Bitcoin ATM Boom In Canada Despite Government Snub
Canada made news when it was the first country to get a permanent Bitcoin ATM in October 2013. The amount of money collected by the ATM in the first 30 days then went on to rock the Bitcoin community. But it was not surprising coming from a nation where a non-profit Bitcoin embassy was established to help newcomers to the cryptocurrency. And Canada seems set to hit the headlines again with Bitcoin ATMs planned for all major cities thereby making it the top Bitcoin ATM destination in the world in time to come.
Canada Leading The Way
Many in the West have turned to Canada as the Bitcoin beacon, albeit unofficially. With its pro-Bitcoin initiatives going on unrestricted by the authorities, it was hoped that Canada could lead the way in how Bitcoin can be legitimately recognized. However, the recent government announcement that Bitcoin is not seen as legal tender in Canada did put a damper on spirits. But not for long it seems.
Canadian Bitcoiners do not seem to be discouraged by the recent statements. Bitcoin ATMs are to be installed in all major cities and soon there will even be a Canadian-built ATM with some unique features. At a time when governments in Asia have directly denounced the ATMs, Canadians are enjoying a pro-Bitcoin environment that is relatively free of red tape. Ultimately it helps to promote the use of the cryptocurrency.
But even without a restrictive government, it would not mean much had Canadians not supported these initiatives. When the Robocoin Bitcoin ATM was installed in Vancouver, it collected CA$ 1 million in its first 29 days of operation highlighting the support for Bitcoin from Canadians. Of course, this is a nation where a 14,000 square feet non-profit Bitcoin embassy exists, solely to accelerate and facilitate the adoption of the cryptocurrency.
New Bitcoin ATM Built In Canada
It is only fitting that Canada was to build a Bitcoin ATM with some unique features compared to existing machines. The homegrown BTMs as it is known is build by the Ottawa-based company, BitAccess. They are offering units that function similar to the one-way Lamassu unit which converts fiat currency into Bitcoin. And there is another unit that is similar to Robocoin’s two-way ATM – cash into Bitcoin and Bitcoin into cash.
But BitAccess’ BTM will also allow new users to even create an online wallet through its machine. It essentially allows a person who has no Bitcoin experience to get into the cryptocurrency scene from scratch – without ever having to sit at a computer. Here again Canada is leading the way in promoting the uptake and utilization of Bitcoin, leading light years ahead of many other countries these days.
Nevertheless it is still early days in the Bitcoin revolution. Many battle has been lost by Bitcoiners, a few won. But slowly and surely, the push is going on for governments around the world to accept the cryptocurrency. Die-hard Bitcoiners believe that it is not a matter of if but when. Should this happen, Canada will undoubtedly go down in the annals of Bitcoin history as having been the pioneering nation in Bitcoin acceptance.