"What's believed to be the first Bitcoin ATM in the world is expected to go live Tuesday in Vancouver, operated by Nevada-based Robocoin and Vancouver's Bitcoiniacs."
Mitchell Demeter, co-founder of Vancouver bitcoin trading company Bitcoiniacs and part-owner of Robocoin, has invested in five such machines to be placed across Canada."
Bitcoins are an emerging digital currency that isn't controlled by any authority such as a central bank. It’s an idea that is moving into the mainstream, despite the scandal surrounding Silk Road, an anonymous online marketplace for illegal drugs and other illicit goods that used Bitcoins."
While some have doubted Bitcoin's validity and others have raised concerns that the unregulated currency is being used for nefarious means, a U.S. judge ruled last month that Bitcoin, which has been around since 2009, is a real currency."
CBC News Canada
7 comments:
This pleases me, but I can't help but think Bitcoin is in the crosshairs of some big guns.
I am looking for a 2008-d bitcoin, uncirculated (even better if proof struck, but it should be at least AU50/MS65), in trade for a 1924-s in good condition.
So, it's still base on the dollar?What's the actual point?
deborah said...
So, it's still base on the dollar?
It's not based on teh dollar, there's a floating exchange rate determined simply by the amount willing traders agree on.
What's the actual point?
You can only exchange legal currency through banks, which have legal reporting requirements to the government. Bitcoin is harder to track because the government hasn't set up an entire bureaucracy to monitor it. Yet.
Thx Marshal. I was going on them saying one bitcoin is going for about $100. But making it harder to track is the point, I guess.
Deborah,
But making it harder to track is the point, I guess.
The rate fluctuates wildly. An article I read recently quotes exchange rates from $25 to $225 per bitcoin in the last year. Today it's quoted at $204.
An extraordinarily large percentage of Bitcoin transactions were purchases through Silk Road, an EBay like site for drugs. Hence the desire for secrecy. I suspect others like the idea of something government isn't controlling, and the idea of helping develop something truly original.
http://www.bloomberg.com/news/2013-10-03/uncle-sam-takes-a-bite-out-of-bitcoin.html
Marshal, thanks for the article, very informative.
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