The automated teller is set up in downtown Vancouver at Waves Coffee House, making it the first of five ATMs bought by Canadian firm Bitcoiniacs from Nevada-based producer Robocoin. I think [bitcoins have] the potential to be revolutionary, Mitchell Demeter, founder of Bitcoiniacs and co-owner of Robocoin, told RT. The machines will exchange bitcoins for Canadian dollars via Canada’s VirtEx exchange. The transactions themselves will be anonymous, the vendor says, but clients will have to identify themselves via a palm scanner first. Demeter said the anonymous nature of bitcoins should not scare those reticent to trust the currency’s validity. “It’s said to be anonymous, but it isn’t really,” he explained. “Every transaction you make is recorded on a public ledger. Your name isn’t attached to it, but if somebody wants to find out who is making that transaction, it can be done. ” This is done to enforce Canadian anti-money laundering laws, due to which the ATM will only allowThe world’s first bitcoin ATM — located in a coffee shop in downtown Vancouver — traded $100,000 CAD of the cybercurrency in its first week, said the man behind the machine. The strong start was little surprise to Mitchell Demeter, the co-founder of Bitcoiniacs, who said use of the virtual currency continues to grow unchecked. “We’ve had lineups all day every day,” said Demeter on Friday. Bitcoiniacs, which operates a physical bitcoin exchange store near Granville Island in addition to its ATM, is not releasing numbers on how many unique traders had used the ATM, but Demeter said the appeal of bitcoin has begun to reach far beyond the currency’s niche base of tech-savvy netizens. “We knew people would be excited and interested,” said Demeter. “I’m a little bit surprised by the amount of new people who are excited about it and just coming out and learning. ” He said the ATM has made the currency real for people. “It’s taken bitcoin to the next stage,” he said. “It’s something people canCryptocurrency had a lot of firsts in Vancouver, but nothing brought more media attention than the world’s first Bitcoin ATM. Installed by the Bitcoiniacs (now CoinTrader) in partnership with Robocoin, it found its home in a Waves Coffee House. Originally signed onto Bitcoin by the Bitcoin Co-op, CoinTrader soon moved in and made it their Bitcoin headquarters, which it still is, today ! Although traffic has dwindled since the famous launch event, Waves continues to be one of Vancouver’s Bitcoin hot-spots. It held one of CoinFest’s most popular events–the mining and hardware demonstration–where they also unveiled the world’s first Dogecoin ATM. The jury is out on whether they’ll ever bring another Bitcoin ATM to Vancouver, but if they do, you’ll probably see it on the news. The competition is fierce, however! Before most cities could get their own Bitcoin ATM, Vancouver quickly had its second, a Lamassu model.
A new exchange called QuadrigaCX stepped up to the plate in full gear,CBC News Posted: Oct 25, 2013 1:44 PM ET Last Updated: Oct 28, 2013 11:40 PM ET The world s first Bitcoin kiosk, made by Robocoin, begins operation in Vancouver next week. (Robocoin/Canadian Press) What s believed to be the first Bitcoin ATM in the world is expected to go live Tuesday in Vancouver, operated by Nevada-based Robocoin and Vancouver s Bitcoiniacs. Mitchell Demeter, co-founder of Vancouver bitcoin trading company Bitcoiniacs and part-owner of Robocoin, has invested in five such machines to be placed across Canada. Bitcoins are an emerging digital currency that isn t controlled by any authority such as a central bank. It’s an idea that is moving into the mainstream, despite the scandal surrounding Silk Road, an anonymous online marketplace for illegal drugs and other illicit goods that used Bitcoins.
Silk Road was shut down and its owner arrested on narcotics charges earlier this month. The new ATM, to operate near downtown Vancouver coffee house Waves, will trade CanadianThe world’s first Bitcoin ATM goes live on Tuesday – and it will be installed inside a downtown Vancouver coffee shop. Mitchell Demeter, co-founder of the Vancouver-based store Bitcoiniacs, is the man behind the automated teller machine’s arrival. Bitcoin was in the headlines for all the wrong reasons earlier this month, when U.S. authorities shut down the online marketplace Silk Road and alleged its users were buying and selling drugs using the digital currency. In an interview with The Globe and Mail, Mr. Demeter discussed why he believes Bitcoin is necessary, how he acquired the world’s first Bitcoin ATM, and his plans for other Canadian cities. Bitcoin is a digital currency. Each country has its own currency. Canada has its currency. The United States has its currency.
And this is now the currency of the Internet. Why do people need it? It just makes it easier for people to send assets around the world instantly, with basically no fees and no middle men. How do the ATMs work? InVancouver will be home to the world’s first Bitcoin ATM Tuesday when a Vancouver startup installs one at a downtown coffee shop. The automated teller machine will dispense the Bitcoins in exchange for cash and cash in exchange for Bitcoins, the cybercurrency that’s used for buying everything from coffee to cocaine and web services to fitness workouts. The US$18,500 automated teller machine, made by Nevada company Robocoin, is being installed at the Waves coffee shop at Howe and Smythe in Vancouver by Vancouver’s Bitcoiniacs, a Bitcoin exchange store located near Granville Market. “It’s the first Bitcoin ATM in the world,” said Bitcoiniacs co-founder Mitchell Demeter, who launched the store early this year with Jackson Warren and Cheyne Mackie, two friends from his school days where they all grew up on the Sunshine Coast. “We have four more coming in December and we’ll be spreading them out across Canada in major cities. “Toronto, Montreal, Calgary and Ottawa is kind of what we’ve gotAn ATM that converts bitcoins to Canadian dollars and vice versa opened for business in a Vancouver coffee shop today, marking a world first. The kiosk, located inside Waves Coffee House at Howe and Smithe streets in downtown Vancouver, attracted its first customers, along with dozens of people who wanted to see how it worked, shortly after it went live at 9 a.m. The automated teller machine will be operated by Vancouver-based Bitcoiniacs and Nevada-based Robocoin. They plan to open four more locations across Canada . Customers will need to have their palms scanned in order to exchange up to $3,000 worth of bitcoins per day. Canadian cash can be fed in or taken out from the machine and exchanged for bitcoins on Canada’s VirtEx exchange. The bitcoins will then be transferred to and from the customer’s online bitcoin wallet. The user will also have the option to receive a paper voucher representing the transaction.
As of Tuesday morning, Bitcoiniacs reported that it was buying bitcoins.