give their customers bitcoin to bypass the 6 confirmation wallet restriction will be able to set these in their operator dashboard.  This gives kiosk customers the ability to instantly deposit bitcoin from a kiosk and have it available in their account by withdrawing funds from the operator’s account which already has bitcoin confirmed in it.  quickdeposit

Google Authenticator

Text messages can be delayed due to transient conditions of the mobile phone to spam-fighting technologies mobile carriers employ.  While we continue tackling these issues, we thought we would offer an alternative form of 2-factor auth that gives customers the ability to use Google Authenticator instead of receiving an SMS.

Users will be able to use this both at the website and at the kiosks if it is enabled on the account, enhancing the speed and usability of the user experience while maintaining our required 2-factor authentication security model.

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