October 28, 2013

The world’s first ATM for Bitcoins will start doing business tomorrow in a Vancouver cafe, according to media reports. The ATM is being introduced by Bitcoiniacs, a Vancouver-based startup that has purchased five of the ATM’s from Robocoin.

[For More On Check Out: The Future Marriage of Virtual Currency And Mobile Payments In Canada]

The ATM’s use a palm scanner to register and authenticate customers, and are linked to the VirtEx, a Canadian Bitcoin exchange that loads the Bitcoins into the user’s Bitcoin wallet. Users will be able to load up to 3,000 Canadian dollars to the ATM in exchange for Bitcoins. The palm scanner will prevent users from loading more than that amount, which would violate money laundering laws.

ABOUT THE AUTHOR
Jonathan Camhi is a graduate of the City University of New York's Graduate School of Journalism, where he focused on international reporting and interned at the Hindustan Times in Delhi, ...