6 new bitcoin machines arrive in Toronto

6 new bitcoin machines arrive in Toronto

Postby southernfry on Wed Aug 13, 2014 12:20 pm

It's a digital currency dogged by controversy, but starting today, Toronto will have more bitcoin machines than anywhere else in the world.
Cavirtex, which bills itself as Canada's largest bitcoin exchange and service provider, will roll out six "BTM" machines in Toronto and Mississauga, Ont., starting Tuesday. The machines will be placed inside Gateway newsstand locations. Cavirtex has plans to add four other machines in:

* Vancouver.
* Niagara.
* Ottawa.
* Halifax.

http://www.cbc.ca/news/canada/toronto/6 ... -1.2735055

Another fad, and I just don't get it. Literally, I just don't understand the whole bitcoin craze. I have listened to the TV news discussing it, read articles and I must be from the dinosour age, as I still have no clue what it is or what all the fuss is about.

Have the sneaky feeling it will crash one day and when it does it will be hard and cost some a lot of real currency.
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Re: 6 new bitcoin machines arrive in Toronto

Postby CielOnTap on Thu Aug 14, 2014 9:49 pm

Gateway Newsstands tend to be small storefronts in malls or standalone kiosks. Not sure it would be great fun for newsstand staff to work around a BTM while getting the new magazines and papers into the racks.

It would make sense if Toronto's BTMs were placed in: Pearson International Airport (International Arrivals?) and downtown in the Bay Street Financial district. Both locales get lots of foot traffic but the airport is a long drive for any security vehicle having to restock the BTMs. Yorkdale Mall would be a good spot as it is THE fashion shopping mall striving to land the first shops of international retail chains that want to open in Canada.
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Re: 6 new bitcoin machines arrive in Toronto

Postby no1home on Fri Aug 15, 2014 3:35 pm

Looking for a 21st-century investment that might (or might not) make you a small fortune? The virtual currency bitcoin is proving to be an answer for a small but growing number of Kiwis. Investors worldwide have reported making huge profits.

Bitcoins and other virtual currencies such as Litecoins can be used to buy real-world things. Internet service provider Slingshot allows you to pay your bill with bitcoins and there are a number of other businesses in Auckland accepting the currency, including Green Rental car hire and plumber Mr Pipes. Other businesses can be found at Coinmap.org.

Investors make money by buying bitcoins at one price and reselling when the market rises and converting their gains into real-world money. It's standard foreign exchange trading, just based on a virtual currency.
http://www.nzherald.co.nz/personal-fina ... d=11309633

I'm with southernfry, I don't get this bitcoin business and after reading the articles in the links, I am still confused about it. It seems like a lot of silly nonsense, so I will stick to cash I can hold in my hands.
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Re: 6 new bitcoin machines arrive in Toronto

Postby CielOnTap on Mon Sep 01, 2014 3:00 pm

Waterloo, Ontario is located in what is known as the Tech Triangle in Ontario as three communities with many high technology firms are located within a short drive of each other.

A newspaper article mentioned that some employees are requesting their pays in Bitcoin currency rather than Canadian dollars.
http://www.thespec.com/news-story/4817972-more-workers-opt-to-be-paid-with-bitcoin-waterloo-payroll-firm-says/
But most brick-and-mortar shops still do not recognize Bitcoin as currency, and neither does the Canadian government, which in June ruled Bitcoin is property.

Canada Revenue Agency spokesperson Noel Carisse said paying employees in Bitcoin means paying them in goods — "a barter transaction."

"The goods — the Bitcoin, in the case of digital currency — must be valued and reported in Canadian dollars," he said in an email.

"The employee would then include the appropriate amount on their tax return for the year as employment income. Any tax payable would have to be paid in Canadian dollars."

For Wagepoint, however, it works differently. Rao said for tax purposes, employees are still being paid with Canadian dollars on paper.

He said workers can have all or part of their wages in bitcoins, and taxes are taken from the Canadian dollar salary before the remainder is converted.

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