First bitcoin ATMs set to open in Seattle, Austin

By Michelle Kapusta,

The first bitcoin ATMs are set to open in Seattle, Wash. and Austin, Texas later on this month.

Reuters has reported that Robocoin announced on Tuesday that it will install the first automated teller machines in the United States that will allow users to buy and sell bitcoins.

Bitcoin is a digital currency that was introduced as an open source software about five years ago. The first bitcoin ATM debuted in Canada earlier this year.

Conveniently, bitcoins will allow users to exchange them for cash at the ATMs. They can also deposit cash to buy more of the digital currency by transferring funds to and from a virtual wallet on a smartphone, Reuters notes.

A few businesses have already jumped on board and accept bitcoin as payment including the internet-based Overstock.com.

According to Consumerist, the Sacramento Kings basketball franchise also announced that it would accept bitcoin to purchase tickets, team merchandise and to be used at the concession stands starting in March.

Image courtesy of Wikimedia Commons



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