Typically bitcoins are bought using traditional currency from a bitcoin "Exchanger", although due to strict anti-money laundering controls, the process can can be tricky.
A user can then withdraw those bitcoins by sending them back to an exchanger like Mt Gox, the best known bitcoin exchange, in return for cash.
It is now possible to actually spend bitcoins without exchanging them for traditional currency first in a few British pubs, including the Pembury Tavern in Hackney, London, for instance.
On 29 October, the world's first bitcoin ATM also went online in Vancouver, Canada, which scans a user's palm before letting them buy or sell bitcoins for cash.
A small group of hardcore users also generate extra bitcoins by "Mining" for them - a process that requires computers to perform the calculations needed to make the digital currency work, in exchange for a share of the built-in inflation.
In August, Germany recognised bitcoin as a "Unit of account", allowing the country to tax users or creators of the digital currency.
Video: London’s Pembury Tavern Celebrates a Year of Bitcoin Roop Gill May 28, 2014 One year ago, the Pembury Tavern became the first London pub to accept bitcoin. Bitcoin.Travel – a travel website where tourists can book hotels, apartments, accommodation and tickets to attractions, etc. Pembury Tavern – A well frequented pub in London, England. Old Fitzroy – A popular local pub in Sydney, Australia. The Pink Cow – A popular local diner in Tokyo, Japan. Zynga – Widely used mobile gaming website Can You Buy Food With Bitcoin? KFC Canada Offers Fried Chicken For Cryptocurrency The Kentucky Fried Chicken franchise in Canada (not to be confused with all KFC branches, sorry Silicon Valley) is running a bitcoin-fueled marketing campaign: The Bitcoin Bucket. People can now buy a bucket of fried chicken with bitcoin evgen_po http://www.blogger.com/profile/04036824388046325081 [email protected] Blogger 126 1 25 tag:blogger.com,1999:blog-1219796845792682933.post ... Nor can you raise a pint at north London pub Pembury Tavern, which received some press a few years ago for entering the digital currency economy, but has since, like others, quietly exited. And chowing down with bitcoin is getting complicated. The website airbitz.com lists just three restaurants in Manhattan where diners can pay with bitcoin. Two have closed. A third, Melt Bakery, which sells ...
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