First ever Bitcoin ATM coming to Vancouver
Posted October 26, 2013 4:18 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – It will be the first of its kind and allow you to get your hands on a digital currency.
The very first Bitcoin-dispensing ATM will open to the public on Tuesday in a Downtown Vancouver coffee shop.
Mitchell Demeter, who operates the broker Bitcoiniacs which arranged for the machine, says it functions as you would expect.
“You select a dollar amount that you’d like to purchase, say a hundred dollars, you then deposit the hundred dollars and it will dispense a voucher for the Bitcoins or it will send the Bitcoins to your digital wallet.”
The machine also accepts the Bitcoins for cash.
Demeter says the digital currency community here, is growing.
“Vancouver has a fairly strong Bitcoin community. Back in January is when I got into it. There were about six or seven people at the first meet up that I went to. Now Vancouver hosts weekly meet ups.”
The digital currency functions as any other commodity with prices fluctuating.
Bitcoin got its start in 2008 and has traded at between $13 and $250 in the last year.
Demeter is planning to expand with ATMs in Toronto, Calgary and Ottawa by December.
It is estimated there are 11.5 million of them in circulation worldwide.
