You can buy a beer in Philly with bitcoins, but is the currency viable?

in Research Initiatives/Bitcoin Now
February 6th, 2014

From NewsWorks
By Shai Ben-Yaacov
February 5, 2014


Tucked into a narrow Sansom Street block in Philadelphia, Cavanaugh’s Rittenhouse Square appears similar to any other sports bar in town.

But look closely at the tavern’s front window and you’ll see a small sign reading “Bitcoin accepted here.”

“I’ve just been following it, and I’ve been into technical and computers for a while, and it was always there. And, of course, just kicking myself for not picking up 20 bitcoins when they were worth a dollar,” said co-owner Ken Hutchings.

You may have heard of the online currency’s meteoric rise over the past year. Bitcoins started 2013 trading for $13. At their height in December, they were worth $1,200.

Now, more and more Philadelphia retailers, like Cavanaughs, are accepting bitcoins — about two dozen so far, according to the online bitcoin retail locator Coinmap. That makes Philadelphia one of the top 10 cities in the world for bitcoin users relative to its population…


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