The world’s first Bitcoin ATM will go live tomorrow morning in Vancouver – in a Waves coffee shop downtown. For those unfamiliar with the cybercurrency, bitcoin trading involves the exchange of cash for bitcoins. Bitcoins will be entered into customers’ virtual wallets, where they can then use the ‘currency of the Internet’ to purchase products at participating retailers; including certain Waves coffee shops and independent businesses.

This Bitcoin ATM will be open for business tomorrow morning. Vancouver-based Bitcoiniacs hopes to implement the machines in four other Canadian cities this fall.

The digital currency will charge customers a 3% fee on each transaction.

In my opinion, I don’t see a point in using bitcoins as payment. I can see the stores’ perspective though, as they are paying less costs to accept the payment (as opposted to credit cards). However, to consumers, even with the increased privacy (no middle men and the currency is not controlled by a bank), why adopt a complicated new system?

Bitcoiniacs co-founder Mitchell Demeter says to skeptics, “Everyone’s free to make up their own mind. We don’t really try to convince anybody, or sell it on anybody. But when people do their own research, they really quickly see the virtues.”

Not to mention the high media scrutiny surrounding the currency. The Silk Road shutdown, anyone? Bitcoins were used as payment in the internet marketplace, which was uncovered for drug trafficking and money laundering.

Why exchange your money for bitcoins (plus the additional fee), when you can just purchase a cup of coffee with the cash in your wallet?

Sources:

http://www.cbc.ca/news/business/world-s-first-bitcoin-atm-goes-live-in-vancouver-next-week-1.2251820

http://www.theglobeandmail.com/news/british-columbia/a-bitcoin-first-for-vancouver/article15130876/

Vancouver’s mobile juice company, ‘The Juice Truck,’ is prepping to open their first retail location and production plant on Fifth Ave. within the next few months.

Vancouver’s Zach Berman and Ryan Slater didn’t have business backgrounds before starting up their cold-pressed juice business. But they reaped the benefits and opportunities given to them by the Canadian Youth Business Foundation and Small Business BC, and are now getting ready to open their first retail location.

“One thing so many businesses fail at doing is [having] conversations,” says Slater, who then emphasizes the importance of connecting with individuals. The pair did exactly that, building relationships with local food bloggers, partnerships with yoga studios, and even a collaboration with foodie-entrepreneur Erin Ireland’s ‘to die for’ banana bread. The positive feedback led to the truck creating their line of juice cleanses – multi-day (healthy) liquid diets whose aim is to focus one’s energy towards rejuvenating processes rather than digestion (of solid foods).

According to their website, The Juice Cleanse’s goal is to help consumers feel better mentally and physically.

I love reading stories on small businesses and the long-term impact of good marketing. With their new storefront, they hope to expand their business by adding soups and sandwiches to their menu; which could bring about many new customers interested in a bite to eat to accompany their juices. Also on the list? Using their space to hold movie nights, yoga and nutritionist lectures. “We want to push our brand to be this health and wellness business rather than just juice-centric,” notes Slater.

Good branding? Check.

For more information, check out: http://thejuicetruck.ca/

Sources:

http://www.vancouversun.com/business/smallbusiness/Juice+Truck+goes+branding/9068917/story.html

http://www.vancouversun.com/life/food/Coming+clean+cleanses+Juicing+rage+experts+issue+warning/8807873/story.html

Grocery store chain Trader Joe’s has had their case against Kitsilano retailer Pirate Joe’s dismissed by a Washington state judge.

Michael Hallatt, owner of Pirate (also known as ‘Irate’) Joe’s, called the lawsuit “frivolous,” one which sent Hallatt to court over alleged trademark infringement and false advertising. Hallatt opened the storefront in 2012 to satisfy British Columbians who were unable to purchase their favourite Trader Joe’s products across the border – the closest location is in Bellingham, WA. To compensate for travel expenses and taxes, he does mark-up the prices.

Now that he is banned from various locations in WA, he hires others to purchase the products for him.

I do not see the standpoint of Trader Joe’s in this case. Hallat, who spends close to $5000 on TJ’s goods every week, is paying retails costs for the products – and has no problem assuring customers whose products they are actually purchasing. Is what Hallat doing ethical? Not entirely, he is not affiliated with the brand, and it is reasonable to say he is affecting their brand name. However, Hallat is an advocate for the idea of free enterprise, and is a smart entrepreneur. He would have no problem shutting down his store when the brand decides to open a location in Vancouver.

Sources:

http://www.cbc.ca/news/canada/british-columbia/trader-joe-s-loses-fight-with-vancouver-s-pirate-joe-s-1

http://www.ctvnews.ca/canada/trader-joe-s-lawsuit-against-b-c-upstart-pirate-joe-s-scuttled-by-u-s-judge-1.1483029

http://www.piratejoes.ca/

We had a lecture on financial accounting today, which was one of my favourite ones to date – although I may be biased because I took accounting in high school…

There’s a funny stereotypical accounting video to watch. Anywho, I find accounting interesting (no sarcasm here). Not only are accountants dealing with numbers and reports, but it is their job to give people beneficial financial advice. Like in any job, it is imperative to have good ethics and integrity. People are relying on the accountant to give accurate reports, and handle their money! It’s a huge responsibility.

Our instructor talked briefly about the CPA Recruitment Program, which is of definite interest, but apparently very competitive. In which case, I’m looking forward to further applying my knowledge, participating, and networking!

Sources:

http://www.principlesofaccounting.com/chapter1/chapter1.html

http://www.sauder.ubc.ca/Careers/For_Students/BCom_Students/Career_Development_Programs