Canada Gets First Bitcoin ATMs

Canada Gets First Bitcoin ATMsWe haven't heard much about Bitcoins since the shuttering of the Silk Road by the NSA. Today, there's news coming from Canada about the alternate currency. Vancouver is getting the world's first Bitcoin ATM. The machine will be set up outside of a Vancouver coffee house, and it will exchange Canadian dollars for Bitcoins.

What This Means

Essentially, the founders of the Bitcoin are hoping to spread the currency throughout the general population. Setting up ATMs is one way to accomplish this task. The Canadian Government supports the venture too. The government seems to see the ATMs as a way for Canadians to have access to alternate currencies. But, is it a good idea to exchange Bitcoins? What is the point of this?

If you're looking to invest in Bitcoins, you will have to do this through an exchange website. These sites often take up to ten days to process a request, and some people just don't feel comfortable with the whole site process. That's where the ATMs come into play. The transactions are instant, secure (through photo and palm identification), provide real dollars and Bitcoins immediately, and will be set up in easily accessible locations.

More Coming to Canada

Back in June, the CBC reported that Bitcoin ATMs would be coming to Vancouver first, and then to Montreal, Toronto, Ottawa, and maybe other Canadian cities. These will be the first Bitcoin ATMs available anywhere in the world. Needless to say, Canada supports Bitcoin currency. Whether or not Canadians will flock to the ATMs is a different story, though.

Do any cheap hosting companies currently accept Bitcoins? Surprisingly, yes – or, maybe not surprisingly. After all, web hosting companies tend to be more tech-savvy than the rest! So far, NameCheap, Gossimer, Certified Hosting, Turtle Hosting, and various other companies are taking Bitcoins. If you're in Canada, though, I have a great tip for you.

Canadian Hosting Companies: Pay Attention Canada Gets First Bitcoin ATMs

Here's the thing: site owners in other parts of the world are looking for hosting companies that aren't based in the U.S. due to the whole NSA thing. Canada is the next best option when it comes to North American cheap hosting companies. If you were to set up a cloud hosting company (or other type of hosting company) in Canada and take Bitcoins – you could have a winning formula.

Keep in mind that the Vancouver Bitcoin ATM is new, so it will take a while to figure out if this currency catches on. But, in the meantime, there's a market for Canadian-based cheap web hosting companies that take Bitcoins. You'd almost be foolish not to jump on this bandwagon!

What do you think about the Bitcoins ATMs? Is this a good idea or just a fad? I'd love to hear what you have to say about the new Bitcoins setup below!

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