Wilmington bar allowing customers to use digital currency - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Wilmington bar allowing customers to use digital currency

Posted: Updated:
Here's how the system works: You go to a place allowing Bitcoin, scan a card code with your phone (which gives you access to your cyber wallet), then sends a bitcoin to the establishment. Here's how the system works: You go to a place allowing Bitcoin, scan a card code with your phone (which gives you access to your cyber wallet), then sends a bitcoin to the establishment.

WILMINGTON, NC (WECT) - A bar owner in downtown Wilmington is joining a unique trend. You'll soon be able to pay for your next beer with a Bitcoin, a form of digital currency.

Bitcoin has been around for at least five years and is an online financial network. People use it to send payments from one person to another. 

Workers at Duck and Dive said they're the first bar in Wilmington to allow people to use this type of currency. You can buy a Bitcoin from a seller or open up an online account.

Here's how the system works: You go to a place allowing Bitcoin, scan a card code with your phone (which gives you access to your cyber wallet), then sends a bitcoin to the establishment. 

According to the owner of Duck and Dive, Bitcoin credits are given to people who solve complicated math problems. The credits are sold out to people online.

Todd Barber, co-owner of Duck and Dive, said they haven't had many people use Bitcoin, but he believes that number will increase. Here's how he says his establishment will make money by using the digital system. 

"Well we feel like we can accumulate Bitcoin and then over a period of time it'll actually become more valuable. So the $25 tap you pay today, might be worth $35 a year from now," Barber said.

Some people believe Bitcoin is very safe because you have to have a pass code to get into someone's cyber wallet, but when doing research on this story, we discovered some experts say, if your cyber wallet is hacked into, you simply lose everything.

Websites like Overstock.com and the NBA franchise the Sacramento Kings allow people to make payments using Bitcoin.

Copyright 2014 WECT. All rights reserved.

Powered by WorldNow