So far, so good for the world’s first Bitcoin ATM.
On its 29th day of operation at the Waves Coffee House in Vancouver B.C., Robocoin’s Bitcoin ATM exceeded $1,000,000 CAD in volume from 1,576 transactions.
Interesting to note that more than 50 percent of people who bought Bitcoin — instead of exchanging Bitcoin for CAD — were from first-time buyers of the digital currency.
Operated by Las Vegas-based Robocoin and Vancouver-based Bitcoiniacs, the ATM scans your palm and allows you to exchange cash for Bitcoin, or do the reverse. Customers can make up to $3,000 worth of Bitcoin exchanges per day.
On its first day, the ATM saw 81 exchanges totaling $10,000. After one week, Robocoin’s transactions hit $81,000 in volume, already surpassing the company’s first-month goal of $50,000 by $31,000.
If you haven’t heard of Bitcoin, it’s the emerging decentralized, virtual currency gaining popularity lately in light of the FBI shutting down Silk Road, the online marketplace for illegal drugs and illicit services. Bitcoins exist only online, can be transferred right away and are not controlled by a central authority like the Federal Reserve.
Bitcoin made headlines last week after the U.S. government began discussions about the digital currency, and shortly thereafter its value went on an insane rollercoaster. Its value hit $500 for the first time on Nov. 17, then shot up to $900 the following day before quickly dropping to $650. Currently, Bitcoin’s value is nearing $1,000.