Edit ModuleEdit ModuleShow Tags
Edit ModuleShow Tags

Bitcoin ATMs Come to the 'Burgh

But what exactly is a bitcoin?




photo by sabrina bodon

 

Just one bitcoin is equal to nearly $5,600, and you can now cash in at an ATM in Pittsburgh.

Known as a cryptocurrency, bitcoin is kept in a digital wallet on your computer or smartphone. While the U.S. dollar is backed by the U.S. government and has a physical form, there is no physical bitcoin.

So how does a bitcoin ATM work if there is no physical bitcoin? Users can deposit cash directly into their digital wallets or users can withdraw from their digital wallets for everyday currency. Major companies like Paypal, Microsoft and Overstock already accept the digital currency.

Bitcoin ATMs are owned and operated by private businesses who pay rent at the convenience stores like the One Stop Mini Mart on the Boulevard of the Allies in Oakland and the Quick Stop convenience store on Liberty Avenue in Lawrenceville, according to the Pittsburgh Post-Gazette. There are currently 150 bitcoin ATMs in the U.S.

Created in 2009, bitcoin is not owned or operated by any one government or organization, meaning money can be transferred person to person online without a middleman like a bank.
 


 

The bitcoin network shares a public ledger run by a network of computers around the world called a blockchain. Bitcoin wallets are established through software on your personal device and holds an encrypted piece of data called a private key used to sign transactions which keep you safe.

Bitcoins can be acquired through payment for goods or services, purchases at a bitcoin exchange, by trades or through mining. A competitive process, mining validates and processes each encrypted transaction from the blockchain to earn bitcoins as a reward.

Since the value of bitcoin fluctuates due to supply and demand, many users invest in the growing market. Last October, one bitcoin fluctuated between $600-$700, according to CoinDesk.

Will two bitcoin ATMS be enough as the market continues to gain traction? We’ll see.
 

Edit ModuleShow Tags
Edit Module

Edit ModuleShow TagsEdit ModuleShow Tags
Edit ModuleShow Tags Edit ModuleShow Tags Edit Module
Edit ModuleShow Tags

The Latest

Hungry for Something Good, Pittsburgh? Where We're Eating in July

Lidia Bastianich Shares Her American Dream in a New Memoir

PM Dining Critic Hal B. Klein talks to the celebrated chef, restauranteur, television host and author about grandparents, foraging and the plight of refugees seeking a better life in the United States.

They Prayed to Our Lady of the Roller Coaster

Two local priests –– riding the Phantom's Revenge to promote Catholic Day at Kennywood –– create a viral video. Along the way they deliver a most unusual sermon.

The Homestead Artist with a Worldwide Reputation

Jesse Best maintains a presence in New York and Tokyo. But, he says, Pittsburgh has been 10 times better to him than any other place.

The 400-Word Review: Jurassic World: Fallen Kingdom

The fifth "Jurassic Park" film is fun. Empty, somewhat disappointing fun.

Local Brewery Resolves Trademark Dispute With Sass

After Pitt ordered Voodoo Brewery to stop production of its "H2P American IPA," the company relaunched the beer under a new name.

Sprout Fund Passes the Torch

50 Pittsburghers to receive $1,000 Legacy Award to carry on the nonprofit’s vision.

Pirates Can Be Show Stoppers if They Follow Brault's Lead

A Broadway musical about the life and times of the Pittsburgh Pirates? The idea might not be as farfetched as you think.

Pirates Pitcher Steven Brault has Pretty Good Pipes Too

The Pirates reliever sang the national anthem Tuesday night before the Bucs hosted the Brewers at PNC Park. It's worth watching, especially for his teammates' reaction at the end.

Crime in the South Side Has Fallen Dramatically

Illegal activity plunged along East Carson Street following several new security measures.

Fired by City Paper — Charlie Deitch Won’t Be Silenced

The former editor of the Pittsburgh alt-weekly is creating his own "more inclusive" publication.

Czechoslovakia was Forged in Pittsburgh

Rick Sebak details how the establishment of the European nation began with a meeting Downtown.

Brick by Brick: Legos Go High Art

Made entirely out of Legos, the sculptures on the display at the Carnegie Science Center’s new Scaife Exhibit Gallery range from the whimsical to the otherworldly.

Mike Chen, Dean of the Chinese Kitchen

The owner of Everyday Noodles looks to encourage more regionally specific Chinese food in Pittsburgh restaurants.

MultiStories: Real Estate – The Machesney Building

Visitors can still ogle the lavish marble and bronze interior crafted to appeal to the original owner's banker and stockbroker tenants.