I read an intriguing blog post on Katrina Gao’s blog talking about the world’s first Bitcoin ATM here in Vancouver. Users deposit cash into the ATM where the bills are then read and money is exchanged instantly on the VirtEx exchange for bitcoins that are then deposited to an online wallet. The users can also withdraw cash from the machine in exchange for bitcoins in their virtual wallet. More can be read on Katrina Gao’s blog.
The name “Bitcoin” reminded me of cool concept for a new kind of credit/debit card that is already in the process of being made. A start up company based in San Fransisco has shown the world of their revolutionary “coin” card which will replace the need for an over filled wallet of credit, debit cards, reward cards, any card really. Simply just put all of your essential cards on to the coin card and take it wherever ever you go, it works just like a regular credit card but you can easily swap between different accounts and cards with the touch of a finger! So far they have raised around $50,000 and are claiming that this product will be available to the public for $100 in the summer of 2014. Coin also comes with an app for smartphone which gives the user the ability to keep track of purchases online and will also remind them if they have accidentally left their card at the bar, restaurant or wherever they may be. I think that this concept will be extremely popular and a huge success and will not only help save the environment by reducing the amount of credit cards produced but also make it convenient for users to use, a win-win! Have a look at the video below for a visual explanation.
https://www.youtube.com/watch?v=w9Sx34swEG0
References:
Katrina Gao’s Blog: https://blogs.ubc.ca/katrinagao/2013/11/18/electronic-currency-breakthrough-worlds-first-bitcoin-atm-goes-live-in-vancouver/
Vancouver Sun: http://www.vancouversun.com/100K+traded+through+Vancouver+Bitcoin+week+with+video/9145774/story.html
Forbes: http://www.forbes.com/sites/natalierobehmed/2013/11/14/coin-tries-to-make-credit-cards-history/