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Wednesday, May 4, 2016

Bitcoin ATM Makes Richmond Debut

Digital money deals can be transacted in Union Hill.

Posted By on Wed, May 4, 2016 at 4:30 PM

What seems to be the first ATM in Richmond to use bitcoins started operating May 1 at a deli in Union Hill.

Bitexpress announced in a press released that it had installed an ATM in Richmond, among several other cities including Norfolk and Pittsburgh, that will use bitcoins, which is a peer-to-peer currency. In other words, it is a digital money.

Richmond’s ATM machine is at D Express Deli at 2001A Venable St. Attempts to call the deli were unsuccessful.

Bitcoins were developed by Satoshi Nakamoto in 2008 as a way to conduct financial purchases and transactions digitally with no intermediaries charging extra fees. They were introduced in 2009.

But the concept has been slow to catch on. Only about 100,000 stores and other enterprises accept them.

Financial institutions in Europe have warned that the goods and services bought by them might have problems if the buyer is unhappy with the deal and wants his money back.

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