Thursday, September 26, 2013

A Working Bitcoin ATM Is in San Diego, But Its Most Vocal Backer Is Gone

Bitcoin ATMs may soon be all the fad. One in San Diego is up and running.

 Behold: The world's first bitcoin ATM was set up for a press day in a ballroom at some hotel in San Diego. Local San Diego news outlet ABC10 wouldn't allow video embedding from YouTube, but you can watch the report here. The story of how it came to be is about as strange as you'd expect from the cryptocurrency world.About a month ago, amidst Cyprus's bank crisis, Jeff Berwick, an anarcho-capitalist from Canada, did what any entrepreneurial opportunist does. He announced his plans to set up an ATM based around bitcoin. Terminal access to the decentralized currency, Berwick thought, would be irresistible to citizens trapped by a dwindling national banking system. Berwick's ATM, a "bi-lateral" machine, would allow customers to both deposit and withdraw cash in exchange for bitcoins.
Don't forget to buy ATMs for Amateurs by Josef Toth

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