Bitcoin ATM Unveiled in San Diego

Dump your dollars with ease

Reason 24/7 note: Definitely not the first, but still cool.

SAN DIEGO—The first ever Bitcoin ATM was unveiled Thursday, putting San Diego at the forefront of this new technology.

BitcoinATM CEO Evan Rose, a San Diegan, said, "Basically allowing people to buy Bitcoins with cash, cash Bitcoins out right on the spot."

Bitcoin are not physical currency; they are digital currency that can be sent through the Internet without going through a bank or clearinghouse. It's anonymous on the free market, and the financial world is watching this new way of exchanging currency closely.

Bitcoin can be used to buy products online with merchants who accept them.

"Bitcoin is inherently technical; it's somewhat difficult to buy, it's very difficult to exchange Bitcoin for hard currency and the solution that we've come up with in the very familiar ATM platform accomplishes all three of those bottlenecks," said Rose.