Nevada-based Robocoin and Vancouver’s Bitcoiniacs have partnered up to operate the world’s first Bitcoin ATM in Vancouver next week.
Although it currently complies with Canadian laws, Bitcoins are an digital currency that are not regulated by any government authority like a central bank. In August 2013, a U.S. judge also ruled that the peer-to-peer online currency should be officially recognized as a form of money and should be treated in the same way as national currencies.
With the Bitcoin ATM Machine, users will trade real Canadian currency for online Bitcoins after performing a palm scan on the machine which limits transactions to no more than $3,000 per day.
Critics have argued that the Bitcoin currency’s design as an untraceable, unregulated and anonymous transaction system has created a new online marketplace for illegal drugs and illicit goods. Exchanges usually take place online or between individuals to pay for products or services.
The Vancouver Bitcoin ATM will be located near the Waves Coffee House in downtown Vancouver.
Click on infographic for enlarged version.
Image: Visual Capitalist
Feature Image: Carlos Amarillo / Shutterstock