Dogecoin enthusiasts now have the ability to exchange their Canadian bills into digital currency, thanks to the dogecoin ATM. The world’s first dogecoin ATM went live in Vancouver on Saturday, February 15th.
A prototype of the machine was revealed during the 2-day-long Coinfest currency festival. Coinfest allows for an upfront look at what’s new within the digital currency world.
The dogecoin ATM was installed at Waves Coffee House, located at 100-900 Howe Street.
“We want to get a Doge shell and stick this inside.”
For now, the machine is comprised of a Google Nexus 7 tablet and bill validator, both of which are fastened to a metal briefcase. Plans are being made for the machine to appear more presentable and appealing for users.
To use the dogecoin ATM, one would start by tapping on the ‘Doge’ button on the touchscreen. Afterwards, a user would scan the QR code using their smartphone and dogecoin address. Then they’d insert the cash and hit the ‘To the Moon’ button. A few moments later, the fiat money transfers into dogecoin and gets stored in the user’s digital wallet.
The dogecoin ATM is distinct when compared to a bitcoin ATM. For example, it does not allow users to sell their digital coins for cash as a bitcoin ATM would allow.
Dogecoin is a crypto currency based off of litecoin, which is based off of bitcoin. It emerged back in December 2013, and can be pronounced as ‘doggy’, ‘dodge’ or ‘dough+g’ coin.
The virtual currency even has its own popular mascot, the Shiba Inu internet dog.
Dogecoin is the fifth largest digital currency market, following behind ripples, litecoin, peercoin and bitcoin.
As of now, one dogecoin is worth $0.0014.
Cameron Gray is positive that the dogecoin will gain mainstream appeal. He is considering to promote dogecoin by going door to door to teach businesses about adopting it. Gray says:
“The thing about Doge is that it’s not just a currency. It’s more like a corporation, and anyone can market it and anyone can promote it.”
Gray adds that the value of the currency will go up and investors in the coin will make a lot of money.
Bitcoiniacs and CoinTrader co-founder Jackson Warren expects a permanent dogecoin ATM to be installed in Waves Coffee House. The mini ATMs are aimed to cost under $1,000 each, and currently do not charge fees for exchanging cash to dogecoin.
For more news on digital currency, stay tuned to Coinreport.net.
Dogecoin ATM Photo.
Shiba Inu Dogecoin Mascot Photo.