World’s first Dogecoin ATM launches in Vancouver
Bitcoiniacs debuts prototype at CoinFest currency festival
They use expressions like “such wow” and call each other “shibes”. Their preferred currency is fronted by a cute dog and wacky Comic Sans text, and their fervor has propelled it to a market capitalization of US$72 million.
Now fans of Dogecoin have an easy way to turn Canadian cash into the digital currency. On Saturday (February 15), the world’s first Dogecoin ATM went live in Vancouver, during the two-day CoinFest decentralized currency festival.
The following morning (February 16), the Georgia Straight headed down to Waves Coffee House (100-900 Howe Street) to check out the Dogecoin ATM. Essentially a Google Nexus 7 tablet and a bill validator mounted on a briefcase, the machine sat on a table, just a few feet away from the world’s first Bitcoin ATM.
Cameron Gray, an ATM attendant for Bitcoiniacs—the company behind both pioneering ATMs—told the Straight that the machine is a “crude” prototype.
“We want to get a Doge shell and stick this inside,” Gray said.
Using the ATM involves pressing “Doge” on the touchscreen, scanning a QR code containing your Dogecoin address, inserting cash, and hitting “To the moon”. Moments later, the dogecoins will arrive in your digital wallet. (Gray can help you set one up if needed.)
Unfortunately, it wasn’t working on Sunday morning, so this journalist wasn’t able to convert a few bucks into digital coins. Unlike the Bitcoin ATM, the Dogecoin machine doesn’t allow you to sell your coins for cash.
For the unfamiliar, Dogecoin is a new cryptocurrency based on Litecoin, which itself is a spin-off of Bitcoin. It was created in December 2013. Depending on who you talk to, Doge is pronounced “dough-g”, “doggy”, or “dodge”. Its mascot is the Shiba Inu dog from the Doge Internet meme.
According to CoinMarketCap.com, Dogecoin has the fifth largest market capitalization among cryptocurrencies, behind Bitcoin, Ripples, Litecoin, and Peercoin. At time of writing, one dogecoin (DOGE) was valued at US$0.0014.
Gray asserted that Dogecoin is unlike anything ever seen before in history. He’s not aware of any local businesses that accept the altcoin, but he’s considering going door to door in order to encourage stores to adopt it.
“The thing about Doge is that it’s not just a currency,” Gray said. “It’s more like a corporation, and anyone can market it and anyone can promote it.”
Gray added: “The thing is everyone has incentive to market Doge, because the price will go up. If you’re a stakeholder in the Doge company or corporation just by owning coins, then you’ll be making money. So, it’s giving people incentive to just take this absurd joke and throw it into the farthest reaches of the universe.”
Later on Sunday morning, Jackson Warren, cofounder of Bitcoiniacs and CoinTrader, told the Straight that he expects to be able to install next week a permanent Dogecoin ATM at Waves.
“We’ve been working on building these mini ATMs that do Bitcoin and Dogecoin for less than $1,000, but we’re getting the housing built right now,” Warren said during a break at the CoinFest currency conference, which took place at Simon Fraser University’s Segal Graduate School of Business.
According to Warren, the prototype ATM uses the DogeAPI exchange rate and charges no fees at this time.
Feb 17, 2014 at 12:18pm
Thanks loads for the write-up!
Anyone who goes there will see quickly that Dogecoin is huge huge huge on Reddit. Media-wise, Dogecoin is what the investment pros call a "sleeper": an incredible opportunity that's languishing simply because it's below the radar at the moment.
Media-wise, the Dogecoin story is the #1 "sleeper story" in the cryptocurrency world. Once it get above the media radar, it'll be a beat that won't quit.
Can't think of a better excuse to Reddit than this one :)
Feb 17, 2014 at 2:25pm
It's a truly interesting experiment.
There needs to be more brick & mortar establishments which take DogeCoin in exchange for products, then people will take notice and invest.
Feb 17, 2014 at 5:51pm
One small step for dogecoin, one giant leap for the cryptocurrecny community. Vancouver yet again proves to be a nebulous for innovation and 21st century industry. Can't wait to use this thing.
Feb 17, 2014 at 8:47pm
I have a very good feeling about Doge. Silly as it seems, this is the break out coin the avg joe will be able to buy goods with online and off. A great time to invest, even if its just a hundred bucks. Spread the word.
bela the bug
Feb 18, 2014 at 6:11am
How many of these Dogecoins for an OZ of Purple Kush?
Feb 18, 2014 at 9:30am
who in they're right mind invests in cryptocurrency?? I rather buy gold
Feb 18, 2014 at 11:05am
"Anyone who goes there will see quickly that Dogecoin is huge huge huge on Reddit. Media-wise, Dogecoin is what the investment pros call a "sleeper": an incredible opportunity that's languishing simply because it's below the radar at the moment."
"Investment pros" neither speak like this about possible investments nor refer to themselves as such
This statement is nothing but "pumping"....and is also demonstrative of a complete ignorance of the operation of investment and capital markets.
The very idea that there are essentially arbitrage opportunities out there because things are "below the radar" would be funny if others who dont know better actually believed it. It takes a certain hubris, all too common in the financial world, to think you have out-thought the market and identified an opoportunity others have not.
So what is your financial interest in Dogecoin, Mr Junkyard-Doge...or are you going to pretend you dont have one ?
Feb 18, 2014 at 3:15pm
Approximately 58852 DOGE for some of that purp kush.
Feb 18, 2014 at 4:15pm
To the moon baby, to the moon !
Feb 18, 2014 at 6:38pm
Stoked I was the second person to use this machine. To The Mooooooon!