About Bitcoin ATM
Bitcoin x Vancouver
Vancouver is the first city where Bitcoin communities developed rapidly. Before Bitcoin became as popular as it is today, you would see people holding a cup of coffee, gathering in a coffee shop on Saturday afternoon in Downtown Vancouver, talking about the future of the virtual world. It was the cultural hearth of Bitcoin communities, a platform for optimists that interested in cryptocurrency and the blockchain technology to exchange innovative ideas, a stage for entrepreneurs to launch new products and services, which is one of the reasons why the World’s first Bitcoin ATM was placed in this coffee shop in Vancouver.
The World’s First BTM
The World’s first BTM was placed in Waves Cafe in Downtown Vancouver. Made by Nevada company Robocoin, was being installed and operated by Bitcoiniacs, a Vancouver startup company at the time in 2013. Robocoin followed up its successful first day of the BTM transactions, reached the breakeven point by completing more than $1,000,000 (Canadian dollar) in transactions in a month. It was shocking news to the whole world, in addition to providing instant exchange services for mainstream cryptocurrencies such as Bitcoin and Ethereum, this machine also brought innovative technology to the city. The integration of virtual and reality was brought to the world by a physical BTM that can exchange between fiat and cryptocurrencies.
About BTM
BTM is a cryptocurrency ATM machine based on blockchain technology that supports Bitcoin, Ethereum, and multiple cryptocurrencies provide withdrawal, payment, and exchange functions. In another word, BTM is a physical ATM for cryptocurrencies, users can purchase cryptocurrencies with fiat money through a BTM, and directly convert cryptocurrencies to fiat money with most of the BTM machines.
How to Use BTM to Buy or Sell Cryptocurrencies
BTM machines are very user-friendly, hands-on procedures are very straightforward. When purchasing cryptocurrencies with fiat, all you need is to insert cash, verify the transaction with your phone on your digital wallet and confirm the transaction, all that is required is a cell phone and an active mobile digital wallet. Travelers often deposit leftover foreign currency before they leave the country to avoid carrying extra cash around.
As for withdrawal, simply login to your digital wallet, enter the amount you wish to withdraw, and you will be able to claim the equivalent fiat after the transaction is being verified. In this way, all you need is to bring your phone and find a local BTM when you’re short of cash in a foreign country.
Inner Thoughts
This is the first BTM that caught my eye before I started working in the crypto field, it was placed during my college days in the famous chained coffee shop The Waves Café in Vancouver. Occasionally, I would see a few people lining up in the corner just like a normal ATM, however, I didn’t have the urge to keep abreast of this technology when I was in college. And now that cryptocurrency is being more popularized, there are three BTM at one intersection just a few minutes from where I live, we can tell that society is gradually accepting this new technology.
Although there are already many stores that accept bitcoin as a method of payment, the public still has a doubt about digital currencies. I believe the emerge of BTM substantialized the transaction process, drastically improved the adoption of digital currencies in the country, and hoping to evolve into a bank-like business to ensure its users can use cryptocurrencies with ease, like cash.
