First Bitcoin Atm Opens In Vancouver Coffe Shop
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First bitcoin ATM opens in Canada

Bitcoins have been around now for a number of years. They first appeared in 2008 and have grown in popularity with more and more places and websites using them as a legitimate currency. You might have heard of them before or maybe not, one thing for sure is for the time being they are here to stay, with the first ATM just opened up in a Vancouver coffee house, where users of bitcoins can scan their palm to withdraw Canadian dollars upto $3000 a day from their bitcoin wallet with other bitcoin atm locations in the pipeline.

A lot of people are asking where do I get bitcoins from? The answer is you buy them from one of the many bitcoin exchanges most will accept a credit card payment.

What is the bitcoin rate? It changes from day to day at the start of the year bitcoins price was $13 yet went upto $240. You can pre order from an exchange by getting a code and taking it to a local bank (as long as the exchange are set up with the bank) deposit your local currency with the code given as your payment reference, then wait for the bitcoin to arrive in your wallet. Once there you can then spend the bitcoin.

The question on everyone's lips or those to whom bitcoins are a new phenomenon is.

What are bitcoins?

We'll to start with bitcoins are an electronic digital currency that is distributed peer to peer. It is called a crypto currency as it uses cryptography to monitor what happens with each bitcoin so that the same bitcoin can't be double spent. It has no centralised authority governing it which is what makes it so popular as you can use them world wide without the need to change currency all the time.

Since it's first inception back in 2008 when a paper was published explaining the concept of bitcoins by Satoshi Nakamoto (pseudonym) bitcoins have grown in popularity and price. As more and more places around the web have accepted them as a legitimate payment option.

To use a bitcoin you first need a wallet which is a web address specific to you. If you then buy a bitcoin from one of the many bitcoin exchanges you then get a code sent to your bitcoin wallet the code its self is a 33 digit number and letter configuration.

Since they have been in circulation the price of a single bitcoin has fluctuated, depending on news stories from bitcoin exchanges being hacked through to a black market website hosted on the TOR network being taken down in October by the FBI and all its bitcoins being seized.

As it’s a peer to peer networking system the combined power used to operate bitcoin network exceeded the combined operating power of the top 500 super computers.

Miners as they are referred to are the ones who allow the bitcoin network to use their computers for processing, the actual processing of the bitcoin blockchain. You can set your own pc mac to do this when you are not using it. There are chain groups you can join all over the web with plenty of easy to follow direction. Depending on how long you can use your computer to process the blockchain will depend on how many bitcoins you can generate for yourself.

The supply of bitcoins is slowing down also, there have been to date about 11.5 million bitcoins created so far and it will stop producing them once 21 million has been created. What will happen to this crypto currency then who knows! All we know is that with some well-known places on the internet, WordPress, Reddit OKcupid and Baidu accepting them its fair to say they will be around for a while yet.

The truth of the matter with bitcoins is although they aren’t controlled by a centralised authority like paper fiat money in circulation is it is still only based on what everyone values it at. The whole bitcoin bubble could burst at any time. But its only an experiment and who knows where or what it could grow into from here. No doubt there will be other bitcoin atms popping up all over the place now the flood gates have opened well just a little.


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