Cowpuccinos owner Judson Rouse demonstrates how to buy some Bitcoin at the new machine in his coffee shop. (Matthew Allen / The Northern View)

First Bitcoin machine arrives in northern B.C.

New machine in Prince Rupert cafe will allows users to buy virtual currencies

The cryptocurrency craze has found its way to northern B.C.

The first Bitcoin ATM in the region was installed at Cowpuccino’s 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.

READ MORE: Cowpuccino’s up for two Small Business B.C. awards

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.

“It’s pretty difficult for someone who isn’t computer or tech savvy to go online and try to find the right exchange,” Whitford said. “So with a machine, people can go to Cowpuccino’s and we can show you how to download a wallet. It’s bridging the gap so people can feel safe about using it.”

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.

“It’s basically the US dollar to the cryptocurrency market,” Whitford said. “It’s so strong now that it would be very difficult for it to go away.”

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’s will function as a Bitcoin ATM.

Cowpuccino’s 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.

“If I were to accept Bitcoin regardless of the ATM, I think it would show people how it could work full circle,” he said. “It’s just another option.”



matthew.allen@thenorthernview.com

Like us on Facebook and follow us on Twitter

Just Posted

Driving Change: A Kelowna man’s charitable trip across Canada

A Kelowna man, his bus, and his mission for positive change across our country

Kelowna examines options to connect Rutland with rail trail

Public feedback on the four options is available online until May 6

Wanted man nabbed after flipping car in Kelowna

A wanted man is now facing charges

Dangerous driver stopped by spike belt in Lake Country

The driver was arrested in Lake Country after fleeing the scene in Kelowna

Cops cuff good guys for great cause

Kelowna RCMP arrested members of the public as part of their annual Cops for Kids fundraiser.

Kelowna properties flooded along Heimlich Road

Flooding started on Spiers Road Tuesday and continued into properties, said an area resident

Countdown is on to the 2018 B.C. Summer Games

Cowichan Valley hosts on July 19-22

Case of teacher secretly filming teens reaches top court

Acquittal of teacher, Ryan Jarvis, who secretly videoed teens ‘dangerous,’ top court told

The “industry will collapse” : South Okanagan winery reacts to ruling

Okanagan Falls winery concerned for the future of the industry after Supreme Court ruling

Why a 14-year-old will lead the charge at annual marijuana protest on the Hill

Marijuana enthusiasts have long been circling April 20 on their calendars as annual day of cannabis

B.C. communities await marine spill compensation years after incidents

The government maintains a Ship Source Oil Pollution Fund to compensate Canadians

RCMP say too early to know what happened in Broncos crash

RCMP Assistant Commissioner Curtis Zablocki said collission very complex

Rock titans rule Prospera Place

Peter Frampton and Steve Miller have been friends for 51 years.

Conservative MP wants feds to close loophole for illegal border crossers

Immigration advocates call on government to suspend Canada-U.S. Safe Third Country Agreement

Most Read