The Bitcoin ATM manufacturer Bitvendo is to install Ireland’s first bitcoin ATM in Hipperty’s Cafe in Dublin. The new utility is set to be up and running in the upcoming days.
How will the new service work
Users who have digital bitcoin wallets will be able to use the machine to exchange cash for bitcoins. Bitcoin wallets allow users to own bitcoins in which users can then use online and/or to send or receive bitcoins. The ATM will allow people to insert cash in order to have the cryptocurrency placed in their bitcoin wallets.
The news comes amidst the controversy surrounding the collapse of Japan’s Mt Gox bitcoin exchange. The exchange filed for bankruptcy as a result of losing 850,000 bitcoins as Mt Gox’s system was hacked. Having previously been the world’s largest bitcoin exchange, the company are said to have lost half a billion US Dollars as a result of the security breach.
On the 2nd of March the bitcoin bank Flexcoin declared that they are to close as a result of hacking. Hackers stole a little under 700 bitcoins which amounted to over $600,000.
This is not the first controversy that has clouded the cryptocurrency as a result of the Silk Road shutdown where US officials seized as much as $28 million’s worth in bitcoins. The Silk Road saga concerned narcotics, computer hacking and money laundering conspiracies. The service operated sold illegitimate products such as drugs and services such as hiring hitmen in exchange for bitcoins.
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