A two-way Bitcoin ATM has found itself in Saskatchewan courtesy of Bitcoin Solutions, an Edmonton-based company. The ATM was installed in Calories Restaurant in the Saskatchewan capital Saskatoon and is one of Canada’s first two-way Bitcoin ATMs.
2014-05-08 03:13 PM
Saskatchewan Welcomes First Bitcoin ATM
A two-way Bitcoin ATM has found itself in Saskatchewan courtesy of Bitcoin Solutions, an Edmonton-based company.
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The progress made by Bitcoin Solutions’ founder Adam O’Brien is tremendous. Just last year the 21 year old CEO had just begun researching the digital currency. He plans to bring more units to the city in the next two months as well as install ATMs in British Columbia.
O’Brien hopes the ATM will attract the younger population to start Bitcoin using in Saskatoon, which currently has few places accepting bitcoin. O’Brien elaborated “I figured young people are kind of grasping on to this, not more, but maybe a bit quicker than others.”
The kiosk also allows users to create a bitcoin wallet on the spot. O’Brien explained how the machine would work for bitcoin newbies:
"If you know absolutely nothing about bitcoin, our machine is open to brand new users. We actually generate a wallet right here for you instantly, for you then to be able to take home and import."
Calories Restaurant will begin accepting bitcoin for food and drink this week. Paul Chavady, a realtor in Saskatoon, began accepting bitcoin payments last year for his services, but has yet to see a customer. Chavady said “Just like anything else, it’s something we can use to receive payment and convert it to Canadian funds, so why not?”
He continued “I’ve seen it being used a lot more commonly. I think it will continue to grow.”
Bitcoin Solutions works with ATM manufacturer BitAccess, an Ottowa-based company founded in 2013. BitAccess ATMs feature state-of-the art ID verification. The ATM installed in Calories is one of the world’s first Bitcoin ATMs with a cash-recycler which reduces the operational costs for the operator.
The machine requires users to create passwords and public addresses to confirm transactions. When the transaction is complete, users receive a confirmation text message, which doubles as a security feature – if the account is hacked then the owner of the account will receive a notification.
Bitcoin Solutions’ first ATM was installed in Edmonton. With more on the way in the upcoming months, it’ll be interesting to see where O’Brien ends up in another year’s time.