Canada is proud to have the world’s first Bitcoin ATM – and roughly $100 000 has already been traded. Customers have flocked to the Bitcoin ATM to try it out.
But what is bitcoin?
Basically, bitcoin is an online currency that is not regulated by any country and is secured by sophisticated cryptology systems. This crypto-currency is yet to be accepted as a mainstream currency, but with time it may be ubiquitous around the world.
A bitcoin ATM allows people to trade their money for bitcoins. The price for this rapidly growing currency has been very volatile, yet has grown immensely. People who bought a bitcoin for a hundred dollars several months ago could now sell or spend that bitcoin for almost $900 (as of today).
The bitcoin ATM was installed in a coffee shop in Vancouver, and has attracted lots of curiosity and attention. For instance, in one day the coffee shop had 80 visitors try out the ATM, and one third of these were first time visitor to the shop. Although regular cash ATMs aren’t as new or exotic – they typically have the same effect of drawing in more visitors. If you’re interested in how regular ATM machines make businesses more money, check out our infographic.
ATM Canada Inc. is a Greater Toronto Area ATM service that offers free ATM placement and leased ATM machines. Learn more …