Bitcoin has launched the world’s first cash machine for buying and selling the online currency. It has been installed at a coffee shop in Canada.
The kiosk is equipped with a hand scanner and face recognition camera to verify customers’ identities before they add cash or withdraw it from their digital wallets. Robocoin, the company which manufactured the ATM, claimed transactions can be made in less than 15 seconds.
Robocoin said it had received enquiries from companies in more than 20 countries including Australia, the Czech Republic and Ireland about the $20,000 (£12,500) device.
Bitcoin ATM goes live in Canada
Money does not pass through banks, with payments made directly to individuals or a growing number of online businesses using computer or smartphone software.
In a blog post introducing its first ATM, Robocoin said: “Say goodbye to pesky bank wires, archaic verification processes, and weeks of waiting time to get money converted. Not only does this provide incredible convenience for Bitcoin owners, (it) has the potential to change the entire remittance industry. One of our main goals is to bring Bitcoin to the masses which means making the buying and selling of Bitcoin truly human friendly.”
According to the currency’s website, millions of dollars of Bitcoins are exchanged every day, while the value of all Bitcoins in circulation exceeded $1.5bn (£930m) at the end of August.
However despite its rapid growth, there are fears Bitcoins are used to facilitate money laundering or traded for illegal goods. Only this month, about $28m (£17.4m) of bitcoins were seized from a man accused of operating Silk Road, described as an eBay for drug trafficking.
Silk Road Accused’s ‘$28m Stash’ Found By FBI
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