Saturday, 26 October 2013

Cash Or Coin?

BitCoin ATMs to Launch in Canada

BitCoin, the alternative online currency, is a great idea, but the experts point out that actually using the platform as cash can appear difficult, because at the moment finding the right Internet exchange and retailers to spend digital money isn’t really user friendly. This is why it is good news that an enterprise in Vancouver, Canada, is going to open 5 BitCoin ATMs.
Vancouver is planning to buy up 5 RoboCoin BitCoin ATMs. Each of the machines costs $20,000. Something that represents a digital wallet (for example, a QR code) will identify the user. The customer will then be able to cash in, a small cut will be taken, and the user will get their BitCoin cash sent digitally to their wallet.

At the moment, BitCoiniacs offers transfers to BitCoin, but only after the appointments. The ATMs are supposed to make the process easier. As you know, BitCoin is a decentralized digital currency with a thriving, enthusiastic community. The supporters of the idea claim that it’s a way to democratize cash flow outside of major banks, while the critics admit that there are pros and cons – like artificial inflation and market crashes. Indeed, Internet users themselves can “mine” the digital currency by dedicating compute power to solving complex algorithms as part of an online network. The industry experts confirm that the network recently passed the 1 exaFLOPS point, and made it faster than top supercomputers combined.

Like any other innovation, BitCoin has received its fair share of criticism – the observers marked it as unstable, and after this year’s flash crash, BitCoin has been sensationalized as an easy method to buy drugs or other illegal wares on the TOR network. On the other hand, there are many supporters of the currency worldwide, who point out that the system also offers possibilities and alternatives to the way markets operate in the future.

The latest move of BitCoiniacs proves that the currency is going to become real soon. However, they weren’t the first who wanted to embrace the new and promising technology – for example, a pub in Hackney, London, was among the first bricks-and-mortar establishment to support BitCoin in the United Kingdom. The Pembury Tavern has been accepting BitCoin as currency since earlier in 2013.

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