Bitcoins will be a little easier to access in Toronto. Six new bitcoin exchange machines were installed across the Greater Toronto Area yesterday, a first in the world.
The digital currency has been the subject of controversy but Cavirtex, believes in the future of bitcoin, describing itself as “Canada’s largest bitcoin exchange and service provider.”
The machines, or BTM’s, will allow customers to purchase up to $3,000 Cdn worth of digital currency. Bitcoins allow people to transfer money over the internet with little or no fees.
Created in the wake of the financial crisis, the bitcoin was introduced in 2009 as an alternative to paper currencies.
“It’s the future of money”
They are not backed by a central bank and have had wild swings in value, fluctuating from $0.08 US in July 2010 to more that $1,200 US in November 2013. Yesterday the Cavirtex website said Bitcoins were trading at just over $600 Canadian.
Based in Calgary, Alberta, Cavirtex states is has handled over $90 million Cdn in exchanges based on a peer-to-peer computer network, similar to the file-sharing system BitTorrent.
Bitcoins are contained in a digital wallet, and electronically sent to pay for goods and services.
Kyle Kemper, vice-president of business development for Cavirtex, told a CBC Radio program, that the distribution of the six machines around Toronto is proof the bitcoin is coming of age. “As more people come on board, I think we’re going to find price stability.”
“It’s the future of money”, he said. “We haven’t seen innovation in the banking centre for a long time.”
Unlike bank accounts, however, bitcoins are not insured by governments.
Cavirtex plans to install bitcoin machines in four other cities across Canada; Vancouver, Ottawa, Niagara and Halifax.
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