You no longer have to travel to Cyprus to use a Bitcoin ATM.
A company called Bitcoiniacs plans to install the first of five Bitcoin ATMs in Vancouver, Canada, next month. The remaining four will be installed in Montréal, Toronto, Ottawa and Calgary by early December. The company purchased the machines from Robocoin for $18,500 each, according to CoinDesk. Bitcoiniacs founder Mitchell Demeter confirmed the report.
See also: Bitcoin: How the Internet Created Its Own Currency
Bitcoiniacs hopes to make a commission of 3% on the machines, which will convert Bitcoins to dollars and vice versa. The company bases the trades on Bitcoin exchange VirtEx. Transactions are limited to $3,000 and under. Demeter said the company will study the implementation of the first five ATMs and then determine if it will expand: "Once we get the market data from these initial units we hope to go big!"
At lease two companies, Robocoin and Lamassu, manufacture bitcoins. The world's first Bitcoin ATM cropped up in Cyprus in March.
Image: Getty, George Frey