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October 30th, 2013 at 10:48 am

World’s first Bitcoin ATM to launch in Canada

Bitcoin is an emerging digital currency that isn’t controlled by any authority such as a central bank.

The world’s first Bitcoin ATM is believed to launch in Canada this week.  CBC reports, 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.

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Bitcoin is an emerging digital currency that isn’t controlled by any authority such as a central bank. It recently made headlines when it was believed to be the currency linked to the success of the now-defunct Silk Road, an underground and virtual drug trafficking marketplace.

Silk Road was shut down earlier this month.

The new ATM will trade Canadian dollars for online Bitcoins. Users are required to do a palm scan and are permitted to exchange up to $3,000 per day. When the coins are exchanged, they are then entered in your online bitcoin wallet. All transactions will be anonymous.

Photo credit: Canada.com

Via Business Insider

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