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the old shoreditch station bitcoin

The cafe / bar is the first place in the UK to have a public BitCoin ATM (made by Lamassu) which allows you to convert real banknotes into. This well-known coffee shop, near Silicon Roundabout, in London, is now accepting cryptocurrency as a form of payment. The bar and exhibition. T. here is nothing old about The Old Shoreditch Station café, a £1 coin's throw away from Silicon Round-about, the home of East London's Tech. COLLEGE FOOTBALL BETTING PICKS WEEK 1

Advertisement The machine is operated by new startup Future Coins. I grabbed a coffee with year-old founder Joel Raziel to find out more about bringing the tech to the UK and trading actual paper money for bitcoins. I headed straight over, and Raziel talked me through the process of buying bitcoins.

The machine is from Icelandic manufacturer Lamassu and looks decidedly Apple-esque with its shiny white casing and simple interface. Raziel said he went with that model for its ease of use. A Robocoin machine is also expected to launch in London soon. Raziel invited me to try it out using his own Bitcoin wallet on his smartphone and a crisp fiver. As the machine claims, it's really just a matter of three steps: You press start, hold up your Bitcoin wallet QR code to the reader, then insert cash into the slot and wait for the transaction to go through; no proof of ID required.

Without giving too much away, the inner workings looked remarkably simple, the main body of the machine unsurprisingly consisting of a hefty-looking locked strongbox to store the cash entered into it. Raziel said it could also be adapted to dispense litecoins. Put money in, get bitcoins out. Bitcoin, which has been growing in popularity, relies on a network of computers that solve complex mathematical problems as part of a process that verifies and permanently records the details of every bitcoin transaction.

The currency came into existence in , with the value negotiated by individuals chatting on bitcoin forums. The whistle-blowing site Wikileaks and other organisations began to accept the currency for donations, and by the end of some 1, organisations had followed suit. It's not mainstream in any way, but I think from a vendor's perspective it is so straightforward and simple. There is a future in it as it becomes embraced by the mainstream.

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Not only is he young, but Joel Raziel is also relatively new to virtual currency - "I'm not one of those bitcoin geek billionaires," he reassures me - and only bought a bitcoin for himself last month. The machine sells bitcoins in return for sterling notes. Simply show it the QR code of your bitcoin wallet, insert some money, and with a couple of screen taps, the funds are transferred and ready to be spent.

Due to the complexity and risk of mechanical failure, Raziel has for now opted against a machine that can also buy bitcoins. Located in The Old Shoreditch Station cafe and bar, a short walk from Old Street Tube station, the bitcoin ATM was only installed on 4 March, but has already had around 50 customers, including one who had travelled miles from Manchester just to use it.

JaguarShoes "We've had a great response," Raziel said. Since the shiny white machine arrived last week, visitors have included City workers rushing in to buy currency fast before a hike in value. A mother came to get her four-year-old his first investment and a man travelled miles from Manchester.

He needs to buy the bitcoin with which to load the machine, although he hopes to link it directly to an exchange soon, enabling him to lower the commission. It has been so successful that he is planning one for Soho. Previously, bitcoin buyers had to use overseas websites and wait 10 days for it to hit their accounts.

Now even those with a meagre understanding of this new currency can have a bite of the bit from this Icelandic-made ATM. There are rumours that Jimmy Wales is considering accepting bitcoin donations for Wikipedia. Bitcoin first appeared in , courtesy of programmer Satoshi Nakamoto, whose true identity is a mystery. Although the Government has now recognised it as a currency and VAT applies as normal to profits from everyday transactions it is not regulated by a central bank, which means it has a volatile price.

My bitcoin rests on Blockchain, an online bitcoin wallet which gives me a QR code.

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