A coin of the Byzantine Empire is displayed after its discovery inside an ancient tomb in Luoyang, Henan province, October 23, 2013.
Canada is all set to release the first bitcoin ATM in the world. Vancouver will launch this ATM service next week.The update came from Robocoin, manufacturer from Nevada, and Bitcoiniacs, a local broker and operator. The ATM will cost $18,500.
The ATM in Vancouver will be the first among the five bitcoin ATMs scheduled to be deployed across Canada. Waves, the downtown café in Vancouver, is likely to make history by starting the service, the very first in the world. Howe Street café Waves hosts CoinFest meetings where bitcoin enthusiasts get together on a regular basis.
The digital currency has already started growing in popularity among Canadians. The daily limit for each user will be CA$3,000. The bitcoin ATMs will be based on palm scan technology to identify the users and enforce the daily financial limit. The same technology will be used for preventing problems related to laws against money laundering.
Users can also deposit Canadian dollars in ATM machines. Consequently, the dollars will be exchanged for bitcoins on VirtEx. The credit will then be recorded in the user's bitcoin wallet. Also, patrons may use online bitcoins for purchasing Canadian cash off the machines.
The other four ATMs are set for release sometime in December. The other cities which are likely to get a taste of bitcoin ATMs are Ottawa, Calgary, Montreal and Toronto.
Mitchell Demeter, co-founder of Bitcoiniacs, said to CBC News that the process would make it more convenient for people to sell and buy bitcoin. The ATMs all over the country will also make bitcoins more accessible to people and encourage them to adopt bitcoins more.
The internet-based digital currency is designed for the existing but with no centralized regulatory authority. Maximum 21 million bitcoins are allowed to exist. Financial futurists have already shown great enthusiasm for the internet currency.
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