Bitcoin is making its way from the ether of cyberspace into your physical wallet soon. Well, if you happen live in Canada anyways. As you know Bitcoins are usually stored in the virtual world, but, Bitcoin ATMs will soon be here. The ATM’s are built in the US by Nevada Company Robotcoin and have begun making their way across the vast Canadian landscape with the first Bitcoin ATM having opened for business on October 29.
The co-founder of Vancouver-based Bitcoin trading company Bitcoiniacs, Mitchell Demeter and two colleagues paid $18,500 (approx £11,469) each, for five ATMs they plan to set up throughout the country. Demeter and his partners envisioned setting up Bitcoin exchanges across Canada but upon learning of the ATMs, decided to opt for the simpler, automated service.
To get your hands on some Bitcoins, it is a requirement to have a biometric scan of your palm. This is to prevent hefty transactions and to keep in line with Canada’s strict anti-money laundering laws. The ATM machine will then trade your Canadian currency on the country’s VirtEx exchange and then tops up your online wallet with Bitcoins, or, if you so desire, reverse the transaction. Demeter doesn’t seem all too sure about how the Canadian government feels towards the machines but has complied with all the rules and so far, hasn’t received any slaps on the wrist from regulators.
It’s unclear if Robotcoin ATMs will become widespread anywhere else. Taking into consideration countries such as the United States having strict regulations with the growing internet currency. This means for now, the rest of the world will have to continue to trade on the internet for their virtual currency.