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On Tuesday October 29, 2013, the world’s first Bitcoin machine was built at Waves Coffee in Downtown Vancouver. Bitcoins are transferred through a peer-to-peer network and transactions appear on a public ledger that is accessible to all who use the currency, allowing people to exchange Canadian cash for the digital currency at a current rate of $211.79 per Bitcoin. Users must first set up a digital wallet, which gets managed through an app. The purpose of Bitcoin is to make electronic payments faster and easier- it would effectively decrease the transferring fee from people who want to transfer currency to another person in a different country. It will also significantly decrease the transferring time of any fund. Bitcoins is taking electronic currency to the next level; with its fast access and easy transfers it has effectively spread to other businesses in the lcoal Vancouver community. As of today, about 16 Vancouver area merchants accept Bitcoin.