Business

Canadian Businesses Turn to Bitcoin

Canadian Businesses Turn to Bitcoin

Despite some initial skepticism more and more Canadian businesses are accepting bitcoin all the time. Bitcoin is seen as more convenient than other forms of payment as they are sent directly and instantly from one person to another and avoid processing fees and conversion rates.

David Mancini, a bed and breakfast owner in Quebec, has recently started accepting the virtual currency. He has also started persuading other community businesses, such as the local coffee shop, hair salon, gift shop, acupuncture clinic and Tai Chi martial arts school to accept the virtual currency.

There are currently 143 Canadian businesses which accept bitcoin and the number is increasing all the time.


Recently Vancouver became one of the first cities in the world to have a bitcoin ATM; it was soon followed by Toronto and Ottawa. At the machines customers can exchange Canadian cash for bitcoin at the current exchange rate. Recently bitcoin was listed at $885 on VirtEx, Canada’s virtual exchange to buy and sell bitcoin.

The Bitcoin Alliance of Canada is determined to see more businesses accepting the currency. Its executive director, Anthoy Di Lorio, thinks that the currency’s future is bright, “The price will just continue to go up as more and more merchants start accepting it.”

Business

A proud native of Montreal, James discovered his passion for the business world while studying journalism. He has written for a number of Canadian financial newspapers. Though still in his 30’s, James has seen a number of economic bubbles come and go. He followed the social bubble and thinks mobile is a revolution and not a bubble.

More in Business

Canada loses much from the fall in oil prices

Canada loses much from the fall in oil prices

James WilsonJanuary 13, 2015
OLG Moves to Bring Casinos to Simcoe County

OLG Moves to Bring Casinos to Simcoe County

James WilsonSeptember 18, 2014
Canada’s IDR Rating Gets the Thumbs Up From Fitch

Canada’s IDR Rating Gets the Thumbs Up From Fitch

Zoe MartinAugust 21, 2014
Gananoque Casino Could Face US Competition

Gananoque Casino Could Face US Competition

James WilsonJune 30, 2014
Canadian Gambling Group Considers Amsterdam Casino Bid

Canadian Gambling Group Considers Amsterdam Casino Bid

James WilsonJune 24, 2014
Amaya to Become Largest Online Gambling Company Following PokerStars Acquisition

Amaya to Become Largest Online Gambling Company Following PokerStars Acquisition

James WilsonJune 17, 2014

Amaya and Cherry iGaming Partnership to Take Europe by Storm

James WilsonJune 10, 2014
Century Casinos Expands Canadian Operations

Century Casinos Expands Canadian Operations

James WilsonMarch 25, 2014
Canadian Man Owes Vegas Casinos $12.9 Million

Canadian Man Owes Vegas Casinos $12.9 Million

James WilsonFebruary 26, 2014