There’s no doubt there’s a bit of a buzz over Bitcoin right now. The cryptocurrency skyrocketed in value and popularity; and the popularity is also growing here in the Queen City.
The Regina Community Bitcoin group on Facebook meet semi-annually to discuss all things cryptocurrency.
Earlier this month, the group hosted a ‘Bitcoin and Beers’ event at Victoria’s Tavern, which had more than 40 people in attendance.
“It’s just an event for like-minded people who are interested in digital currencies, who just want to come chat, discuss and collaborate,” Bitcoin event organizer Mike Staffen said.
With the popularity of the digital currency, there has also been a lot of questions about what it is and how it works.
“Bitcoin is digital money or digital cash,” Dale Mychasiw said. “Bitcoin operates on a decentralized peer-to-peer network that is not owned or operated by anybody.”
Mychasiw has been involved in Bitcoin locally for several years now. He owns two ‘QuickBit’ BTMs, one in Regina and one in Moose Jaw.
BTM users can buy bitcoins using regular currency using the machine, and send the Bitcoins to a digital wallet, or they can sell Bitcoins to the BTM and it will dispense cash.
He says the interest in Bitcoin is rapidly increasing in the Queen City.
“The volumes and the usage of the machine just here alone in Regina has gone up more than 300 per cent,” Mychasiw said.