On October 29, 2013 (September 25, 2013 in the lunar calendar), the world's first "Bitcoin" ATM was launched. On October 29, 2013, the "world's first" Bitcoin ATM was launched in Vancouver, Canada, to process the exchange of Canadian dollars and Bitcoin, and quickly welcomed the queue to handle business. The ATM is manufactured by the American Machine Money Company and is located in a Vancouver coffee shop called Trend. Citizens are using Bitcoin ATMs Citizens are taking photos with the ATMs Citizens are operating Bitcoin ATMs One of the owners of the ATMs is Mitchell Demeter. He has been trading Bitcoin for several years and this year, with two other high school classmates, he partnered to form a Bitcoin trading company. Demeter said this is the world's first Bitcoin cash machine. Demeter and his companions believe that Bitcoin ATMs are a business opportunity because before "there were no Bitcoin ATMs and everyone traded on the website." During operation, Bitcoin users enter a password similar to a bank PIN code and log in to their online Bitcoin account. Through the cash machine, users can withdraw Canadian dollar cash based on the ratio from their Bitcoin account, or deposit cash into their Bitcoin account. Bitcoin users only need a smartphone to use Bitcoin, similar to online shopping. Bitcoin in China allows Bitcoin consumption in Garage Coffee in Beijing. Popular science website Gugu.com announced that its smart watches sold online support Bitcoin payments. Baidu's website accelerator music, which provides network security services, also supports Bitcoin settlement. Shenglu Real Estate, a real estate developer owned by Shanda Networks, even launched a physical property in Shanghai that supports Bitcoin purchases... It seems that overnight, Bitcoin, an online virtual currency born in 2008, has entered the daily economic life of China. The pace of Bitcoin's "barbaric growth" is still accelerating. Okcoin, a China Bitcoin trading platform that has just been launched for four months, announced that "the daily transaction volume has rapidly soared from a high of 30 million yuan to 100 million yuan in recent days, and the daily transaction volume has reached the total cumulative transaction volume in the four months since it was launched." There is a lack of regulation but some fear Bitcoin will become a hotbed for drug trafficking, money laundering and other illegal activities. A website called "Silk Road" that builds a platform for criminals to use bitcoin transactions was closed by U.S. authorities earlier this month. U.S. police said on October 25 that they found $2.8 million worth of Bitcoin on the computer of the website owner Ross William Ulbricht. Reuters reported that the website has been in operation since 2011 to build a trading platform for criminals. Sites sell heroin and other drugs and even provide killers. More than 900,000 registered users of the site use Bitcoin for drug transactions. Court documents show that the site concluded $1.2 billion worth of Bitcoin transactions over its two-year operation period, charging fees of 8% to 15%. Agence France-Presse reported that Bitcoin has not yet been effectively regulated in any country or region. Germany is the first country in the world to recognize Bitcoin as a "private currency." What is Bitcoin? Report from this newspaper: Bitcoin is an electronic currency and digital currency generated by open source P2P software. It is an online virtual currency. Bitcoin has also been paraphrased as "Bitcoin". A man named Satoshi Nakamoto created Bitcoin in 2008. Since then, this virtual currency has gradually become popular on the Internet. To summarize, Bitcoin is based on a set of cryptographic codes and generated through complex algorithms. This rule is not interfered by any individual or organization and is decentralized; anyone can download and run the Bitcoin client to participate in the manufacture of Bitcoin; Bitcoin uses electronic signatures to achieve circulation and uses a P2P distributed network to verify repeated consumption. The generation and consumption of every bitcoin will be recorded through the P2P distributed network and notified to the entire network. There is no possibility of counterfeiting. Bitcoin does not rely on a specific monetary institution for issuance. Bitcoin only exists on the Internet, but can be exchanged for traditional currencies such as the U.S. dollar and euros. Its scope of application has gradually expanded to people's daily lives and around the world. Vancouver has about 15 local businesses that have accepted bitcoin, including coffee shops and landscape design companies. Businessman David Loy transferred 0.0101 bitcoins from his mobile phone to Trendy Coffee House and bought a $2 cup of black coffee. Lowy believes that Vancouver's large number of online merchants created the conditions for setting up the first Bitcoin ATM. Mike Young, a business student at Simon Fraser University in Canada, also came to Bitcoin ATM on the 29th. He and others founded a Bitcoin club on campus, arguing that bitcoins are "the trend of the times because they provide maximum value and efficiency." The British "Financial Times" reported that a senior investment executive at Fort Investment Group Company commented this month that Bitcoin can reduce the cost of transferring funds in countries with weak banking systems.