06 Jun '13, 10pm

Bitcoin buys you beer in Cambridge pubs

Bitcoin buys you beer in Cambridge pubs

On the 3rd of June, Andrew Bower walked into the Haymakers pub on the High Street, Chesterton, he ordered a half pint of Milton Icarus , took out his phone to scan a barcode and in an instant became the first person to buy a beer in a Cambridge pub using Bitcoin. Bitcoin is a virtual currency – it only exists digitally – but it can buy real world goods. The half pint cost £1.55 which worked out at 0.0202 Bitcoins (BTC), that's an exchange rate of almost £77 for a single Bitcoin. Two months ago it was worth twice that, six months ago just above half. Other virtual currencies already exist, but what makes Bitcoin stand out is that it is decentralised, that is to say there is no single body controlling the currency like the UK controls sterling, or Facebook does its own credits. Bitcoin uses peer-to-peer computing, the underpinning code is all open sourced and transactions ta...

Full article: http://www.cabume.co.uk/software/bitcoin-buys-you-beer-in...

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