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First Bitcoin ATM to be installed in Vancouver coffee shop

Oct. 26, 2013 at 5:37 PM   |   Comments

VANCOUVER, British Columbia, Oct. 26 (UPI) -- A Canadian Bitcoin broker is opening its first automatic teller machine which will dispense the digital currency at a coffee shop in Vancouver.

The ATM machine is scheduled to be installed Tuesday at the Waves, the Vancouver Sun reported Saturday. Mitchell Demeter, one of the founders of Bitcoiniacs, said the company plans to add more ATMs quickly.

"It's the first Bitcoin ATM in the world," Demeter said. "We have four more coming in December and we'll be spreading them out across Canada in major cities.

Bitcoin is a virtual currency that has no government sanction. It has gained something of a reputation as the favored currency for illicit online purchases because Bitcoin allows users to conduct transactions without leaving the kind of trail credit card use does.

Bitcoin has also been volatile. In the past year, Bitcoin's value has fluctuated from $13 to $250 Canadian with the Canadian dollar currently valued at 96 cents U.S.

But a number of Vancouver businesses now accept Bitcoin, the Sun said.

Users of the ATM will be able to trade Canadian dollars for Bitcoin or the reverse with Bitcoiniac selling deposited Bitcoins at the market price in real time. The company will be collecting 3 percent of every transaction.

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