The world’s first Bitcoin ATM machine which can transact digital currency – Bitcoins -for any official currency has been unveiled in Vancouver, Canada.
The ATM named Robocoin allows users to buy or sell the digital currency known as bitcoins. The ATM in Vancouver is operated by Las Vegas-based Robocoin and Vancouver-based Bitcoiniacs.
What is Bitcoin?
Bitcoin is a virtual currency that is unregulated by any central bank or government, but still works for purchasing goods and services from retailers willing to accept it. It can also be traded on an open market that fluctuates much like a stock market. Bitcoin is a distributed peer-to-peer digital currency that functions without the inter-mediation of any central authority. Bitcoin is also called a “cryptocurrency” since it is decentralized and uses cryptography to prevent double-spending, a significant challenge inherent to digital currencies.