The world’s first ATCO slot machine will open in Vancouver, Canada next week, according to CBS. Users will then be able to exchange Canadian dollars against virtual Bitcoins. The vending machine has a maximum of $3,000 a day and scans the users’ palm to carry out transactions. There are two steps to prevent violations of Canada’s laws against money laundering.
Canadian cash is traded on the country’s VirtEx Exchange for Bitcoins, while the units of the digital currency are put into users’ virtual Bitcoin wallets.
Bitcoins are currently trading for nearly $200, but the price has historically been extremely volatile. Just over the past year, the value has commuted between $13 and $250. So far, most transactions have taken place from person to person, or through various unofficial exchanges, mainly online.
Last year, Bitcoin’s stock exchange was authorized Bitcoin-Central in Europe, but the new ATMs are the first of their kind. Info
in major cities like Toronto, Montreal
The companies behind the machines are Canadian Bitcoiniacs and American Robocoin. Mitchell Demeter, one of Bitcoin’s founder and co-owner of Robocoin, has invested in five machines that will be located around Canada in Canada, in major cities like Toronto, Montreal, Calgary, and Ottawa.
Basically, the (ATMs) make it easier for people to buy and sell Bitcoins and hopefully drive the adoption of Bitcoin, making them more easily accessible to people, “says Mitchell Demeter to CBS.
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