First bitcoin atm launches in canada

Photo credit: Zoopley

The virtual currency has captured the public’s imagination in recent months. Created by an anonymous hacker, everything about it has the appeal of the new: the finite supply of coins, the use of programmes to “mine” new coins and, most important of all, their skyrocketing value.

Indeed, the currency’s worth has increased steadily as the money gains traction across the world. Now, despite them being a primarily digital transactional service, cash machines have been built to allow people to withdraw funds in Canada.

The machines, built by Nevada company Robotcoin, opened for business this week, with five planned to be set up throughout the country.

“To get your hands on some Bitcoins, you'll need to do a biometric scan of your palm to prevent hefty transactions to keep in order with Canada's anti-money laundering laws,” explains Tech Radar.

The machines then trade Canadian dollars on the VirtEx exchange, adding Bitcoins to your online wallet – or swapping them for real cash to have in your pocket.

The company “doesn’t seem all too sure” about how the Canadian government feels about the machines but has complied with the law so far. The machines are restricted to the country at present thanks to strict regulations in the US. Nonetheless, the latest step in Bitcoin’s expansion marks a growing demand for the alternative currency.