Blockchain

World’s first Bitcoin ATM set to debut in Canada

Candela LabsSr. Marketing Manager (Digital Marketing & Branding)

In Vancouver (Canada), today we will witness the debut of world’s first Bitcoin ATM. Bitconiacs, a Vancouver based broker and local operator has ordered 5 machines from Robocoin, a Nevada based company. The ATM kiosks manufactured by Robocoin worth $18,500 (£12,350) will be unveiled at Waves, a Vancouver based coffee shop located at Howe Street. The coffee shop ‘Waves’ is owned by a 53 year old school teacher named Judy Fujiki. The coffee shop also allows users to buy a latte for Bitcoins and is also home for regular Bitcoin meet-ups where members swap cash for Bitcoins.

[caption id="attachment_2098" align="alignright" width="210"]Source: Robocoin Source: Robocoin[/caption]

Robocoin first unveiled the ATM at a conference in San Jose, California earlier this spring. According to Robocoin, four other ATM’s will be launched in December this year. ATM’s will be deployed at Toronto, Montreal, Calgary and Ottawa.

Robocoin claims that the ATM allows users to buy and sell Bitcoins. The ATM machine from Robocoin is equipped with biometric time locks and privacy-shielded touchscreen and has features like Wi-Fi and 3G enabled. The machine also accepts and dispenses cash and is international denomination ready.

Talking to CBC news, Bitcoiniacs co-founder Mitchell Demeter says "Basically, it just makes it easier for people to buy and sell Bitcoins and hopefully will drive the adoption of Bitcoin, and make it more accessible for people."

To avoid cases like money laundering and making multiple deposits, the ATM machine allows operation only after scanning a user’s palm. A user has a limit of depositing $3000 CAD a day (i.e. approx. $2900 USD). Canada’s VirtEx exchange acts as a platform to transfer money in to a user’s wallet. Once the transfer is complete, the screen pops up a QR code and a receipt. Users can also buy Canadian Dollars from the ATM machine by selling their Bitcoins online through the ATM machines.

You can see the video below which shows how the ATM works:

Source: Robocoin

LTP View: Bitcoin ecosystem is showing strong signs of going in the right direction to becoming mainstream. They are being accepted at more places, can be mined or obtained in various ways, its value is going up and now you have an ATM as well. One more important element that Bitcoins require in their favor is regulations.

Though the US regulators have not been positive about Bitcoin, it’s still not clear what Canadian regulators think about Bitcoins. It would be interesting to note if the introduction of ATM machines increases Bitcoin trading.

Vaseem Khan

Candela LabsSr. Marketing Manager (Digital Marketing & Branding)

Vaseem Khan is a founding member and a primary author at MEDICI. He is a Payments enthusiast and an avid reader. He loves being involved on initiatives related to Technology, Startups & Payments. He has been associated with companies like Gallup as a Management Consultant and Oracle as an Account Manager.

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