London has entered the age of virtual currency with the installation of the first Bitcoin machine in the city.

This week, Calgary-based Cavirtex installed a BTM (Bitcoin Teller Machine) at the Gateway Newstand in the Talbot Centre on Richmond Row.

Cavirtex CEO Joseph David said it’s part of a national rollout for the company. He said he’s convinced the virtual online currency, which has had a rocky start since it was introduced five years ago, will become widely accepted.

He said awareness is the big barrier for Bitcoin and the more users know about Bitcoin the stronger it becomes.

“Most people look at Bitcoin and disregard it. But if you spend some time looking at it and learning about it, the light bulb will go on.”

David said major companies such as travel website Expedia and computer giant Dell now accept bitcoins. He said merchants will start embracing the virtual currency when they realize the service fees are lower.

“When you go to a restaurant one day and the bill is $100 cash or $90 in bitcoins, you’re going to say ‘Whoa, what’s going on here?,’ ” David said.

BTMs have been in place in Toronto, Vancouver and some other major cities for a few years but the new London machine is the Cavirtex’s first machine in Southwestern Ontario.

The company has a deal with Gateway Newstand to install the BTMs in their stores and the Richmond Row was chosen because its proximity to students and the business people.

David said his company, which dominates the BTM market in Canada, plans to expand, including machines on every university campus in Canada.

hank.daniszewski@sunmedia.ca

twitter.com/HankatLFPress

- - -

BITCOIN

A virtual online currency launched in 2009.

Based on peer-to-peer transactions and sold through online exchanges without bank or government involvement.

Transactions are tracked on public ledger.

Can be converted to regular currency.

Bitcoin ATMs (called BTMs) have been installed in Vancouver and Toronto.

Bitcoin value soared when it gained wider acceptance last year but fell following recent scandals and has settled at a value of about $537 Canadian.

Bitcoin or bitcoin?:

Bitcoin is the network, the platform, the technology.

Small b — bitcoin represents the actual units of currency

Using a Bitcoin Teller Machine (BTM):