The city’s first digital currency ATM was installed in at the Clocktower Brew Pub in the ByWard Market Wednesday afternoon.
Bitcoin is not a tangible coin. It’s online currency that uses cryptography to control the creation of money and it allows anyone to transfer money across borders without the “hassle” of government regulations and fees, said Ryan Wallace, the CEO of Bit Access, the company that installs the ATMs.
“It’s like sending cash out of your wallet from one person to another, without any hassle,” he said. “It’s instantaneous.”
One Bitcoin is worth about $900 Canadian, but a user can buy a fraction of a bitcoin and also have it converted back to Canadian dollars. Like any currency, its value fluctuates. Wallace said a year ago, one Bitcoin was worth about $400 CDN.
“Any merchant can accept a Bitcoin right now. They just have to get an app,” he said.
Winston Anderson was the first person to test the machine at the Clocktower.
“I’m just excited that Bitcoin is catching on in Ottawa,” said the 27-year-old, who said he has used the currency to buy cigars in the U.S. and for online dating purposes.
“I’m hoping a lot more businesses in Ottawa start using this,” he said.
Bitcoin has an ATM in Toronto and Wallace said he’s hoping to bring in more machines across the country.
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