Toronto, Vancouver and now…Winnipeg? This week, Shawn Stone, co-owner of BitTeller, launched Winnipeg’s first bitcoin (BTC) ATM, otherwise known as a BTM, and could help advance the growing popularity of the digital currency in the Canadian city.
It will be located at the Santa Lucia Pizza. Akin to its predecessors, the bitcoin (BTC) ATM will permit users to buy and sell the virtual currency: deposit a certain cash total and deposit it in the user’s online wallet or download the bitcoin into cash.
For those who are unaware of the intricacies of the cryptocurrency, the machine operators say this could very well raise awareness and increase knowledge about bitcoin. It could also lead to an enhanced acceptance among merchants because it lowers fees.
“It’s a very instant exchange,” Stone told the Winnipeg Sun. “Plus it allows us to bring cash for Bitcoins in a large amount to Winnipeg. So if Best Sleep Centre or Santa Lucia wish to accept Bitcoins, they can just arrange it with us. So we’re trying to bring it local so it grows faster.”
Before the installation of the BTM, Winnipeggers had to meet strangers somewhere in the city, which could be quite intimidating for some. “I know from experience that is a little off-putting. You’re meeting someone you’ve never met before with $1,000 in your pocket.”
The primary thing for users to understand is security. According to Stone, it’s crucial for bitcoiners to know how to fully secure their online wallets prior to making the requested investments.
BitTeller will be hosting CoinFest next month to bring more awareness to the alternative currency.
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