Bitcoin ATM Set To Go Into Operation In Canada

The world's first Bitcoin ATM will be ready for use this week at a coffee shop in Vancouver, Canada. Bitcoin is a digital currency used to purchase products online. Up until now, converting bitcoins to cash has been somewhat of a convoluted process, taking a few days to deposit into your bank.

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STEVE INSKEEP, HOST:

NPR's business news starts with a digital cash dispenser.

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INSKEEP: The world's first Bitcoin ATM will be ready for use this week at a coffee shop in Vancouver, Canada. The bitcoin is a digital currency used to purchase products online. Up till now, converting bitcoins to cash has been a complicated process requiring a bank deposit and a few days wait.

RENEE MONTAGNE, HOST:

That's no longer the case if you live in Canada where some businesses now accept bitcoin as currency. The new ATM in Vancouver will allow users to turn bitcoins directly into Canadian dollars, or turn Canadian dollars into bitcoins.

INSKEEP: Wired.com reports users are required to do a palm scan for security reasons and are limited to $3,000 per day. Is that all? Now, if you're wondering just what a bitcoin is, it's simply a form of money created online linked with no government. It would have absolutely no value except that people believe in it and accept is as payment. Which, of course, is true of just about every currency, including the U.S. dollar.

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