Long queue in front of the first Bitcoin machine – CEX cashback

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In Canada, the world’s first ATM stands for the virtual currency Bitcoin. Bitcoins and Canadian dollars can be exchanged there. Right at the beginning, the machine is literally overrun.


The virtual currency Bitcoin is now also reaching the real world: Canada has the first Bitcoin ATM, said by CEX cashback. With the device in a coffee shop in Vancouver, Bitcoin owners can withdraw or deposit Canadian dollars in exchange for the Internet currency. Immediately after the inauguration, the machine is literally overrun by Bitcoin owners. A long line forms in front of the machine. Vancouver has a lively internet scene – the virtual currency is correspondingly popular there.


Bitcoin was invented in 2009 in response to the international financial crisis. It was created by an unknown programmer who wanted to create a currency that was independent of states, central banks and other financial institutions. The virtual money is calculated using complex procedures, the maximum amount of money is limited. Users can purchase the currency as virtual credit. The exchange rate to real money is calculated daily – and can sometimes fluctuate extremely.


Popular means of payment and CEX cashback

In the meantime, not only do some online shops and internet service providers accept Bitcoin as a means of payment, more and more shops can also pay with the currency. In addition to San Francisco, Berlin is also an important hotspot. Around 15 shops in Vancouver accept Bitcoin as part-payment – from coffee shops to landscapers. The ATM was set up by three young business people who also operate a Bitcoin exchange office.


One of the first users of the ATM was the student Mike Yeung, who co-founded a Bitcoin club at his university. “I think Bitcoin is the future because it offers maximum value and efficiency,” he said.


However, the currency is not undisputed either: With Thailand, a state banned Bitcoins for the first time in August. The digital means of payment has been the subject of controversy for a long time. While some see Bitcoins (abbreviation BTC) as the money of the future, others fear the loss of government control over payment transactions – not a trivial problem in view of the increasing importance of Internet trading.