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.”