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

Highway alert
Planned closure of Highway 1 at Spuzzum Bridge Thursday

Bridge maintenance will be ongoing during the eight-hour closure this Thursday, Oct. 22

Owen Charpentier, 21, is charged with the Oct. 22, 2019 second-degree murder of Keith Baldwin in Chilliwack. (File)
Pre-trial dates set for Chilliwack man charged with Keith Baldwin’s murder

Owen Dale Charpentier accused in the fourth homicide of 2019 next in court June 2021

The 2020 Rotary Club of Chilliwack Book Sale is moving from Chilliwack Mall to Heritage Park to allow more room for physically-distanced shopping. (Jenna Hauck/ The Progress)
Rotary Book Sale moves from Chilliwack Mall to Heritage Park

The hugely-popular book sale is going ahead Oct. 25-31 with pandemic protocols in place

Massimo Rizzo (Penticton Vees, BCHL), middle, tries to out-maneuver two Team Canada East players during a preliminary game at the 2018 World Junior A Challenge. Team Canada West won the all-Canadian matchup 6-1.
Photo courtesy of Matthew Murnaghan/Hockey Canada Images
Chilliwack Chiefs acquire Massimo Rizzo from Coquitlam Express

Chiefs hockey boss Brian Maloney has high expectations this season, and this trade is a sign of that

There have been several reports to the Chilliwack RCMP recently regarding a phone scam where the caller impersonates a local police officer and asks for money, they said on Oct. 19. 2020. (Miryam Leon/ Unsplash)
Chilliwack RCMP warn phone scammers are impersonating officers

RCMP officers would never solicit money or Bitcoin from someone, they assure the public

FILE – Provincial health officer Dr. Bonnie Henry answers questions during a press conference to update on the province’s fall pandemic preparedness plan from the press theatre at Legislature in Victoria, Wednesday, Sept. 9, 2020. THE CANADIAN PRESS/Chad Hipolito
B.C. sees record-breaking daily COVID infections with 499 new cases over weekend

Two people, both in the Lower Mainland, died due to the virus over the weekend

The RCMP helicopter. (File photo)
Suspect escapes after police pursuit through Surrey, Langley, Abbotsford

Police chase involved two stolen vehicles, including one taken in Mission

IIO Chief Civilian Director Ron MacDonald. (File photo: Tom Zytaruk)
Police watchdog concludes Mounties didn’t shoot Surrey teen at strip mall

IIO finds tragic death of teenager ‘not the result of any actions or inactions’ by the Surrey RCMP

A passer-by walks past a COVID-19 testing clinic in Montreal, Friday, Oct. 16, 2020. THE CANADIAN PRESS/Ryan Remiorz
Canada ‘yet to see’ deaths due to recent COVID surge as cases hit 200,000

Much of the increase in case numbers can be attributed to Ontario and Quebec

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

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

Emergency crews shut down White Rock’s Five Corners district on Feb. 19, 2020 after an altercation left an elderly man in critical condition. (File photo)
Trial dates set in White Rock manslaughter case

Proceedings against Ross Banner, 71, set for June 2021 in Surrey Provincial Court

The many faces of Daon Glasgow. (Photos: Surrey RCMP)
Glasgow found not guilty of trying to murder transit cop in Surrey

Transit Police Constable Josh Harms was shot Jan. 30, 2019 at Scott Road SkyTrain Station

Most Read