Toronto Welcomes a Bitcoin ATM
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Toronto Welcomes a Bitcoin ATM

King and Spadina is now home to a machine that trades in this cryptocurrency.

Photo by Flickr user btckeychain.

Bitcoin is relatively new, mystifying to many, and now available at an ATM machine near you. For those of us who remain stubbornly among the mystified, Techopedia defines it as “a digital cryptocurrency made up of processed data blocks used for online and brick-and-mortar purchases”—and it’s not regulated by any government. The very word “cryptocurrency” somehow suggests skullduggery and spycraft—and Bitcoin’s virtual untraceability has brought it to the attention of both criminals and law enforcement.

But it’s also won support from digitally savvy consumers who value privacy and freedom from fees—and now, thanks to a place called Bitcoin Decentral, savvy Torontonians (and the just plain curious) will have the opportunity to get up close and personal with this cryptocurrency.

Located at King and Spadina, Bitcoin Decentral will function as a workplace and as a venue for discussions of “all things crypto”: and it also has its very own Bitcoin ATM. Users put cash in the machine and receive a quote indicating the equivalent number of Bitcoins. And soon, they’ll be able to use the ATM to exchange their Bitcoins for cash.

Anthony Di Iorio, executive director of the Bitcoin Alliance of Canada, is confident Torontonians will adopt Bitcoins—a Bitcoin ATM in Vancouver has already proved popular—and hopes to convince more local business to accept it.

“It will be the way payments are done in the future,” he tells the Star. So if you want to get busy understanding what could be the economy of tomorrow, head downtown for a crypto-education and some “imaginary” money.