WHILST many people are against the controversial cryptocurrency, some local Manchester shops have embraced it.
There are three Bitcoin ATMs in Manchester that can be used to purchase goods and services or alternatively you can purchase bitcoins online. The machines work by exchanging your cash for bitcoins that you can instantly receive straight into your wallet.
The cryptocurrency called ‘Bitcoin’ first appeared in 2009 from a developer named Satoshi Nakamoto, however, it is un-certain who actually created the first original bitcoin currency.
Bitcoin are ‘mined’ by computer users through the use of graphics cards. Once the relevant software is installed, your computer will then decrypt the mathematical equations automatically in the background. The more you solve the harder the mathematical equations become and the longer it takes to crack the code.
Shops and ATMs in Manchester that you can buy with Bitcoins are:
No physical cryptocurrency is produced and it is an easy way to store and receive money. Due to its un-regulated use, more and more people are using bitcoins to hide money under government radar and to make a profit. There are no transaction fees and you don’t have to give a real name to use the service.
Bitcoin, as a whole, is now worth a whopping £112billion.
Chris Johnson, supervisor at CEX said: “it’s an online currency that is completely separate form online banking. It only works direct from two different devices and it fluctuates massively so it can go from $5,000 to $10,000 and now as you say it’s $12,000. When the machine first got installed it was £300 for a bitcoin, so yeah it’s absolutely massively changed and it’s constantly changing.
“Another way is by exchange, basically it’s kind of like the stock market, which is converting it into Bitcoin and then increase in value and then get it back again”
Manchester is also host to a monthly meetup for Bitcoin users, miners, buyers, sellers or anyone else otherwise interested in Bitcoin in the North West of England.
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