Bitcoin ATMs coming to Edmonton
An Edmonton cafe will soon have an ATM where customers can exchange the digital currency known as bitcoin for cash.
The machine, purchased by Edmonton company Yegbitcoin, will appear at Remedy Cafe within a month.
“An ATM is something people are familiar with, they're comfortable with,” said Adam Steier, co-owner of Yegbitcoin. “And it's going to help people with a physical location.”
Remedy is already one of the first businesses in Edmonton to accept bitcoin at the cash register.
People complete the transaction by scanning a barcode with an app on their smartphone.
Remedy owner Sohail Zaidi believes it could help bring in new customers.
“I got a lot of new people in because they've never been to Remedy and they have a bitcoin,” he said.
NAIT finance instructor Ted Noakes says the use of bitcoin could eventually shift power away from the banks.
“It could revolutionize how transactions are done,” he said.
- An earlier version of this story incorrectly stated that Bitcoin machines will be put in every location of Remedy Cafe in Edmonton. The machine, owned by Yegbitcoin, is going into Remedy's downtown location.Feb 12, 2014 8:54 PM MT