The first bitcoin ATM is set to go live at a downtown coffee house in Vancouver, Tuesday.
Quite ironic that cash needs to be brought into the picture even for a purely digital currency like BitCoin! On a side note, any idea why this machine is positioned as ATM when it doesn't dispense cash?
So why would I want to use hard currency to buy BitCoins?
I know the value of CAD and where I can use it. Not clear about BitCoins.
Could be an interesting evolution if BitCoins becomes a traded currency.
This ATM is bi-directional meaning you can travel to Canada and "withdraw" canadian dollars by exchanging your bitcoin. The way things have been going recently, that means that not only would you not have to pay an FX rate spread and some other exorbitant
fees to your bank, you'd probably also have earned an appreciation of the value of your bitcoin holding. One might also realise that the amount of bitcoin that you are carrying, or rather have access to, is not limited.
If you want to know the value of bitcoin against canadian dollars, the exchange that the article mentioned will give you up to date prices and a quick search will get you prices in many other currencies. There are also average price calculators online.
It is a traded currency, just not by banks.
I think, given the nature of bitcoin, it's faily obvious why you'd want to deposit
anonymous cash to get bitcoins. Hint: Silk road/Cyprus.
c.£170k OTE (competitive base + commission)London, UK
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