Bitcoin devotees in Saskatoon will now be able to access the digital currency through an ATM, which will facilitates both the exchange of bitcoins for Canadian dollars and cash for bitcoins.
“I really saw an opportunity to make it understandable and accessible,” Adam O’Brien, Bitcoin Solutions’ founder, told CBC News. “The accessibility of bitcoin was not where I wanted it to be or what I was searching for as a consumer.”
The ATM is located inside a Calories restaurant in 721 Broadway Avenue. O’Brien praised the ATM and his company’s operating model, saying it is very user-friendly and secure.
“If you know absolutely nothing about bitcoin, our machine is open to brand new users,” O’Brien added. “We actually generate a wallet right here for you instantly, for you then to be able to take home and import.”
Bitcoin has rapidly gained popularity in recent years since it was founded in 2009, though it has been marred by scandals such as the collapse of Japanese exchange Mt. Gox, which has slowed down its uptake. Mt. Gox collapsed after hackers stole 850,000 bitcoins out of which 200,000 were recovered.
O’Brien acknowledged the security risk, but advised people to store bitcoins with their own digital wallet. This gives them personal control over their own bitcoins. He compared storing bitcoins with an exchange to asking a stranger on the street to hold for you an envelope containing $100,000 in cash and then expect to find him there later.
Soon, one will be able to buy food and drinks at the Calories restaurant using bitcoin, O’Brien revealed. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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