Bitcoins used to be a digital currency for purchasing good and services online but it has now treaded another familiar route in Canada.
Canada is now referred to as the Bitcoin ATM Capital of the World – and that’s not surprising at all. It’s on-point.
In addition to the Bitcoin ATMs, Bitcoin vouchers are also bow being used for making purchases in retail stores or anywhere accepted. Bitcoin ATMs were installed in Ottawa and Toronto which allows people to exchange fiat money for bitcoins. The first every bitcoin ATM was installed three months earlier in Vancouver.
The King of Cryptocurrency Reigns
Following these installations, the demand for the king of cryptocurrency has plummeted in the succeeding months. The price of bitcoin quadrupled from $250 to about $1000 per coin in just a span of weeks.
Bitcoin, in itself, is said to have NO value. There is no intrinsic value so-to-speak in a cryptocurrency that is now worth $900 per coin. However, the use of bitcoin has created advancements in the payment or financial spectrum which are able to meet monetary needs and requirements and thus attracted more investors in the process. This popularity gave bitcoin its intrinsic value by means of speculation.
BitAccess – Voucher For Bitcoins
Will Wheeler, analyst of BitAccess, announced that this new program is in support of their company missions that aims to provide more people in Canada access to bitcoins which covers 6 million unbanked Canadians and around 23 million Canadians in the rural areas.
BitAccess has recently launched a bitcoin purchasing service that is available to over 6,000 physical stores in and around Canada. With the use of a Flexepin bitcoin voucher, people can buy bitcoins in accredited physical stores nationwide using their cash or debit cards. The process is similar to purchasing a gift card as it can be bought readily from the store cashier.
The voucher is available in receipt form which can be redeemed to the cash equivalent of a bitcoin. The process of voucher redemption is very fast and would usually take just around 60 seconds. The vouchers are available in the following denominations – $10, $20, $50, $100, and $250.
The popularity of BitAccess soared not just in Canada but in different parts of the world. This innovation has definitely set the bar high for the rest who wanted to recreate this project in their countries or cities. BitAccess has recently been feature in Entrepreneur magazine and in major tech websites such as Motherboard and TechCrunch.
With bitcoins, you can purchase basically anything that you can buy with Canadian dollars (CAD) such as for grocery shopping, dining out in a restaurant, or getting your nails trimmed, watching a movie, paying for bills, and the like.
The BitAccess team headed by CEO Mode Adham looks at the ATM and cash services as competition. The excitement is growing as to the potential of the new cryptocurrency industry in Canada; specifically making bitcoin purchases. Right now, they are looking forward to the possibilities in the future and how much of that industry they could disrupt and regroup.