DEFINITION of 'Bitomat'

A Polish-based bitcoin exchange. Bitomat was the first Bitcoin exchange in Poland to offer support for the Polish Zloty, officially going online on April 4, 2011. Using Bitomat, traders are able to make deposits into a virtual wallet, in either PLN or Bitcoins and place buy and sell orders, with the exchange acting as an escrow for the funds.

Bitomat was acquired by the Mt. Gox Bitcoin exchange in August of 2011.

BREAKING DOWN 'Bitomat'

Bitcoins are a digital currency created in 2009, which allow users of bitcoin exchanges to make payments and trades at a very low cost. Bitcoin circulation and expansion is governed by Bitcoin software and is programmed to expand as a geometric series, thus limiting the effects of monetary inflation on the virtual currency. Bitcoins are one of many virtual currencies that can be traded online by users.

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