The firm, Bitcoiniacs, a physical exchange for bitcoin has already shipped the five bitcoin ATMs at $18,500 each from Robocoin, a Las Vegas-based firm. By october, Vancouver’s bitcoin ATM will be operational then followed by Montréal, Ottawa, Toronto, and Calgary.
Founder Mitchell Demeter, who started a physical bitcoin exchange in June said he will install the first bitcoin ATM near Waves, a downtown coffee shop in Vancouver.
He said his offline method will see more people access the bitcoin, He also hopes to charge some 3% commission from the ATM machines and help users exchange bitcoins for dollars or dollars for bitcoins. The ATMs are supported by Calgary-based bitcoin exchange Virtex.
Transactions move to Robocoin’s servers to check if one has sufficient dollars or bitcoins to exchange, then converts before giving out one’s required currency via the ATM. Demeter says Canada’s financial regulator, FINTRAC, is not after the bitcoin yet,thereofre he expects no tough regulations but he will be limiting transactions to under $3,000 as require by law.
The RoboCoin ATMs were first on display at the Bitcoin 2013 Conference in San Jose, they are integrated with Mt. Gox or Bitstamp delivers dynamic Bitcoin inventory: trades are placed in real time and have a dashboard for easy administration, accounting, and email/text alert-configuration.