Instant bitcoins — at a price - The Boston GlobeInstant bitcoins — at a price - The Boston Globe

www.bostonglobe.com

One of the two ATMs in the Dorchester check cashing shop was just what you’d expect — one of those squat, grimy machines that charges you a fee for access to your own money, no matter where you bank. But the other ATM was something else — tall, gleaming white, with that new-electronics smell and a big touch-sensitive screen. This one also doesn’t care where you bank or even if you have a bank account. And it doesn’t spit out $20 bills — it gobbles them up. A second or so later, your smartphone chimes and vibrates, confirming the money you just fed to the machine has been transformed into bitcoins — the computer-generated currency that’s lately become one of the world’s hottest investments. Care to roll the dice and hop onto the bitcoin bandwagon? An ATM is probably the simplest way. Too bad it’s also probably the most expensive way. So maybe we should expect to find them in check-cashing shops, where people are probably spending more than they should for financial services.

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