The world’s first Bitcoin ATM will go live tomorrow morning in Vancouver – in a Waves coffee shop downtown. For those unfamiliar with the cybercurrency, bitcoin trading involves the exchange of cash for bitcoins. Bitcoins will be entered into customers’ virtual wallets, where they can then use the ‘currency of the Internet’ to purchase products at participating retailers; including certain Waves coffee shops and independent businesses.

This Bitcoin ATM will be open for business tomorrow morning. Vancouver-based Bitcoiniacs hopes to implement the machines in four other Canadian cities this fall.

The digital currency will charge customers a 3% fee on each transaction.

In my opinion, I don’t see a point in using bitcoins as payment. I can see the stores’ perspective though, as they are paying less costs to accept the payment (as opposted to credit cards). However, to consumers, even with the increased privacy (no middle men and the currency is not controlled by a bank), why adopt a complicated new system?

Bitcoiniacs co-founder Mitchell Demeter says to skeptics, “Everyone’s free to make up their own mind. We don’t really try to convince anybody, or sell it on anybody. But when people do their own research, they really quickly see the virtues.”

Not to mention the high media scrutiny surrounding the currency. The Silk Road shutdown, anyone? Bitcoins were used as payment in the internet marketplace, which was uncovered for drug trafficking and money laundering.

Why exchange your money for bitcoins (plus the additional fee), when you can just purchase a cup of coffee with the cash in your wallet?

Sources:

http://www.cbc.ca/news/business/world-s-first-bitcoin-atm-goes-live-in-vancouver-next-week-1.2251820

http://www.theglobeandmail.com/news/british-columbia/a-bitcoin-first-for-vancouver/article15130876/