The world’s first Bitcoin ATM has launched in Vancouver this morning.
The machine dubbed Robocoin was premiered at the Waves Coffee House on Howe and Smithe.
The ATM will let Vancouverites exchange cash for Bitcoins and vice versa.
Bitcoin is a digital currency, has no paper trace and lives entirely online.
It is not regulated by any financial institutions. It is decentralized, and can’t be influenced by governments.
Mitchell Demeter who runs Bitcoiniacs – The Bitcoin Store, Vancouver’s first physical Bitcoin exchange, is also behind the launch of the first ever Bitcoin ATM.
Demeter says the Robocoin is similar to a regular ATM, except it involves no bank.
“How it works is if you want to buy Bitcoins, you walk up to the machine, select a dollar amount that you would like to purchase, say you want to buy $100. You then deposit $100, and our system connects to the market, buys the Bitcoins in real time, and either sends them to your smartphone or prints off a paper wallet for you.”
Demeter says the Bitcoin market is booming despite recent concerns about its potential misuse for criminal activities.
He says the ATM is just another step to make Bitcoin more accessible to more people.
“We had a lot of people in the Bitcoin community who are excited about it. A lot of people who do not know about Bitcoin are intrigued and want to learn more about it.”