Vancouver may see the world's first fully functional Bitcoin ATM

We have been discussing Bitcoin quite a bit lately. From Bitcoin’s issues with law enforcement, to seeing Bitcoin entering new

We have been discussing Bitcoin quite a bit lately. From Bitcoin’s issues with law enforcement, to seeing Bitcoin entering new industries, we felt that it was only a matter of time until we see the cryptocurrency gaining a more prominent presence in our modern day society. Today we see a large step for Bitcoin in that direction, making it more accessible and mainstream than what we have seen before.  

Vancouver based Bitcoiniacs has unveiled, as what seems to be the first ever fully operational Bitcoin ATM.

The ATM was developed by Nevada based Robcoin, and is designed to trade Bitcoins for cash. The ATM uses palm print technology to allow daily trading of up to $3000 CAD in exchange for Bitcoins.

The machine connects to Bitcoin exchange, VirtEx, to complete the conversion.

This is not the first we have heard about a Bitcoin ATM. Attempts in Cyprus and San Diego have shown that such machines already exist. The Cyprus endeavor, however, lost financial backing and fell through, while the San Diego machine was never operational after the day it was unveiled. If this machine is fully functional and continues to work after the launch date, then it will be officially the world’s first offical Bitcoin ATM.  

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The ATM goes live today, October 29th 2013, and is the first in a total of 5 machines that are to be spread over Canada in the near future.

Bitcoiniacs purchased all five machines from Robcoin for the amount of $90,000.

 

Photo courtesy of Flicker

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