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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

One dead as fish boat sinks off southern Vancouver Island

Shawnigan Lake-registered Arctic Fox II went down off Cape Flattery, west of Victoria

Saanich council seeks more information after hearing Uptown-Douglas plan

Council asks for further reports on economic, housing, transportation plans for corridor

Three active COVID-19 cases on Vancouver Island

Since July 24, Central island has had five new cases, North one, South none

Victoria police seize replica handgun and bullets

Unrelated call leads police to functional replica

Flaming object thrown through Victoria restaurant window

Police looking for any witnesses to early-morning incident

Man, 54, charged in connection with fatal attack of Red Deer doctor

Doctor was killed in his walk-in clinic on Monday

Landlord takes front door, windows after single B.C. mom late with rent

Maple Ridge mom gets help from community generosity and government

42 more people test positive for COVID-19 in B.C.

The province has recorded no new deaths in recent days

Joe Biden selects California Sen. Kamala Harris as running mate

Harris and Biden plan to deliver remarks Wednesday in Wilmington

Lawsuit launched after Florida child handcuffed, booked and briefly jailed

Suit alleges “deliberate indifference” to what should have been handled as a behavioural issue

Russia approves vaccine, Putin hopes to begin mass production

Critic calls decision to proceed without thorough testing ‘dangerous and grossly immoral’

Doctor slain in Alberta medical clinic was devoted father, husband

Red Deer doctors on edge after attack on colleague who had two young daughters

Feds offer ‘life preserver’ funds to BC Ferries as pandemic sinks revenue

For every dollar the province spends the federal government will match

Most Read