The first pint — a bottle of Kopparberg cider to be more exact — has been purchased in Ireland using bitcoin, with staff at the Baggot Inn in Dublin revealing that it was quickly followed by a flurry of other Bitcoin booze buys. Chris Healy,
Congressman Jared Polis is calling on the Treasury to ban physical dollars in response to Senator Manchin’s plea to ban Bitcoin. “The exchange of dollar bills, including high denomination bills, is currently unregulated and has allowed users to participate in illicit activity, while also being
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The first pint — a bottle of Kopparberg cider to be more exact — has been purchased in Ireland using bitcoin, with staff at the Baggot Inn in Dublin revealing that it was quickly followed by a flurry of other Bitcoin booze buys.
Chris Healy, marketing and events manager at the Baggot St pub, said the first pint paid for with bitcoin was bought by Michael Rudnicki — and other bitcoin fans then spent €140 between them.
The pub is now set to become the base of all things bitcoin and Chris Healy said that an element of planning had gone into Tuesday night’s events.
“The idea came up in early January and we looked into doing it,” he said.
“There was a lot of excitement and a great atmosphere in the bar.”
The Baggot Inn will officially launch its own bitcoin-friendly service on March 14, and last Tuesday it offered a 10% discount on Bitcoin purchases, meaning the first Bitcoin pint cost €4.50, or 0.0093 bitcoin. The will install a bitcoin ATM later this month.
The total amount of Bitcoin purchases came to around €150, although Chris said the process of Michal buying the first pint took “just two seconds”.
“It was a very simple process,” he said.
According to software engineer Michal: “The price is somewhat unstable, as bitcoin economy is still tiny. It’s growing rapidly, this is why you see wild price swings in both directions.
“Another thing worth noting is that while I paid in bitcoin, the barman ended up getting euros — thanks to his payment processor which does the conversion on the fly and guarantees price stability for the time of transaction. This reduces the volatility risk considerably.
“I think bitcoin is perfectly suited for over-the-counter purchases. It’s instantaneous and doesn’t have expensive CC [credit card] fees.”
A growing number of retail outlets are taking bitcoin and Ireland’s first bitcoin ATM will open shortly in Hippety’s Café in Dublin’s Temple Bar.
Mystery still surrounds the identity of the person who created bitcoin and set out the blueprint for the currency in 2008 under the name Satoshi Nakamoto.
Trinity College Dublin graduate Michael Clear and TCD computer science professor Donal O’Mahony are among those named as possibly being Satoshi, although both men have denied it.
Congressman Jared Polis is calling on the Treasury to ban physical dollars in response to Senator Manchin’s plea to ban Bitcoin. “The exchange of dollar bills, including high denomination bills, is currently unregulated and has allowed users to participate in illicit activity, while also being highly subject to forgery, theft, and loss,” wrote Polis in a statement.
To be sure, the Congressman is being cheeky. “This is just a satirical version of Senator Manchin’s letter, meant to draw attention to the fact that BitCoins are not any more susceptible to the problems that the Senator points out than dollars,” said Spokesperson Scott Overland. “Congressman Polis is not actually calling for a ban on physical currency, but hopes this helps move the debate forward so we can come up with ways to improve BitCoins, not ban them.”
The rather bold request comes on the heels of renewed calls to ban Bitcoin, a controversial, completely digital “crypto-currency” that allows for anonymous transactions–a currency that has been associated with black market activity. Bitcoin has strong champions from the libertarian wing of the tech community, who prefer an untraceable alternative to an official government-backed currency (the dollar).
Unfortunately, in addition to facilitating the black market, Bitcoin is also susceptible to wild swings in value and mass theft. Congressmen who worry Bitcoin will hurt uninformed investors want it regulated or banned entirely.
“The clear use of dollar bills for transacting in illegal goods, anonymous transactions, tax fraud, and services or speculative gambling make me wary of their use. Before the United States gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans,” said Polis.
All told it is a rather clever way to reveal some of the hypocrisy surrounding the ban on Bitcoin. At the very least, it’ll continue an important debate.