SASKATOON – A new wave of digital technology has arrived in Saskatchewan after a Bitcoin teller machine, or BTM, became available for public use in Saskatoon.
The launch officially happening Saturday at Calories Restaurant on Broadway Avenue, which is the first place in Saskatchewan to have this technology.
“It’s a way to transfer an online commodity peer to peer without a centralized bank and you can do it whether it’s from me to you or me to China, for no fees,” said Adam O’Brien, president of Bitcoin Solutions.
People take their cash, insert it into the machine which gives you a paper with your bitcoin code which can be used to set up an online wallet.
Once the bitcoin is in your online wallet, it can be transferred or used to buy from places that accept the digital currency.
“Bitcoin is instantaneous, it can’t be tracked back so it leaves your personal security very confidentially which is very attractive in this day in age where hackers are constantly trying to get your information to impersonate you which is very dangerous,” said O’Brien.
Keep in mind – if you lose your slip of paper before importing it into a digital wallet, it’s like losing cash and it’s gone.