First bitcoin ATM set to go live
28 October 2013 | 8151 views | 5
The first bitcoin ATM is set to go live at a downtown coffee house in Vancouver, Tuesday.
The machines - developed by Nevada-based Robcoin - will trade bitcoins for cash.
Users register on the machine via a palm scan and can load up to C$3000 in cash in exchange for bitcoin. The ATMs are linked to Candian Bitcoin exchange VirtEx, which performs the trade and loads the cash into the user's bitcoin wallet.
The palm scan is used to prevent people from conducting more than C$3000 per day in transactions so as not to fall foul of money laundering rules.
Robocoin is supplying five machines to Vancouver-based Bitcoiniacs, a start-up that aims to develop a chain of bitcoin exchange shops across the country.
The company has initially ordered five Robocoin ATMs for $90,000.