Crypto community in Birmingham woke up to some hot news on Reddit yesterday with one of the users ‘pinpointing’ Bitcoin Embassy, Birmingham. The conversation that the users’ post generated on the forum pointed out the need for ‘bric-and-mortar’ structures which bring in a sense of community for the users of cryptocurrencies in any locality or region.
The conversation gathered momentum as “bitcoin embassy” is known to be points of contact, networking and co-working ecosystem for the crypto community in the areas where they are located.
Bitcoin Embassy, London
It’s more popular chapter “bitcoin embassy” London, is known to have the organizational structure which befits a setup meant for community building around the subject of bitcoin.
The emergence of such institutes or formal places where the study and real-time process for transacting in cryptocurrencies can be developed is possible because of the government’s positive attitude towards such currencies.
In June of 2017, Birmingham inaugurated its first ever bitcoin ATM. The purpose was to permit digital transactions which were independent of the central banks. UK welcomed these crypto spouting ATM machines across London convenience stores with plans for further installations across the country in the coming months.
Previously, the then Head of Operations, at BCB ATM, the company behind the latest crypto ATM installations, Landry Ntahe had said:
“We are really pleased to install our first bitcoin ATM in Birmingham, especially as it’s a region where we’ve seen more and more people using bitcoins. Within the last year, we have seen rapid growth in the use of our machines and high demand for placements of bitcoin ATMs within the UK.”
The company had been positive about the rate of adoption of these encrypted currencies by mainstream consumers. As Ntahe had commented,
“This tells us the adoption rate for using bitcoin is increasing and where there is more demand, the value will increase.”
The features for which the ATM were to become popular included the following facts, according to Ntahe,
“While many people can purchase bitcoins online, our units offer another secure, trustworthy and convenient way to buy and sell bitcoins and more importantly with greater anonymity.”
The target group of consumers of these digital assets, especially bitcoins, were “gamers, techies, web developers, and investors but increasingly SMEs [Small and Medium Enterprises] buying online are seeing the benefits of paying by bitcoin,” according to Ntahe.
One of the first permanent ATM for Bitcoins and other digital transactions was opened in 2013 at a Vancouver coffee shop.