Canada leads the world with first “bitcoin” machine
The world’s first “bitcoin” automated banking machine (ABM or ATM) has been installed in a coffee shop in Canada’s west coast port city of Vancouver
The machine converts the virtual currency “bitcoin” into actual Canadian banknotes, or vice versa. The bitcoins are traded in cyberspace and stored in a user’s “virtual wallet”, basically an online account with no banking fees or charges.
The company operating the bitcoin ABM says it as of Tuesday iw was selling the virtual bitcoin at C$183.21 and selling a bitcoin between C$207.37 and C$211.32. It also says it will soon open four more bitcoin ABM’s across the country.
With no control by any central bank, or any government regulations, the value is determined by what users are willing to pay, and it’s value has fluctuated, sometimes wildly, although in the last year it’s gone from $13 to current rate of around $200.
Bitcoin virtual money has only been in existence online since 2009, and proponents say it creates a unique economy with no borders, no closing hours, and no one to tell you where, when, and what you can do with your money.
Originally very few businesses would accept bitcoins but as time goes on, more and more are joining in. Amanda Krystalovich, who runs the personal training business Krystal Fit Studio, said bitcoin has its advantages over other types of payment because there are no fees for transactions as is the case with credit or debit cards, “It’s a lot cheaper than accepting, say, Visa or MasterCard. It’s very secure as well,”
This is slowly changing bitcoins reputation as a way to easily exchange currency in a variety of illegal operations, and do so across borders without attracting the attention of authorities.
The Canadian agency monitoring money-laundering activity, FINTRAC, says bitcoins aren’t being watched because the legal definitions of currency or fund-the kind of things they do track, don’t apply to virtual money.
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