As it is considered Canada’s financial and cultural capital, it is not a surprise that cryptocurrency has found a home in Toronto. Our cosmopolitan city is home to a diverse population with roots from all across the globe. The innovation and invention that Torontonians exhibit have helped digital currencies become part of our everyday conversation.
Crypto has become almost mainstream in recent years, as more people have invested – or at least gotten interested – in different ways of performing financial transactions. When Bitcoin can be used to buy food, and there are crypto betting sites being launched, you know something new and exciting is happening. Toronto is definitely open to cryptocurrencies – and you can be too if you spend enough time here.
Crypto Culture
Toronto is not just somewhere where crypto is accepted, though. The city is arguably one of the most important locations in the history of digital and blockchain technology. Crypto meet-up Decentral was born in the fashion district, and Vitalik Buterin actually came up with Ethereum at one of the meetings held there.
Toronto’s businesses have embraced cryptocurrencies with open arms and the city’s unique mix of financial clout and cultural thinking has made it a perfect melting point for these kinds of ideas to crossover into everyday life. If anywhere in Canada was going to become a crypto hub, it was going to be Toronto.
ATMs
One of the issues with cryptocurrency compared to fiat currencies is that it is not something tangible. You cannot fill your wallet with Bitcoins. But in Toronto, there is something that makes digital currency much more every day – ATMs. Instacoin machines can be found in 27 locations around the city, providing a very public face to cryptocurrency exchange.
These Instacoin ATMs allow customers to buy and sell 12 different cryptos, including Bitcoin. There is no need to register or share any personal information. Just a QR code to establish a wallet is needed, and then users can insert cash into the ATM and exchange it for crypto. Instacoin machines can be found in other parts of Canada as well, so it is not something that lives inside some kind of Toronto bubble.
Places That Accept Crypto
It is all very well being able to buy and sell crypto in a public setting, but until more places accept it as a viable payment option, it will still be seen as a niche – even hipster – pastime. Luckily for any Torontonian into crypto, there are plenty of everyday businesses that accept crypto and treat it like any other form of payment.
If you are looking for a good night out and want to enjoy sumptuous food and an extensive cocktail menu, Figures is the place to be. Or if you just want to enjoy some of the most innovative craft beers, Toronto Brewing is your best bet. Both these places accept Bitcoin and Ethereum, by the way.
Crypto Projects in Toronto
There is definitely a growing crypto community in Toronto that can perform most financial tasks without too much problem. With so many blockchain startups calling the city home, there are people working hard to make their way of living the norm. Crypto mining is also a big thing.
There is a perfect relationship between the startups exploring new ways to use blockchain technology and digital currency and some large universities that foster the ideas that are needed for the community to grow. Those two aspects together create a place where new ways of doing business are supported.
Toronto Loves Crypto!
Although it is still a minority of the city’s population that is actively involved in cryptocurrency, Toronto seems to be the center of this idea of the future in the country. With so many businesses accepting crypto as a payment method and others working on how to make it more mainstream, there is not much you can’t do if you are crypto-inclined. You can even pay Liv.rent in Bitcoin to find a place to live here.
Even with scare stories and the volatility of the market, crypto is here to stay. Toronto has already welcomed it, and a friendly and inviting community is making it work. We may be biased, but if you are involved in crypto in any way, we reckon Toronto is the best place to be.