A Nanaimo businessman wants to turn the Hub City into Canada’s “most Bitcoin-friendly small town.”
The city’s first Bitcoin ATM was recently installed at the Thirsty Camel restaurant in Nanaimo.
Restaurant owner Ilan Goldenblatt says his aim is to encourage local merchants to get on board with the increasingly popular crypto currency, which can allow consumers and merchants to skip bank fees and exchange rates when making transactions.
“I think that there’s high potential reward and pretty much zero potential risk for Nanaimo to position itself as ‘open for Bitcoin,’ ” Goldenblatt said.
The Island’s first Bitcoin ATM was installed at Hemp & Co. in Victoria in June.
The installation of a Bitcoin ATM means residents and tourists alike will now have the ability to create a Bitcoin wallet or exchange cash for the currency.
Merchants can purchase a tablet or smartphone and skip the banks to directly exchange funds with customers.
Devices are used by the merchant and consumer to create and scan QR codes — similar to barcodes — and automatically complete a peer-to-peer transaction.
Nanaimo businesses accepting Bitcoins include Hub City Cycles, Gabriel’s Cafe, Lucid Clothing, the Wee Cupcakery, the Thirsty Camel and Tranceformations Tattoo and Piercing.
The Nanaimo Bitcoin ATM is operated by Cryptopick Canada.
The company chose the mid-Island over Vancouver as the location for its first terminal.
Cryptopick president Trevor Laird says the provision of Bitcoin ATMs represents an expansion for the company, which began by offering Bitcoin kits to merchants.
While Bitcoins have been associated with criminal activity due to the ease of making secure, cross-border transactions, Laird says nefarious transactions now make up a small minority of the global total. “You can almost compare it to cash,” he said. “Criminals are going to use whatever they can get their hands on.”
