Virtual ATM LLC has launched the first Bitcoin ATM at the Spice on Wilson restaurant (3033 Wilson Blvd.) in Arlington.

The Bitcoin ATM helps consumers buy Bitcoin using cash. Once the consumer deposits cash, the machine can either print out a paper wallet or scan your existing digital wallet on your cell phone to transfer the Bitcoin.

So what is a Bitcoin?

Bitcoin is a new digital currency, similar to money but easier to use. It allows you to send money to anyone, at anytime and anywhere for fractions of a penny. Bitcoin is fast, has little or no fees for the merchant and it’s secure.

Consumers no longer have to worry about their data getting stolen — Bitcoin transactions are private and don’t require you to exchange any personal information like you do with credit cards, and merchants love it because they don’t have to pay credit card fees. Have a family member across the world that needs money? Just send them Bitcoin and they will have it in less than a second.

Merchants who currently accept it are Microsoft, Overstock, Dell computers, Expedia and others. Since the technology is relatively new, most brick and mortar merchants don’t accept it yet.

The goal is to bring Bitcoin to main street, and the Bitcoin ATM is the beginning of introducing people to the virtual world.

“I chose Spice on Wilson because of the location and the amazing food,” said John McKee, founder of Virtual ATM LLC. “Try their fish tacos!”

For more information, email: [email protected]

The preceding post was written and sponsored by Virtual ATM LLC.