The first bitcoin ATM is ready to go live at a downtown coffee house in Vancouver on 29 October, Nevada-based company Robocoin has announced.
The Robocoin ATM machine works by first scanning the user’s palm to ensure they do not make multiple deposits and avoid money-laundering.
Deposited money then is traded in real time on Canada’s VirtEx exchange, moving it into the user’s online Bitcoin wallet. The ATM has a deposit limit of C$3,000 per day. The user is then provided with a QR code on screen and a receipt.
Robocoin is going to supply five machines to its Vancouver-based partner Bitcoiniacs, a start-up that aims to develop a chain of bitcoin exchange shops across the country.
Commenting on the announcement on their blog, Robocoin said: "By mixing the familiarity and convenience of the ATM with powerful Bitcoin software, buying and selling Bitcoin for cash will now be the simplest form of transacting to boot."
According to Robocoin it has received inquiries of the service from more than 20 regions including Australia, Prague, Kenya, Ireland, the Philippines and Thailand.