The virtual currency of Bitcoins looks set to take another step towards the mainstream this week, as it has been reported the first Bitcoin ATM is set to open in Canada. This ATM will allow users to exchange Canadian Dollars for online Bitcoins. Users will be required to use ID verification, but the transactions will technically remain anonymous.
Bitcoins have been slowly growing in popularity and the online currency has increased significantly in value. It is possible to make completely anonymous transactions with Bitcoins and this has proved to be very appealing for an increasing number of people. The currency can be used for a number of purposes and, in particular, it is believed it will become more widely used for online gambling in the future.
There are already several gambling sites that accept Bitcoin deposits, including casinos, poker rooms and sports betting sites. It is already expected that more and more sites will accept this currency, and this is probably even more likely if these Bitcoin ATMs become more widespread. Bitcoiniacs, the trading company that is installing the first machine in Vancouver, have purchased a number of ATMs with a view to placing them throughout Canada.
It is not yet known whether there are plans to install machines in other parts of the world. However, if they prove popular in Canada then it is a distinct possibility that we will start to see them in other regions too.
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