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Bitcoin entrepreneurs want to put virtual coins in your wallet

Bitcoin entrepreneurs want to put virtual coins in your wallet

Peter Gray and Rodolfo Novak are co-founders of Coinkite, a bitcoin banking service that lets you buy the cryptocurrency through Interac.

STEVE RUSSELL / TORONTO STAR Order this photo

Peter Gray and Rodolfo Novak are co-founders of Coinkite, a bitcoin banking service that lets you buy the cryptocurrency through Interac.

By:  Staff Reporter, Published on Tue Nov 12 2013
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If you don’t understand what a bitcoin is, these Toronto entrepreneurs are here to help.

“When the Internet started, nobody understood how to send emails,” said Rodolfo Novak.

Just as electronic mail has become a ubiquitous communication tool, Novak says the emerging digital currency will increasingly be used for everyday purchases.

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To that end, Toronto’s bitcoin believers are launching services to put virtual coins in your real-life wallet, and challenge the domain of traditional banks.

Novak is one of the founders of Coinkite, a bitcoin banking website. Coinkite accounts link the virtual coins to a debit card, which works with a card reader Novak is selling to merchants.

“Right now, bitcoin is accepted on thousands of online shops. But it’s difficult to get brick-and-mortar shops to accept it,” said Anthony Di Iorio, the executive director of theBitcoin Alliance of Canada, a non-profit Toronto-based organization.

Novak aims to bridge that gap by selling the technology for merchants to easily accept bitcoins at the cash register.

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This entry was posted on November 12, 2013 by and tagged , .

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