The first bitcoin automated teller machine would be installed in Vancouver, Canada. The ATM would be set up outside a coffee shop in downtown Vancouver on Tuesday. Local bitcoin exchange store Bitcoiniacs would be installing the Robocoin ATM on Tuesday. Bitcoiniacs also planned to expand operations to Toronto, Calgary, Ottawa and Montreal.
According to Wired.com, customers would need to perform a palm scan before they could buy bitcoins from the ATM. They would also need to put in USD 3,000 a day to the machine. The machine would then trade the money on the VirtEx exchange before moving the digital currency to the customer's Bitcoin wallet.
A USA Today report said bitcoins was first talked about online in 1998 but was only available in 2009. An estimated USD 1.5 billion of bitcoins are currently in circulation. A bitcoin has a dollar value of USD 142. Unlike paper money, bitcoins are not issued by the government or regulated by a central bank. Users own their bitcoins, with the currency traded through person-to-person exchanges.
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