East London’s, The Old Shoreditch Station coffee bar install the UK’s first Bitcoin ATM…
In July 2013, our cafe bar became the first coffee house in the UK to accept the much maligned and misunderstood virtual currency.Â Now customers will not only have the option to spend their Bitcoins on a coffee or a fresh pastry, they will also find the means to transform their hard earned cash into virtual Bitcoins instantly using what is being dubbed, a ‘Bitcoin ATM’.
Bitcoin is a decentralised digital currency that enables instant payments to anyone, anywhere in the world. It is rapidly gaining popularity with individuals and businesses, due to its simplicity and its freedom from transactional fees.
In an interview with BBC Radio 5 Live (Saturday 1st February) our Managing Director confirmed that we intend to have the UK’s first Bitcoin ATM installed in 10 daysÂ and explained why the currency has grown in popularity.
â€˜Currently, the main people who seem to be using Bitcoin are tourists, for obvious reasons…because there is no exchange rate. It is Global. It is a borderless currency. So if you have purchased some Bitcoin you can turn up at one of Jaguar Shoes venues, pull out your phone and say, â€œI want to buy that with a Bitcoinâ€ and it won’t cost a penny in currency exchange fees… It is very, very quick and easy. As quick, if not quicker than doing a PDQ transaction with a credit card.â€™
â€“ Nick Letchford MD â€“Â Jaguar Shoes Collective Â Â Â Source – http://www.bbc.co.uk/programmes/p01rr26t
Numerous ATM manufacturers are experimenting with models to support Bitcoin cash deposits and withdrawals.Â Although this is the first cash machine of its kind to reach the UK, hundreds of ATMs like this one have been installed globally over the last 6 months.
”Purchasing Bitcoins online can be a long and difficult process. Our ATM offers cash to Bitcoin conversion through a fast, secure transaction, using a compact and attractive wall mounted ATM. Insert cash and confirm the transaction with a scan on screen to your smart phone.Â Larger ATMs will become available soon, that can also dispense cash for coin.Â These are complex and due to the security required, we’d rather see more test time in the field before introducing these to all our venues, but we intend to in due course.â€
â€“ Simon James FD â€“ JaguarShoes Collective
The ATM will be operated by Futurecoins, a London based start up. Vasa Peric, Director of Futurecoins says: â€œWe believe that installing this machine will help to secure the UK’s future in this global financial movement. Bitcoins are here to stay. The sooner we adapt the better.”
Bitcoin has been causing a stir within mainstream media in the past weeks, following the arrest of the operators of two exchanges on charges of money laundering and following rumours that HMRC may adjust their position on the current status of the currencyÂ into line with the VAT treatment for normal currencies.Â According to theÂ Financial Times,Â HMRC is considering a similar approach to Germany, where it has been classified as â€˜privateâ€™ money. This would limit VAT on transactions to only the commission charged by trading exchanges.
‘You can purchase anything; Art, retail product, coffee or a beer, its quick and easy’.
Nick Letchford, praised the currencies merits onÂ BBC London News in January. Bitcoin transactions are currently accepted across all our venues, including a fashion store, Old Shoreditch Shop, fine art gallery Seventeen and quintessential Shoreditch bar and exhibition space DreamBagsJaguarShoes.
To find out more about Bitcoin, visit www.bitcoin.org
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