World's First Bitcoin ATM Set to Launch This Week in Vancouver
Despite still being in its infancy and having a highly sporadic value, Bitcoin has quickly established itself as a real, respected currency. Now, thanks to Bitcoin trading service Bitcoiniacs, and ATM builder RoboCoin, Bitcoin's validity is set to become strengthened even further.
Next week, Vancouver will welcome the world's first Bitcoin ATM. Located downtown near coffee shop Waves, people will be able to use this ATM to convert their Canadian money into Bitcoin, and vice versa. In order to adhere to Canadian anti-money-laundering laws, a maximum of $3,000 per day can be withdrawn or deposited, and to help enforce this, a palm scan will be required. Yes, a palm scan to access your money. The future is now.
The introduction of a Bitcoin ATM is undoubtedly major for the currency, as it helps to make this virtual money a "real" thing. While Bitcoin will still float around the Web, as opposed to sit in your wallet, being able to go to an ATM will make it feel much more serious, and not just something to toy around with.
Before the end of the year, RoboCoin will be releasing four more ATMs in other major Canadian cities: Toronto, Montreal, Calgary, and Ottawa. Without question, this is going to be an interesting development to watch, and I can't help but wonder when we'll learn about more ATMs being rolled-out in other countries. It almost seems inevitable at this point.