For all those naysayers that thought Bitcoin was just a figment of our imagination have been furthermore been proven wrong. This week the very first Bitcoin ATM was installed, tested and officially opened for customers to use though it’s currently only located in Vancouver, Canada. The guys who built the new age ATM, did so from the state of Nevada and have been testing them in San Jose California since last year. These machines are not the typical ATM machines most users are accustomed to using.
With these machines officially being called ‘RoboCoin’, users will not have to option to use their credit or debit cards but rather this is an all cash ATM. BitCoin is just about 5 years old, and through the first few years it was known really only to the computer geeks. Finally a new method of purchasing power is starting to make it’s way into the mainstream. Long over due have we been forced to use the way of corruption that the federal reserve is proving possible to now have a second option. I don’t think BitCoins are the answer, but rather a ‘beta’ solution where a more solidified option will make it into the peoples pocket.
BitCoins are made up of encrypted numbers that are back not by something like the gold standard but rather a complex math problem to hard for humans and even normal computers to solve. Recently the BitCoin came under fire with the closing of the ‘Silk Road’ and the arresting of a drug dealer who was based in the USA, but this might help alleviate some of those troubled waters. Bitcoiniacs is the store in Vancouver that has issued the first RoboCoin, which was founded by 3 high school friends. One of the co-founders Jackson Warren said “The point of the store was to make it easier for everyone to buy bitcoins,” and “We saw the ATM as a way to expand the model of the store.”
Verification methods for users who want to use the machine will have their palm scanned to make sure no more than $3000 is in a single days worth of transactions. This scan checks the BitCoin database and is looking to help slow down and prevent the potential money laundering that can occur. Using a QR code from a mobile device is also an option to access your bitcoin account and withdraw cash from these new ATMs. Whether you are for or against bitcoins, it seems that they are going to be around for the foreseeable future. The real question is, do you trust your money in a computer based program more than you do from your government no matter which country it’s in?