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

Gabrielle Clarke is an art therapist in Golden who works in mixed media art. Clarke’s art will be on display downtown at the Go-Lab. (Gabrielle Clarke photo)
Mixed media arts show comes to Go-Lab

Clarke’s art will be on display until Nov. 6

The view from Donald Bridge, looking east on Highway 1, about 28 km north of Golden at 11:50 a.m. Oct. 18. (DriveBC)
UPDATE: Expect delays on highway east of Revelstoke

A vehicle incident occurred near the Quartz Creek bridge

Advance voting is already underway in the 42nd general election in British Columbia. Election day is Oct. 24.(Black Press files photo)
QUIZ: Are you ready for the B.C. election?

Take this short test and see how much you know about elections and voting

Kootenay-Columbia MP Rob Morrison speaks during Question Period in the House of Commons.
MP Morrison responds to federal throne speech, pushes for rapid testing at airports

Kootenay-Columbia parliamentarian criticizes throne speech, wants COIVD-19 testing at borders, airports

A puppy is cared for at the Kelowna BC SPCA. Image: BC SPCA
Puppy recovers from virus after being seized from Princeton farm

The pup was one of the 97 animals seized by the BC SPCA in September

Police confirm human remains were found in a recycling bin in Vancouver on Oct. 18, 2020. (Black Press Media file photo)
Human remains found in recycling bin floating near Vancouver beach

Police asking nearby residents to see if their recycling bin has gone missing

A file photo of an RCMP dog. (Campbell River RCMP photo)
Lawsuit claims Kelowna man suffered ‘vicious’ attack by RCMP dog, handler

Fernando Verde claims he was resuscitated at the hospital and needed emergency surgery following the attack

B.C. Liberal leader Andrew Wilkinson visits a North Vancouver daycare to announce his party’s election promises for child care, Oct. 9, 2020. (B.C. Liberal Party video)
B.C. parties pitch costly child care programs in pandemic

B.C. Liberals say they’ll deliver on NDP’s $10-a-day promise for lower-income families

A B.C. man decided to create a website to help people find family doctors accepting patients. Because Victoria is considered high-demand, clinic openings can’t be posted publicly. (Unsplash)
Vancouver Island man starts website that connects B.C. residents with doctors

Nanaimo man started project to help people find family physicians accepting patients

Voting station at Tzeachten Hall in the riding of Chilliwack-Kent on the first day of advance voting in the provincial election on Oct. 15, 2020. (Paul Henderson/ Chilliwack Progress)
B.C. VOTES 2020: 380,000 British Columbians head to polls in first 4 days of advance voting

Some of highest voter turnout so far has been seen on Vancouver Island and in Shuswap

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

BC Green Party candidate for Kelowna-Mission Amanda Poon found some of her campaign signs tagged with racist and sexist graffiti. (Amanda Poon)
Sexist, racist graffiti found on Kelowna-Mission Green candidate signs

Amanda Poon’s campaign signs were found defaced on Sunday, Oct. 18

During her PhD, Dr. Sylvie Harder spent several field seasons at an international research station in the Swedish Arctic, researching the impacts of climate change on permafrost environments. (Contributed)
Salmon Arm-raised climate scientist keen to help B.C. communities prepare for change

Sylvie Harder brings expertise to West Coast Environmental Law

Most Read