The first Bitcoin ATM has launched in Canada. Here are five fast facts you need to know.
1. The First Machine Appeared in Vancouver
Bitcoiniacs co-founder Jackson Warren helped create these ATMs. (Getty)
The Robocoin ATM is the first machine that can take authentic currency and exchange it for Bitcoins. A coffee shop in Vancouver was the lucky recipient that was able to host it. Bitcoiniacs is the operator behind these devices and.
2. How Does It Work?
The machine can scan QR codes to provide the currency to customers. (Getty)
Robocoin doesn’t require an actual bank account or identification. In order to retrieve this new form of digital cash, all you need to do is insert money and the machine will provide address links or scan QR codes. Despite the lack of some of these security protocols, the automated teller will come equipped with a biometric hand scanner. The data collected allows gives customers access to the currency in 60 different countries.
3. Bitcoins Don’t Have Overdraft & Transfer Fees
Eventually, Bitcoins could reduce the amount of time you sit waiting for money. (Getty)
Bitcoin accounts are not affected by traditional banking fees which possibly fueled their value in illegal circles. Their individual value though is incredible. Each coin by itself is worth $210. However, purchasing products online can still be an arduous process cause you’ll need to fill in multiple pages of personal information. For these machines, the currency won’t have to run through some of the traditional legal hurdles.
4. Why They Launched in Canada First
Canada has a large group of Bitcoin users so Bitcoiniacs felt it was a valid launching pad. (Getty)
Robocoin thought that Canada had strategic value for their first launch. The company’s co-founder Jackson Warren claimed that the amount of Bitcoin users attracted them to the great white north. Also, the government has less oversight for financial transactions like this compared to the United States. Anti-money laundering regulators frequently track Bitcoins making it nearly impossible for Robocoin to establish itself in North America.
5. Bitcoin ATMs Will Expand in 2014
Get excited since we could have Bitcoins in the U.S. (Getty)
While Bitcoiniacs acknowledged the legal obstacles they would face in the U.S., it still hasn’t deterred Warren from wanting to expand here in 2014. First, they want to add four more ATMs in Vancouver before December 2013. If these machines prove to be successful, paper money could become an ancient relic very soon.
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Bitcoin ATM in Canada: 5 Fast Facts You Need to Know