Toronto Life - The Informer

Insider intel on the politics and personalities shaping the city. Sign up for Preview newsletter for weekly updates

Business

24 Comments

Toronto’s first Bitcoin ATM opens to the public in a few days

The Bitcoin ATM. (Image: Reddit Bitcoin/Imgur)

The Bitcoin ATM. (Image: Reddit Bitcoin/Imgur)

Bitcoin has a reputation as a shady crypto-currency, beloved by internet drug pedlars and high-risk investors looking to cash in on its famously unstable market value. But Anthony Di Iorio is hoping that some Torontonians will want to use and exchange Bitcoins in a way that looks and feels a little more normal. He’s the operator of Toronto’s first Bitcoin ATM, opening this week at Spadina and King.

For those unfamiliar with Bitcoin, it’s just a type of electronic currency. It’s “mined” virtually by computers, and it’s typically traded on online exchanges, where users can buy Bitcoins or cash them out in local currency. The system underpinning Bitcoin payments has a sophisticated way of keeping users anonymous, which is why the stuff eventually became the coin of the realm in online drug markets—though it also has plenty of innocuous uses.

The ATM will be located at 64 Spadina Avenue, in a 5,500-square-foot space that Di Iorio, who is the executive director of the Bitcoin Alliance of Canada, has turned into a Bitcoin-business incubator called Bitcoin Decentral. The ATM was built by an Ottawa-based group called BitAccess (Vancouver has a similar ATM that was made by a different company). It had a soft launch on January 1, and Di Iorio intends to open it to the public this week.

The machine is supposed to simplify the often-complex process of buying Bitcoins by turning it into a push-button operation. “You walk up to the machine, you put in your phone number, and it sends a PIN to your phone,” Di Iorio said. The ATM uses the phone numbers to track how many Bitcoins each user buys in a day, which Di Iorio says is for regulatory reasons. (The numbers are deleted regularly.) Each time someone places an order for Bitcoins through the ATM, the ATM automatically buys those Bitcoins on an online exchange. Di Iorio will earn a to-be-determined percentage on each transaction. The machine doesn’t dispense cash in exchange for Bitcoins—at least not yet. Di Iorio hopes to have it doing that within the next few weeks.

The ATM and its attendant operations are part of a larger attempt to normalize Bitcoin. Di Iorio thinks it’s possible. “We’re involved in different projects to get more merchants accepting it,” he said. “Bitcoin is the easiest way to send money anywhere in the world.”

  • Michael_S_Harris

    Exactly when is it opening? Want to buy more bitcoin ASAP.
    BTW Mike’s Bees are accepting bitcoin for honey now! Suttonhoney.com

  • bitcoinbillionaire
  • ishmaeldaro

    Can they exchange Dogecoins?

  • elcunto

    Does it go to the moon?

  • The State

    “Bitcoin has a reputation as a shady crypto-currency, beloved by internet drug pedlars and high-risk investors looking to cash in on its famously unstable market value”

    Nice lead-off….and the manufacturing of the meme continues. Thank you mainstream media. Is there a playbook somewhere?

  • Abdul Haseeb Awan

    Hey Hi,
    This is Abdul, Co-Founder of BitAccess(Manufacturer of Bitcoin ATM). You can reach out to us using bitaccess.co . I will be more than willing to answer questions

  • Abdul Haseeb Awan

    We can add the functionality if the operator wants

  • Abdul Haseeb Awan

    It should be open tonight

  • Ryan Parent

    I need $25,000 in BitCoins to pay for some backend on my website.

  • Chris

    I know, right? Not like people use fiat dollars for any of those things. /facepalm

  • Chris

    Doge4Life!

  • Gaz Cooper

    The author is an idiot with that lead off comment shows he know nothing what he is writing about ya cant fix stupid.

  • disqus_93dPRwBV4X

    So I can instantly get cold hard cash for my bitcoins!. When it exchanges for cash i assume it would be always up to date with the latest wild fluctuations in bitcoin value? that might create some interesting scenarios. The author is technically right, despite my belief in bitcoins, they have been used for many shady schemes so far due to their anonymity.

  • WFK

    Hey Steve. Ya, most people know about bitcoin through that old story about silk road, why not start with something they don’t know? I.e. a financial revolution is underway and Canadians now have a relatively easy way to participate.

  • TinaFea

    what is the conversion rate from Schrute Bucks and/or Stanley nickels to Bitcoin? Anyone know? Thx in advance.

  • Tony

    Hopefully not

  • Waldo

    This is awesome. I’m going to buy some bitcoin when you guys are open for business

  • Abdul Haseeb Awan

    You should visit 64 Spadina and check them out.

  • Abdul Haseeb Awan

    Every one recalls Bitcoins from Silkroad, which have been closed and prices of Bitcoins have increased after closure

  • pix

    Whats the percentage for cashing your bitcoins?
    Also which exchange is the machine get the price from?
    Thanks

  • Abdul Haseeb Awan

    Yes, you will be able to take fiat for your digital currency

  • Abdul Haseeb Awan

    You have the option to check the price before making any transaction. It is spot rate. In the future, you will have the option to check pricing before even going to machine..

  • Muneeb.

    gud to c u haseeb…

  • PGies Chan

    wow
    such edge
    so trole

 

Advertisement

Advertisement

Advertisement