The cryptocurrency craze has found its way to northern B.C.
The first Bitcoin ATM in the region was installed at Cowpuccino鈥檚 cafe in Prince Rupert this week, allowing people to purchase it and other cryptocurrencies like Lightcoin, Etherium and Bitcash as if they were depositing money into their personal bank accounts.
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Mike Whitford, a day trader who owns and installed the machine at the coffee shop, said he wanted to make Bitcoin and other cryptocurrencies more accessible to average consumers in the north.
鈥淚t鈥檚 pretty difficult for someone who isn鈥檛 computer or tech savvy to go online and try to find the right exchange,鈥� Whitford said. 鈥淪o with a machine, people can go to Cowpuccino鈥檚 and we can show you how to download a wallet. It鈥檚 bridging the gap so people can feel safe about using it.鈥�
A cryptocurrency is virtual money that can be used to buy and sell goods and services online over a secure network. Unlike mainstream currencies, a cryptocurrency such as Bitcoin is not tied to any physical resource, bank or central authority. Rather, each member of the network has access to every transaction that has ever taken place using the virtual currency, ensuring its validity and security.
The first Bitcoins were introduced in 2009, and the market for them has grown exponentially. Currently, one Bitcoin has a value of $11,099.39 CAD. There has been some skepticism in mainstream financial commentary about its security and long-term potential, but its advocates say it is here to stay.
鈥淚t鈥檚 basically the US dollar to the cryptocurrency market,鈥� Whitford said. 鈥淚t鈥檚 so strong now that it would be very difficult for it to go away.鈥�
Buying virtual currency, such as Bitcoin, usually requires a relatively sophisticated understanding of the system and a digital wallet, which allows users to conduct transactions. The machine at Cowpuccino鈥檚 will function as a Bitcoin ATM.
Cowpuccino鈥檚 owner, Judson Rowse, said he agreed to have the machine set up because of how innovative it is.
A few customers have already used the machine, he said, and he may consider accepting Bitcoin payments in the future as the transaction fees are considerably less than current credit card and debit payment options. The money he saves on those fees as a merchant could potentially be passed back to his customers.
鈥淚f I were to accept Bitcoin regardless of the ATM, I think it would show people how it could work full circle,鈥� he said. 鈥淚t鈥檚 just another option.鈥�
matthew.allen@thenorthernview.com
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