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Bitcoin ATMs To Open In Seattle, Austin

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A man uses the world's first bitcoin ATM on October 29, 2013 at Waves Coffee House in Vancouver, British Columbia.  (Photo by David Ryder/Getty Images)

A man uses the world’s first bitcoin ATM on October 29, 2013 at Waves Coffee House in Vancouver, British Columbia. (Photo by David Ryder/Getty Images)

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(CBS Seattle) — A new kind of ATM will be installed in Seattle later this month that will deal in the revolutionary currency known as bitcoin.

People will be able to trade bitcoin for cash at the ATMs, according to CBS News. The kiosks, set to open in Seattle and Austin, are the first of their kind in the country and will verify a user’s identity by scanning a driver’s license or passport.

Bitcoin is unique because it’s not backed by any government or company and is not supported by any assets; it’s traded within a network of computers. The value of bitcoin has fluctuated a lot since it was first introduced in 2008, hitting the $1,000 mark in December. Currently a bitcoin is worth about $636 according to CBS News. Some online stores like Overstock.com accept bitcoin as payment for products and The D Las Vegas announced earlier this year it is accepting bitcoin at its front desk, steakhouse and shop.

Robocoin, the Las Vegas-based company which created the ATMs, installed the first machine in Vancouver, B.C. last fall and has plans to install more in Canada, Asia and Europe.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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