First ever Bitcoin ATM in the East Midlands was installed at a convenience store in Allenton, Derby!
Allenton is a suburb of the city of Derby, England, situated about three miles south of the city centre. This suburb is lucky to have the first ever bitcoin ATM in the East Minlands!
Does this mean that there is a massive support for Bitcoin in the area? Well, it looks like it!
What could be the factors affecting the massive support of England to Bitcoin?
Aside from Bitcoin has become one of the most influential digital currencies today all around the world, I could say that the economy of Europe today is one of the factors affecting this.
Why do they love Bitcoin? Their answers will surprise you!
The first Bitcoin ATM in the East Midlands has been installed at a convenience store in Allenton.
The machine – which enables users to buy and sell Bitcoins in a quick, easy and safe way – is at Dhiensa Food Stores in Nightingale Road.
In simple terms, Bitcoin is a type of digital currency, created and held electronically. Bitcoins can be used to buy things electronically.
The idea was developed in 2008 with the aim of producing a currency, independent of any central authority, that is transferable electronically more or less instantly and has very low transaction fees.
Michael Morris, managing director of Heliopay which installs Bitcoin ATMs across the country, said that as more people understand what Bitcoins are and how they are used, the popularity of the currency will increase.
“As with all new technology, people don’t always know what it’s about or understand it and that is reducing now with Bitcoins.
“Bitcoins are safe to use, they’re fast and for those who are investing in the currency, there is money to be made.
“Music has gone digital, newspapers have gone digital, it’s the next step – making money digital. But because it involves money, it is taking longer than normal.”
Mr Morris added that once, Bitcoins were a “suspicious technology” but as more people learn and educate themselves, their popularity is growing. In total there are between 50 and 60 Bitcoin ATMs across the UK.
Heliopay installed and takes care of three in total, one in Portsmouth, one in Bournemouth and now, one in Derby. Bitcoins can be spent in an increasing number of bars, restaurants and supermarkets and are being used by travellers who don’t want to carry cash around with them.
Bitcoin totals are held in electronic “wallets”, which can be on your smartphone. Amounts of bitcoins can be sent to other people using a web address they give, similar to sending an email. The address can be provided by them sending a QR code, which you then scan with your phone.
Alternatively, merchants who accept bitcoins can provide you with a QR code which you can scan to send them an amount of currency.
At the ATM in Dhiensa Food Stores, you can buy bitcoins by inserting money into the machine. It will generate a QR code which you can scan to update your electronic wallet.
The current exchange rate is between £1,200 and £1,300 for one Bitcoin – but you don’t have to buy a whole one. The minimum spend to use the ATM in Allenton is £5. Fees for transactions are 5%.