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

We have been discussing Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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.

The ATM goes live today, October 29^th 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