World’s first bitcoin ATM processed $1 million in transactions last month

1stbitcoinatm1mill24 Jan 2014 / All Alabama – Bitcoin may be a mystery to most consumers, but the virtual currency with no government backing is starting to look … conventional.

The world’s first bitcoin ATM processed more than $1 million last month, bitcoin broker Jackson Warren told The Washington Post.

Customers approach the machine in a Vancouver, Canada coffee shop the way the apes approached that monolith in “2001: A Space Odyssey,” the Post’s Dan Zak writes.

“Though drab and utilitarian, the machine projects an aura of the future, or maybe of suspicion, depending on one’s comfort with technology,” Zak writes.

Warren and his partners have plans to install more bitcoin ATMs in Canada, Hong Kong and Brazil this month, and another broker has plans to put ATMs in New York. The machines accept conventional currency and credit the user with bitcoins scanned onto a smartphone, or turn the credits into conventional currency.

Introduced online in 2009, the currency has scared off many consumers because of a volatile exchange rate and lack of regulation. As of mid-morning today, one bitcoin was valued at about $792.

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