With much excitement, the day has finally come where we are
being introduced to the worlds first Bitcoin
ATM. The machine converts the virtual currency to conventional cash and
vice versa. It was introduced earlier this week at a coffee shop in Vancouver,
Canada. The machine is operated by Bitcoin exchange companies, Bitcoiniacs and
is an internet-based currency designed to exist without any centralized
In order to use the ATM you must first decide whether you
want to buy or sell. You are then prompted to register with the machine and
scan the palm of your hand six times. When you are finished with your
transaction, a confirmation via email will be sent to you and the receipt will
have a QR code on it for your personal records. The currency will arrive within
the next hour into your online Bitcoin wallet. Transactions are anonymous but
you have to identify yourself with the palm scanner each time you use the ATM.
None of the data the machine uses is publicly available on the Internet. Its
all transacted over a secure VPN connection and there is nothing stored on the
ATM. A single user cannot exchange more than $1,000 in a single day. Four more
ATMs are planned to go public in Canada by the end of December.
The Bitcoin ATM is claimed to be more secure than
traditional banking services.Bitcoins are used to pay for web services but are attracting
attention for more physical locations. So the question is, with this
revolutionary step, what does the future of Bitcoin look like and what does
this mean for the banking industry? Will it become the more preferred currency
the world has? Its hard to tell if there will be issues with fraud and identity theft.
So, we want to know your thoughts. Connect with us on Twitter @GoEVS and tell us what you think.
[Contributed by EVS Marketing]