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An entrepreneur has opened the first shop in Europe where Bitcoins can be bought over the counter.Normally it can take weeks to set-up an account and purchase the digital currency over the internet - but Akin Fernandez simply prints off a voucher so they can be accessed immediately.
The user then enters a 16-digit code and the Bitcoins are transferred to the designated virtual wallet within 70 seconds.
Mr Fernandez, 51, has opened his Azteco shop in Shoreditch, central London, and hopes to set up similar outlets around the world. The entrepreneur likened his vouchers to Pay As You Go top ups for mobile phones.
He said that Bitcoins will one day enable 2.2billion people in the developing world who do not have bank accounts to pay for goods and services over the internet for the first time.
The entrepreneur had hoped that people would be able to redeem their voucher immediately in his shop through a Bitcoin wallet app like Blockchain, City AM reported.
However, the apps were recently blocked by Apple - so now people have to use their computer to access one of the e-wallets.
However, the apps were recently blocked by Apple - so now people have to use their computer to access one of the e-wallets.
'Bitcoin is hard to understand, but it doesn't have to be. We have boiled it down to its essence so that it is simple, easy to use and works very quickly,' he said.
'With Bitcoin, it is now possible to send a fraction of a Euro or Pound anywhere in the world instantly, to anyone directly, without a bank and with near zero fees.
'Of course, you are not actually sending money with Bitcoin. What you are sending is an entry on the Blockchain global ledger, that has a value because it is scarce.
'Its like a seat on a train. This is entirely different to actual money, even though superficially it acts like it.
'Bitcoin is going to change ecommerce forever. With Bitcoin, everyone in the third world will have access to buying goods on the internet with a fraud proof method of payment.
'This means that every website in the world that sells goods will eventually be accessible to some of the 2.2 billion unbanked people in the world. Making Bitcoin accessible and easy to use is key to making this transformation happen.'
Often, if people from developing nations who do have debit or credit cards find they are rejected by websites based in the West when they pay for goods
As a result, Mr Fernandez is hoping to open Bitcoin shops in Mexico and Sierra Leone.
'With Bitcoin, it is now possible to send a fraction of a Euro or Pound anywhere in the world instantly, to anyone directly, without a bank and with near zero fees.
'Of course, you are not actually sending money with Bitcoin. What you are sending is an entry on the Blockchain global ledger, that has a value because it is scarce.
'Its like a seat on a train. This is entirely different to actual money, even though superficially it acts like it.
'Bitcoin is going to change ecommerce forever. With Bitcoin, everyone in the third world will have access to buying goods on the internet with a fraud proof method of payment.
'This means that every website in the world that sells goods will eventually be accessible to some of the 2.2 billion unbanked people in the world. Making Bitcoin accessible and easy to use is key to making this transformation happen.'
Often, if people from developing nations who do have debit or credit cards find they are rejected by websites based in the West when they pay for goods
As a result, Mr Fernandez is hoping to open Bitcoin shops in Mexico and Sierra Leone.
Incredible. What a remarkable entrepreneur.
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