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

Haitian foster children arrive in Nelson after months-long lobbying effort

Marie-Paule Brisson and Sebastien De Marre have parented girls age 12 and 8 since they were babies

Nelson hospice starts Walk and Talk group in Lakeside Park

The Walk and Talk Grief Group is offered free to anyone grieving the death of a loved one

From baseball stars to forest fires: Southeast Fire Centre water bomber has an interesting past

Tanker 489 is stationed in Castlegar this year, but in the 1960s it belonged to the L.A. Dodgers.

RDCK to implement new emergency alert notification system

System also includes sends alerts for water advisories

B.C. sees 25 new COVID-19 cases, community exposure tracked

One death, outbreaks remain in two long-term care facilities

BREAKING: Amber Alert for two Quebec girls cancelled after bodies found

Romy Carpentier, 6, Norah Carpentier, 11, and their father, Martin Carpentier, missing since Wednesday

B.C. man prepares to be first to receive double-hand transplant in Canada

After the surgery, transplant patients face a long recovery

Grocers appear before MPs to explain decision to cut pandemic pay

Executives from three of Canada’s largest grocery chains have defended their decision to end temporary wage increases

Bringing support to Indigenous students and communities, while fulfilling a dream

Mitacs is a nonprofit organization that operates research and training programs

RCMP ‘disappointed’ by talk that race a factor in quiet Rideau Hall arrest

Corey Hurren, who is from Manitoba, is facing 22 charges

NHL’s Canadian hubs offer little economic benefit, but morale boost is valuable: experts

Games are slated to start Aug. 1 with six Canadian teams qualifying for the 24-team resumption of play

‘Made in the Cowichan Valley’ coming to a wine bottle near you

Cowichan Valley has the honour of being the first sub-GI outside of the Okanagan

VIDEO: Vancouver Island cat missing 18 months reunited with family

Blue the cat found at Victoria museum 17 kilometres from home

Most Read