The first Bitcoin ATM in the world has been sighted in Vancouver.
The Bitcoin ATM went live on Tuesday, October 29, and is operated by Nevada- and Vancouver-based Robocoin and Bitcoiniacs, respectively.
"Using only the best bank grade hardware, Robocoin is capable of instantly handling transactions in the thousands of dollars," states a Robocoin blog post. "Not only does this provide incredible convenience for bitcoin owners, but this also has the potential to change the entire remittance industry.
Mitchell Demeter, who is the co-founder of Bitcoiniacs and part-owner of Robocoin, has invested in five Bitcoin ATM machines in Canada.
"Basically, it just make it easier for people to buy and sell Bitcoins and hopefully will drive the adoption of Bitcoin, and make it more accessible for people," Demeter said.
The kiosk enables traders to purchase and sell bitcoins with "100% federal compliance." Users of the Bitcoin ATM will be able to convert Canadian dollars into bitcoins, as well as exchange bitcoins for cash. However, users can withdraw or deposit a maximum of $3,000 each day to comply with Canadian anti-money laundering laws.
The new Bitcoin ATM will require users to do a palm scan and uses biometric authentication for additional security. The kiosk will also scan an ID card issued by the government and match it to the user's face via a webcam.
According to Robocoin, users can purchase bitcoins, the digital currency, in barely 15 seconds of the transfer of the bitcoin amount value to the online "wallet."
Bitcoins have been around since 2009 and currently trade for close to $200. However, their value has oscillated from $13 to $250 in the past year. So far, they have been traded from individuals to individuals or via unregulated exchanges online.
In 2012, Bitcoin Central (a bitcoin exchange) was authorized to function as a bank. However, per Robocoin, the Vancouver ATM will be the first to begin operations.
Bitcoiniacs has revealed that it is also targeting four other Canadian cities namely: Toronto, Montreal, Calgary and Ottawa for the other four ATMs, which will likely launch in December.
