If you’ve been reading our stories on bitcoins recently you’d be forgiven for thinking that Bitcoin is only used by the most nefarious online criminals, because they are largely untraceable. You’d be partially wrong though, as absolutely anyone can use Bitcoin anywhere in the world. And now, the ever-progressive Canada is launching the very first Bitcoin ATM.

If you’re still not clear on Bitcoin, this quote from The Washington Post should help:

A currency surging in value at a breathtaking rate this week belongs to no nation and is issued by no central bank. It can be used to buy gold in California, a hamburger in Berlin or a house in Alberta. When desired, it can offer largely untraceable transactions.

Sounds sweet, dunnit?

The ground-breaking machine will be installed outside of a coffee house in downtown Vancouver, allowing members of the public to exchange their Canadian Dollars for Bitcoin, or vice versa.

So, if more nations around the world start installing these ATMs – that basically means using cash abroad is a helluva lot easier, and we want that.

[Source : The Verge]