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

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

Cullen confirmed as B.C. NDP candidate for Stikine despite party’s equity policy

Former Tahltan Central Government President Annita McPhee said the process made her feel “abused”

Citing stability, B.C. Premier calls snap election for Oct. 24

John Horgan meets with Lieutenant Governor to request vote

BC Timber Sales’ operations on the North Island and Central Coast to be audited

The Forest Practices Board randomly chose the region to check for compliance to legislation

BC Ferries Sailing Cancellations

Prince Rupert - Haida Gwaii - Northern Adventure

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 20 to 26

Rabbit Day, Hobbit Day and One-Hit Wonder Day are all coming up this week

Liberals vow wage-subsidy extension to 2021, revamp of EI system in throne speech

Canadian labour market was hammered by pandemic, when lockdowns in the spring led to a loss of 3 million jobs

Horgan blasts B.C. Greens for refusing youth overdose detention

Lack of support key to B.C. election call, NDP leader says

Canada’s active COVID-19 cases top 10,000 as daily new cases triple over the past month

Dr. Tam repeated her warning to young people, who have made up the majority of recent cases

Grand jury indicts police officer in Breonna Taylor death

Officer Brett Hankison was charged with three counts of wanton endangerment

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

First 8 months of fatal overdoses in B.C. have now exceeded 2019 death toll

Nine people died every two days in August, BC Coroners Service data shows

Heiltsuk First Nation calling on DFO to close fish farms, citing wild salmon extinction risk

Wild salmon returns have broken low records, have many concerned about future of wild fish

Attorney General of Canada defends Kelowna Mountie involved in rough arrest

Tyler Russell filed a lawsuit against Const. Siggy Pietrzak in June of this year

Most Read