In the last few weeks Bitcoin got bashed left and right by people because of the Mtgox debacle. “Bitcoin will be dead in a few weeks” or “Bitcoin is a scam” are the favorite pastime of the lobbying pro bank individuals. However if you are looking for real evidence or some witty discussions with these “naysayers”, you will be very disappointed.
When these critics speak about Bitcoin they mention Mtgox in the same breath. This is a wrong determination. People need to see Mtgox as a COMPANY that USES BItcoin. It is best to view Mtgox as some kind of company, let’s say a bank, and that bank had committed fraud. But other comparisons can be made. So is BItcoin doomed to fail because of the Mtgox fiasco/fraud? NO and this is not only the opinion of a couple of pro Bitcoiners or some people that want to push Bitcoin to higher regions. Let’s examine some facts and recent developments.
The options in London have doubled for people who want to buy their bitcoin instantly with cash, rather than via an online transaction. So there are 2 options available for people to buy things. This is a sign that Bitcoin is increasingly being seen as a viable business option in the UK.
The first business to provide a walk-in service for Bitcoin purchases was Azteco, London’s very first BTC voucher shop. Azteco opened on 17th February in the east of the capital. There is a new project in the works in London. The first Bitcoin ATM machine is currently being tested in London and has begun pinging digital currency to customers’ wallets at the trendy Old Shoreditch Station cafe.
There are also other initiatives where Bitcoin and art are going to go hand in hand. The aforementioned café, exhibitions, events and a shop are operated by Jaguar Shoes, an arts collective that has been accepting Bitcoin payments for their products since July last year. The ATM takes their bitcoin operations to a new level, and is owned and run by Future Coins, a London-based startup. Joel Raziel, entrepreneur and director of Future Coins told CoinDesk: “I was intrigued when I first saw a Bitcoin ATM on display at a conference and was shocked to find that none had appeared in London. I contacted the manufacture, Lammasu, who told me that they had not received any orders from the UK. It was at this point that I started to cost up the project and move forwards.”
However there are other initiatives as well, like expanding the ATM’s, first in London and then to the rest of the UK. More and more businesses are also considering opening up their services and products available for Bitcoin.