The world doesn’t update itself all at once; some of us are only just wrapping our heads around this whole Bitcoin phenomenon, whilst others are ready to start making Bitcoin transactions and withdrawals at their local ATM.
Developed by Vancouver broker Bitcoiniacs and Nevada-based Robocoin, the machine being billed as the world’s first Bitcoin ATM will be available for service as from next week. The ATM, which cost a total of $18,500, will make its debut in downtown Vancouver coffee shop, Waves.
The ATM will exchange the increasingly popular Bitcoins for Canadian currency with a limit of CAD $3,000 ($2870) per day for each user. Since Bitcoins are a digital currency, ATM users will receive their corresponding Bitcoins deposited directly into their online Bitcoin wallets. Users will be identified via palm scan to enforce daily limits and prevent both money laundering and theft.
Another 4 ATMs are expected to be opened in Toronto, Montreal, Calgary and Ottawa within the coming months.