The world's first bitcoin ATM will go
live in Vancouver, Canada on Tuesday.
Built by company Robocoin, the ATM
will trade the digital currency for cash and vice versa.
Bitcoin is the world's most popular
electronic currency and it previously existed only on the internet but can now
be traded for traditional cash.
The Robocoin ATM works by first
scanning the user's palm to ensure they do not make multiple desposits and avoid
money-laundering.
It has a depost limit of $3,000
Canadian dollars per day, which the user can put into the machine.
The money is traded in real time on
Canada’s VirtEx exchange, moving it into the user's online bitcoin wallet.
After completion, the user is
provided with a QR code on screen and a receipt.
Robocoin ATMs could be set up across
the world and a blog on
the company's website says it has received inquiries from more than 20 regions
including Australia, Prague, Kenya, Ireland, the Philippines and Thailand.
It adds: "We are incredibly
passionate about the product we’ve put together. Robocoin will be the easiest,
quickest, most convenient way to both buy and sell bitcoin ever.
"Say goodbye to pesky bank
wires, archaic verification processes, and weeks of waiting time to get money
converted. Using only the best bank grade hardware, Robocoin is capable of
instantly handling transactions in the thousands of dollars.
"Not only does this provide
incredible convenience for Bitcoin owners, but this also has the potential to
change the entire remittance industry."
The ATM, which costs $20,000 per unit
(£12,350) will operate near the entrance of a downton Vancouver coffee house.
Source: Telegraph
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