At the end of the alley, past the pet food is Cape Breton’s first bitcoin ATM

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A convenience store in Sydney, Nova Scotia is bringing Cape Breton into the digital currency era with a new bitcoin ATM inside the store.

Mac’s Convenience, near Sydney city center, has taken advantage of the growing popularity of bitcoin and cryptocurrencies, and is the only company on the island to allow customers to purchase the currency online with cash. real in person.

A variety of new companies have come out of the woods to capitalize on the massive popularity of cryptocurrencies. A company, LocalCoin, has grown in Atlantic Canada. Last year he researched possible locations in Cape Breton. He was very interested in Mac’s Convenience, which is adjacent to Wentworth Park.

“They certainly refined the fact that they really liked our location,” said Leanne Boutilier, Mac’s co-owner. “We were very centralized. We are on the edge of downtown Sydney.”

LocalCoin has already invested heavily in its expansion in Canada. Its website states that it is the “largest network of bitcoin ATMs in Canada,” with more than 500 terminals across the country.

Bitcoin is the oldest and most successful form of digital currency known as cryptocurrency. In recent months, it has gained popularity and price. It is currently hovering at a value of over $ 70,000 for 1 bitcoin – far more than the value of $ 15,000 a year ago.

Mac’s is home to Cape Breton’s first bitcoin ATM. (Christian Roach / CBC)

Boutilier and his partner, Sheldon, became owners of the Mac’s store about two years ago. Since then, the couple have been looking for new opportunities for the business.

Boutilier said that after researching, they decided in early spring to install the machine near the back of the store next to a traditional ATM. She said it increased traffic and added more repeat customers to Mac.

“So now we see that they’re coming back and they’re not just coming back to buy bitcoin, but now they’re coming back to collect their eggs… take their lotto ticket or whatever,” Boutilier said. So it certainly increased our customer base, which is fantastic. “

Although bitcoin brings people into Macs, the high transaction fees of some cryptocurrencies make them expensive to use like real money. Caleb Gibbons, professor of finance at Cape Breton University, said the average fee for bitcoin is over $ 3.

“So, you know, buying a packet of chewing gum or a basket of groceries is a pretty high transaction cost,” Gibbons said.

Bitcoin holders can buy things over the internet with cryptocurrency. But many of those who acquire bitcoin do so as a form of currency speculation and hope to sell their bitcoin at a profit in the future.

Mac co-owner Leanne Boutilier said the store installed the ATM in early spring. (Christian Roach / CBC)

There are also environmental concerns about the computing power and electricity needed to “mine” bitcoin, a process that involves solving complex mathematical computational equations.

“Bitcoin mining now uses more energy than nation states like, you know, Portugal, Spain,” Gibbons said, adding that efforts were being made to make it more sustainable.

Like any new technology that people don’t fully understand, the cryptocurrency world is full of scammers and opportunists looking to take advantage of people. Scammers claiming to be from the Canada Revenue Agency or other organizations contacted the victims and asked them to send bitcoin or other cryptocurrency through an ATM.

Boutilier was aware of the risks associated with cryptocurrency and contacted Cape Breton Regional Police during the installation of the machine.

“We wanted to know what best we could do to protect our client,” said Boutilier. “You will never ask a government agency to research a bitcoin payment from you.”

More ATMs expected

The ATM also has a prominent red sticker on the front warning users of scammers. Boutilier said there had been no incidents at his store and staff were ready to help new users know how to buy and deposit their cryptocurrency securely.

Use of the machine started out slowly at first, but Boutilier said it has been steadily increasing since the news spread and she believes other nearby businesses will eventually follow her lead.

“So now once you see a machine is here and you see there’s definitely traffic coming in. I kind of expect other retailers to probably join in on us. over the next 12 months and so on, ”Boutilier said.

“At least that’s the hope, isn’t it? Cryptocurrency, they say, is definitely part of the future, isn’t it? So more of this technology is available to customers. , I think they’ll hire him. “


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