Is Canada the Bitcoin ATM Capital and the Potential Origin of Bitcoin Theft?Aug 14, 2014

Canada ATM

It may be an understatement to say that Canada is overflowing with Bitcoin ATMs now that a Calgary-based company has decided to push the total number up with its launching of six new machines in Toronto.

Canada ATMCAVIRTEX, which aptly stands for Canadian Virtual Exchange, is expanding its services by bringing a total of 10 machines in the country through its partnership with Gateway Newstands. The installation of the six BitAccess-provided ATMs in the greater Toronto area completed the initial phase of the exchange’s plan to achieve its goal.

With a total of 30 Bitcoin ATMs in the country, 19 machines can now be found in Toronto alone, which VP of Business Development Kyle Kemper described as the main commercial center that has high-traffic locations, calling it the natural fit for CAVIRTEX to bring Bitcoin to a wider audience.

Among the key places that now bear the CAVIRTEX Bitcoin machines are malls and shopping centers like the Scarborough Town Center and Yorkdale Shipping Center in Toronto.

Although situated outside of Toronto, the Casino Niagara now also hosts a Bitcoin ATM through the initiatives of the online exchange. A land-based casino that boasts some 10,000 square meters of gambling space, including dining venues and recreational areas with live music, it joins the list of terrestrial casinos where a Bitcoin machine can be easily spotted. Unfortunately, there are no talks about the possible debut of Bitcoin games on its floor.

The increasing number of Bitcoin ATMs in Canada is a clear indication that the country is receptive of new technologies, such as Bitcoin. This is evident in that it became the first nation to regulate the digital currency.

However, it is not all good news when it comes to Canada and Bitcoin.

Recently, a hacker has been reported to be the mastermind behind the loss or theft of over US$83,000 from servers that generate Bitcoin and other virtual currencies. The hacker’s online footprints were tracked to originate through a Canadian Internet provider.

While records show that the attacks came from Canada, authorities do not rule out the possibility that the actual hacker may have performed the deeds from another country and simply accessed the ISP to steal Bitcoin.

Despite the negative association to Bitcoin theft, Canada is still portrayed as a Bitcoin-friendly country for Bitcoin entrepreneurs within its territory.

Whether or not the launching of the Bitcoin ATMs will help speed up Bitcoin adoption remains to be unknown, more so its effects on the Bitcoin casino industry, especially with the Bitcoin regulation already in place.