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Can you use a Bitcoin to Rent Office Space Toronto?

By Office Space TorontoIn standard22nd November, 2013
This is what you will see when Office Space Toronto accepts Bitcoins

This is what you will see when Office Space Toronto accepts Bitcoins

You cannot use a Bitcoin to rent office space Toronto – yet. There does not seem to be any Canadian office space business centre that is yet to accept Bitcoin transactions. There was one co-working office space that had been touted and promoted to be the first co-working office space in Toronto to accept Bitcoin transactions, but its internet domain name expired earlier this month and there is no way of reaching them.

If you do not know what Bitcoin is, we will give you a brief introduction. A Bitcoin is a distributed, peer-to-peer digital currency that functions without the intermediation of any central authority. The Bitcoin portal WeUseCoins http://www.weusecoins.com/en/ has a video that gives the basics on what a Bitcoin is. But we wanted to give you a little more info, so we went to Wikipedia. According to Wikipedia http://en.wikipedia.org/wiki/Bitcoin “Bitcoin has been called a cryptocurrency because it is decentralized and uses cryptography to control transactions and prevent double-spending, a problem for digital currencies. Once validated, every individual transaction is permanently recorded in a public ledger known as the blockchain. Payment processing is done by a network of private computers often specially tailored to this task. The operators of these computers, known as “miners”, are rewarded with transaction fees and newly minted Bitcoins. However, new Bitcoins are being created at an ever-decreasing rate.”

Bitcoin is being used to pay for everything from video games, smartphones, dry cleaning delivery service, web hosting and an assortment of other goods and services on the Internet. In fact, according to a report by the CBC, the first Bitcoin ATM in the world was said to have been launched last month in Vancouver. Vancouver Bitcoin trading company Bitcoiniacs and part-owner of Robocoin, are said to have invested in five such automated teller machines (or kiosks as they call them) to be placed across Canada. We were only able to find a few businesses in Toronto accepting Bitcoins – an SEO (Search Engine Optimization) Company, an army surplus store, a Hypnotherapy Clinic and a Bitcoin exchange company.

Recently there has been a lot of media attention about Bitcoins because the going rate for one has climed to over $700 ($744 at its peak) which is 50 times the price it was a year ago! The growing interest from investors in China and a limited supply of Bitcoins have also been fueling the increase in price.

Governments around the world have had to take notice of this online currency, including those of Canada and the USA. The USA Senate committee for Homeland Security and Governmental Affairs Committee have been exploring the ramifications of Bitcoins. As well, other agencies of the U.S. government (such as the U.S. Secret Service to the Financial Crimes Enforcement Network) have also been exploring Bitcoins. In Canada, The Canada Revenue Agency has even prepared a “fact sheet ” that says Bitcoin transactions face the same tax rules that apply to “barter” transactions. Any Canadian taxpayer receiving Bitcoins as income must assign a “fair market value ” to those payments.

With no sign of the Bitcoin going away any time soon, Telsec is looking into what is needed for US to start accepting Bitcoins as a method of payment. But a decision has not yet been made on whether this is also a good strategy for Telsec. Until we decide to accept bitcoins, you can still enter our draw for a brand new Android Tablet.

For each of the methods of entry, you will be entered in the draw. The more methods you use, the more entries you will have to win one of the prizes.

Methods of entry

  • Follow us on Google Plus Google.com/+TelsecNet
  • Add yourself to one of our Google Plus circles
  • +1 on one of our Google Plus Postings
  • Write a comment on one of our Google Plus postings
  • Share one of our Blog posts by clicking the +1 button to share with your Google Plus circles
  • Use the facebook “like” button on our blog
  • Share one of our blog posts with your social media
  • Write a comment on one of our many blogs

If you are already an office-space tenant or a virtual office client with Telsec and you have a google account, you can get a bonus entry by posting a review on our google local profile.

Important rules

• Do not spam or your entries will be void.
• Do not refer to the contest when posting on our Google Plus page.

Contest Closes December 19, 2013. The winners will be selected at the end of that day.