Bitcoin unveils its very first ATM machine in Vancouver
Virtual currency Bitcoin has now made taking the step into funding online payments even easier by supplying their first ATM machine just outside a popular coffee shop in Vancouver, Canada. The cash point resembles any normal ATM you would see down the high street, except with a key difference. With safety being the key concern here, users must have their hands scanned in order to access the machine.
This is the first real step into making virtual currency like Bitcoin a dominant player in the finance industry. The machine makes it so easy to purchase Bitcoin’s, and is also much faster than doing the same process online, taking only 2 minutes for a online transfer at the machine, whilst from the comfort of your home it will take up to 2 days.
Bitcoins are currently valued at $210 each and can be transferred without going through banks or clearing houses, thereby cutting fees and enhancing their popularity. Users have the ability to purchase a wide variety of products and services online and now with the growing interest a number on physical stores, including the Waves Coffee Shop, which the ATM sits outside of.
There are a few concerns, which have brought negative attention to Bitcoin however, mainly the vulnerability it has in stopping money laundering. Therefore the ATM will only allow users to submit transfers of up to a $1,000 per day.
The company plan to be a worldwide currency come 2014.