World’s first bitcoin ATM set to open Tuesday

BY newsdesk  October 28, 2013 at 5:27 PM EST

The entrance to a downtown Vancouver coffee shop will be the site for the world’s first bitcoin ATM, according to tech website Wired.

A Nevada company called Robocoin constructed the machine — scheduled to go live Tuesday — to trade the digital currency for cash and vice versa. As PBS NewsHour reported earlier this month, bitcoin is gaining popularity, especially among those who like its lack of regulation.

Bitcoins are “mined” by computers and represented by a string of characters like a password or code.

Wired reports the Robocoin ATM will require a palm scan before users can insert as much as 3,000 Canadian dollars (about $2,900 in the U.S.). The machine then transfers that money into bitcoin via a Canadian exchange.

H/T Sam Lane