First ever Bitcoin ATM open for business in Vancouver, Canada, over $10,000 already exchanged

by Shayne Rana

Way back in April we heard that Canada was planning on levying taxon Bitcoin transactions and later on we heard that in August Germany had completely legalized Bitcoin as official ‘private money’. For those coming in late, Bitcoins are a form of virtual currency unregulated by any central bank or government. You can use this form of online currency for various online transactions with vendors or service providers who accept it. China’s big search engine Baidu, has already started accepting Bitcoin as a mode of payment for various services. This form of online currency is steadily gaining ground and recently, the world’s first ever Bitcoin ATM Kicked off at a place called Waves Coffee House in located in downtown Vancouver, Canada. Ther new ATM allowed users to exchange their Bitcoins for hard cash. The process also works the other way around when required.

The system will require you to get biometrically scanned using a built in palm scanner to access your Bitcoin account. In case you’re not yet a Bitcoin currency user, you can also set up an account right there at the ATM and exchange your cash for Bitcoins. The Las Vegas-based company Robocoin are the operators of this ATM service. So far it’s been reported that about 81 transactions happened at this ATM on the first day and a high volume of these were new users. The report also said that over $10,000 was exchanged from cash to Bitcoin and vice versa. Check out the YouTube video of the Bitcoin ATM doing its thing –

[Via – Mashable]

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