How We Turned Bitcoins Into Beer

Category: Markets / Finance / Apr 25, 2013 6:25PM EDT
While bitcoins may be rising in popularity there are still only a handful of brick-and-mortar stores to spend the new digital currency. EVR Lounge, a bar in midtown Manhattan wants to change that. They began accepting bitcoins as payment a few weeks ago. We thought it would be fun to see how the technology works and turn some bitcoins into a round of drinks so we bought 50 dollars in bitcoins and headed uptown. EVR Lounge started accepting bitcoins as payment a few weeks ago. For, Alex Likhtenstein, the switch was a no-brainer. The technology is designed to be user friendly. The waiter just has to enter the amount of the bill in dollars, the app calculates cost in bitcoin and generates a qr code. The customer then scans the code and the payment is sent. Payments to EVR are automatically transferred to dollars so they never have to actually carry the digital currency and therefore avoid any risks in fluctuation. Hearing about it was great, but we wanted to see what it was like to actually spend bitcoins.