The first Bitcoin ATM has launched in a Vancouver, Canada coffee shop, thanks to company Bitcoiniacs who plans five upcoming machines for the rest of the country.
The machine can scan a user's hand and allow them to transfer up to $1,000 per day between hard currency and Bitcoins. Customers can either trade cash into Bitcoins or vice-versa, letting them skip out on directly accessing Bitcoin exchanges across the web including MtGox.
Reuters reports when the Bitcoin ATM launched on Tuesday, it garnered a long line in the coffee shop. Bitcoin is currently trading for $207 on the popular MtGox exchange, up from the average of $167.
As we've previously reported, Bitcoin is a decentralised digital currency that is purely internet-based. Of course, as it's not a real, tangible object, it's a bit like trading in clouds or dreams, but the software used and organisations involved are robust enough for traders to buy and sell the currency much like they do with any other. Plus, there are plenty of retailers out there that accept Bitcoins for goods, so you are able to spend it too.
Earlier this month, the FBI shutdown Silk Road, a community that specialised in drug trade using Bitcoin. Oddly enough, the price of Bitcoin has since risen.
The new Bitcoin ATM is seen as way users to exchange Bitcoin for hard cash quickly, rather than waiting days from an online exchange. The ATM verifies customers' by scanning their palm prints. Customers can then feed cash into the machine to deposit as bitcoins, or withdraw bitcoins from their e-wallet and get hard cash. Users can also sign up for an account to trade Bitcoins right on the spot.
The machine can scan a user's hand and allow them to transfer up to $1,000 per day between hard currency and Bitcoins. Customers can either trade cash into Bitcoins or vice-versa, letting them skip out on directly accessing Bitcoin exchanges across the web including MtGox.
Reuters reports when the Bitcoin ATM launched on Tuesday, it garnered a long line in the coffee shop. Bitcoin is currently trading for $207 on the popular MtGox exchange, up from the average of $167.
Earlier this month, the FBI shutdown Silk Road, a community that specialised in drug trade using Bitcoin. Oddly enough, the price of Bitcoin has since risen.
The new Bitcoin ATM is seen as way users to exchange Bitcoin for hard cash quickly, rather than waiting days from an online exchange. The ATM verifies customers' by scanning their palm prints. Customers can then feed cash into the machine to deposit as bitcoins, or withdraw bitcoins from their e-wallet and get hard cash. Users can also sign up for an account to trade Bitcoins right on the spot.
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