Bitcoin is an online currency you can use to shop online at selected websites.
You can even buy pizza with it.
“You can buy Bitcoins online, you can mine them,” said Rose.
Thursday Bitcoin traded at more than a 100 dollars per Bitcoin in the stock market.
“Anybody from any walk of life can buy Bitcoins and hold them as a play on the technology market,” said the developer.
There’s no centralized bank involved, everything is peer to peer and transactions are free of cost.
The Bitcoin ATM would allow you to buy and cash Bitcoins.
“You scan a QR Code and the ATM recognizes your account,” said Rose.
But while Bitcoins continue to grow in popularity, it has its skeptics.
The currency was created by an anonymous source, and since there’s no bank involved, there’s no official regulation.
Bitcoin accounts have also proved to be vulnerable to Internet hackers.
“Bitcoins can be as secure and as insecure as you want it to be, if you hold all of your coins on your computer and you don’t back up your wallet, that’s a pretty risky venture right there,” said Rose, who’s a San Diego native.
He hopes to have the Bitcoin ATM’s up and running within a couple months.