Monday meetups at Satoshi Square: exchanging Bitcoin in New York

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Photo by Jeff John Roberts

Every Monday, the part of New York’s Union Square currently known as Satoshi Square looks more like a family gathering than just an informal meeting where Bitcoin lovers can exchange their virtual coins.

It’s not something totally unusual – people in London, Toronto and Berlin organize some similar events -, but New York has that kind of cryptocurrency users that are difficult to find anywhere else. It’s like if they were the original Bitcoiners and the Big Apple was the center of the cryptocurrency world. At least, since May, when these meetings started to occur, every Monday, from 5 to7 pm.

Jeff John Roberts, from the website GigaOM, was at the Satoshi Square recently and shares his experience. “People called out sale prices and others, clutching envelopes of $100 bills accepted. In 30 minutes, I saw around seven transactions, the largest for $1500. None involved merchandise — it was all greenbacks for Bitcoins“, he writes.

According to Roberts, the traders didn’t use a single method for the exchanges. “Some pulled out phones to scan Bitcoin addresses embedded in QR codes, others used laptops or tablets, and one man used a gift card he obtained months ago at a Bitcoin event in California”, he adds.

In the end, he got the idea that only three types of people are interested in Bitcoin: “political idealists, geeks, and people who want to get stinking rich” and the future of cryptocurrency only depends “on the money men”.

Via gigaom.com

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