What is Bitcoin and how do I spend it on Gin and Tonics at G-A-Y?

Who’s not using Bitcoin? It’s like being a drag queen- everyone’s doing it, right? If you have no clue what a ‘cryptocurrency’ is then don’t worry, until recently I thought it was something on the Sims, so you’re not alone in your ignorance.

Bitcoin is a peer-to-peer payment system that allows users to send the virtual currency to other users across the world.  Bitcoin records these transactions using a sort of virtual public ledger called the Blockchain.  Unlike a normal financial system governed by the authorities, Bitcoin is decentralised and open source,  meaning essentially no one is in charge- what could possibly go wrong?

If you’re sad enough to want to read more you can, but I wouldn’t bother because what you really want to know is- how can I spend my Bitcoin on cheap booze?

First, you’ll need to buy some and they don’t come cheap. At the time of writing 1 Bitcoin is equal to £5067.79 and this conversion rate fluctuates constantly. The Bitcoin investment market is a volatile bitch and she takes no prisoners.

To start buying you’ll need a wallet, a virtual (and sometimes physical) space that stores your information and Bitcoin balance. You can buy and sell as little as 0.001 (£6) bitcoin from the rather flamboyantly named Bittylicious, which is more than enough to get you a mid-week spirit & mixer at G-A-Y.

But the question is will G-A-Y accept my Bitcoin? You can sell your Bitcoin for cash from a cryptocurrency ATM and luckily there’s one a short five minute walk away from G-A-Y Bar on Lisle Street (thank god I hear you all scream!)  Unfortunately, G-A-Y isn’t on the list of 20 bars that are accepting Bitcoin directly in the UK, quelle horreur!

I tried to reach out to G-A-Y bar for a comment on whether they were looking to accept Bitcoin in the future, I’m still waiting for a response but the likelihood is slim. So if you’re looking to get absolutely wasted you’re better off sticking with your debit card, otherwise you might find that the fluctuating price of Bitcoin means you pay above and beyond for a quick G&T.

To be honest, this past week I’ve learnt more about Bitcoin than I really care for. I’m too scared of using Paypal and find Ebay too complicated so I think I’ll stick to cold hard cash, it’s a lot more fabulous.

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