First Bitcoin ATM in New York State in Albany coffee shop
Updated: Saturday, July 12 2014, 06:52 PM EDT
ALBANY -- It's being called the currency of the future. Bitcoins was started in 2008 after the economy sank. Scientists created a system of money that can be centralized on the internet, and can be transferred world wide. One Bitcoin is valid at 640 U.S. dollars.
"In it's simplest form Bitcoins invention was being able to transfer ownership of data instantaneously anywhere in the world. Which has never really been able to be done before. There's a lot of advantages to being able to instantly send something that's worth money anywhere in the world, without the fees you see with other mechanisms," says expert Chris Dosch.
Now, here in the Capital region, the first ever Bitcon ATM in New York State. It's at the CT @ HB coffee shop. But, you won't be taking any cash from it. What it does is make buying Bitcoins easier, and without the fear of scam artists. You insert cash, and scan your phone. Then, it instantly transfers Bitcoins into your account.
"This is the first one in New York State. I see this coming down as a historic moment, we're going to be looking back 10 years from now and digital currency saying Albany was one of the first locations to have one of these ATM's placed here," says owner Paul Paterakis.
But, the technology is not perfect. In February Mt. Gox lost almost $400 million worth of it's customer's digital currency. Like anything, experts say don't let just anyone hold on to your Bitcoins.
"So, the mantra in the Bitcoin community is never trust anyone else with your bitcoin. It's digital, you can hold it yourself fairly easily," says Dosch.
For the CT @ HB Coffee shop, owner Paul tells us that it's saving his small business money.
"Well as a small business owner when we get a credit card transaction it takes about 3% of our sales, where as Bitcoin I don't have to worry about that because it's free. There's no counterfeiting, I don't have to worry about a fake bill being passed over to me, you cannot counterfeit a bitcoin. I don't have to worry about giving out the wrong change so it actually helps with internal theft issues."
Right now, only a handful of local businesses accept Bitcoins, but online websites like overstock.com do. There will be an informational class on the new technology at the CT @ HB coffee shop on July 24th. Space is limited. For more information visit: http://www.coffeetimehellas.com/