First Bitcoin ATM in Victoria Island Installed at Hemp & Co

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First Bitcoin ATM in Victoria Island Installed at Hemp & CoThe first bitcoin ATM in Victoria Island, BC in Canada was installed over the weekend at Hemp & Co, which is located on Government Street.

The ATM is the fifth one to be installed in British Columbia and the 18th such to be installed worldwide, reported the Times Colonist.

“The trick has always been how do you get bitcoin,” noted Scott Sheldrake of Bitbrokers, the company which installed the bitcoin machine. “It used to be you could mine it], but those days are long gone, or you could agree to meet up with someone who had bitcoin to make an exchange, but now there’s this.”

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The ATM is linked to Vancouver-based online exchange Cointrader, which will process the buying and selling of the bitcoins. The machine can allow you to buy a maximum of $3,000 bitcoins per day. Once you add money, the ATM will send bitcoin to either your virtual bitcoin account on your smartphone or an online bitcoin account, based on your preference.

To sell the bitcoins, you will be required to direct the bitcoin to the ATM’s address, upon which a transaction ticket will be issued. Once the transaction is confirmed, a process that takes up to 20 minutes, the ticket can be used to redeem the cash from the ATM.

The ATM is manufactured by U.S. company Robocoin, which introduced the world’s first ATM that was installed in Vancouver last October. The machine will charge customers 5 percent on the transactions, meaning if you buy $1000 bitcoins, you will be issued $995 worth of bitcoins. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com