A former Port Moody man is hoping the digital currency Bitcoin will take off among technology buffs, businesses and consumers alike, and has installed two ATMs in the Tri-Cities area to help make his dream come true.
The ATMs, which cost $10,000 each and turn cash into digital currency that can be instantly transferred overseas or used to purchase items and services on the internet, are located in iBay Communications in Port Moody and PC Doctor in Coquitlam.
"We wanted to expand to the Tri-Cities to see if it could grab some hold," explained Trevor Laird, who graduated from Port Moody secondary school in 2003 and is now a technology entrepreneur living on Vancouver Island.
Laird, who has a partner based in Maple Ridge, agreed the enterprise carries some risk but he is optimistic that Bitcoin will become an accepted currency in the next few years.
"It has had a huge interest and could be as revolutionary as the internet," he said.
An early adopter of Bitcoin, which he uses to pay for his hydro bill and some purchases, Laird donated computer power to help build the Bitcoin network in exchange for Bitcoin. That's a process called mining, hence his company's name, Cryptopick Canada, which refers to the idea of algorithms connecting users and mining using a pick.
"I have a computing background, most of it is self-taught," said Laird, who plans to move back to the Tri-Cities soon to continue to promote Cryptopick.
Bitcoin is actually a network that connects Bitcoin users around the world using a mobile app or computer program. People set up their secure wallet and can send or receive Bitcoins with them.
Most of Cryptopick's competitors operate in downtown Vancouver but Laird hopes to secure the market in the suburbs. He's grateful to the two local computer stores' owners for donating space for the ATMs. He expects they'll get foot traffic from users once Biticoin catches on.
"I think we are on the outer edge of the mainstream adoption of Bitcoin," he said. "We might be a bit early."
Laird said he will know within five years whether Bitcoin will take off as a digital currency but, so far, it seems to be gaining ground, with more and more online businesses accepting the currency.
The kiosks in PoMo and Coquitlam are GenesisCoin Satoshi1 units, which Laird says are user friendly, with no charge to users, and are particularly useful as a way of transferring funds globally.
As more and more businesses start to accept Bitcoin, the virtual currency could become more commonplace, with Cryptopick on the leading edge of the technology. Laird points out that Microsoft now accepts Bitcoin, as do approximately 250,000 businesses in North America.
"We're past the point where it will fade away," he said. "People are taking notice about the usefulness of the technology and how secure it is."
For more information, visit www.cryptopickcanada.org. There is also the Bitcoin Alliance of Canada (www.bitcoinalliance.ca) for more information.
