04 Apr '13, 9am

Bitcoin ATMs coming soon

Bitcoin ATMs coming soon

42-year-old media entrepreneur Jeff Berwick hopes to bring Bitcoin ATMs to a city near you soon. Berwick expects to put the first two ATMs in Los Angeles and Cyprus in the next two weeks and is choosing between several different retail locations in both areas. He added that orders are coming in by the hundreds from 30 different countries. Bitcoin, a virtual currency that was created four years ago, has generated tons of media attention in the past few weeks. The value of Bitcoins has surged in the wake of the botched bailout and mini-bank run in Cyprus and concerns about the health of government-backed paper currencies like the euro and dollar. So how does a Bitcoin ATM work? Somewhat like a traditional ATM, says Berwick. Instead of connecting to your bank account, the software he and his team has developed is installed on an ATM and converts cash to Bitcoins stored in a B...

Full article: http://money.cnn.com/2013/04/04/investing/bitcoin-atms/in...

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