News

World's first bitcoin ATM goes online tomorrow

October 28, 2013

Sometime tomorrow, a coffeehouse in Vancouver, Canada, will acquire the distinction of being home to the first and only (for a short while, anyway) bitcoin ATM in the world. It's one of five slated for placement in the Canadian market by bitcoin trading company Bitcoiniacs.

The machines, produced by Nevada-based Robocoin, will be capable of exchanging cash for bitcoins or bitcoins for cash. Bitcoiniacs purchased the freestanding machines — which are comparable in size with a traditional ATM — for a total of $90,000, or $18,500 per terminal, according to a report by the tech pub Wired.

The machine has a daily transaction limit of CA$3,000 ($2,900) in compliance with Canada's anti-money laundering laws. A palm scan ID for each transaction is intended to ensure that an individual does not exceed the daily limit. Trades are transacted through the Canadian exchange, VirtEx.

Don't expect the Robocoin bitcoin ATM to show up in the south of the Canadian border anytime soon. Because of stricter regulations in the United States, placement of the machines in the U.S. market currently is not feasible, the Wired story said. 

Read more about installation and deployment.

photo: robocoin