Help us to Keep The Lights On for another decade! Back the Cable
The Bristol Cable

Stokes Croft’s Best Supermarket… and Bitcoin

Bristol and Beyond

Who’d have thought that the unassuming corner shop could be home to a cryptocurrency ATM?

In lighter, totally random news unrelated to Westminster: if you ever fancy grabbing a snack at the Best Supermarket on Stokes Croft, by all means do. But as you’re reaching over for that Snickers, check out the Bitcoin ATM.

Yes, you read that right. Turns out the Best corner shop next to Hamilton House is a trading post for the cryptocurrency Bitcoin. The shop’s main stock and trade is still in selling fags, lollipops, endless selections of biscuits, booze etc., but it’s also home to a Satoshi Point Bitcoin ATM.

Founded in 2014, the company is attempting to popularise and ease the use of Bitcoin – a decentralized peer-to-peer digital currency – which as of yet, continues to baffle most (See below for what Bitcoin is). But that’s the point of these ATMs, they’re simple to use and designed to appeal to people who aren’t necessarily tech savvy enthusiasts.

It took a mate to point out the ATM, which is otherwise fairly inconspicuous on the shop counter. All those oblivious Snickers-buying trips and little had I known that sat right there, was a portal into a burgeoning underground currency market – quite a contrast to the shop front that hasn’t changed in years.

Doing the maths on a giant calculator, Majid Khan, who works at Best Supermarket, said that if only he had bought Bitcoin when they’d first brought the machine into the shop a year and a half ago, he’d be loaded.

Khan and the bitcoin ATM

“It’s crazy, loads of people use this underground currency,” says a bemused Khan. Sure enough, as he talks, a person finishes using the machine after topping up a Bitcoin account with £30 in cash.

She asked not to be named. And that’s understandable. As well as avoiding middlemen, and the currency being a relatively steady source of growth and security for investors, one of the reasons people use Bitcoin is for the relative anonymity it provides users.

The Bitcoin user in Best said it was her first time using the ATM. Apparently she’d been inspired to try it out after hearing a talk by one of the Bitcoin founders at the Secret Garden Party festival.

Will these ATMs, which charge a fee, be a passing fad or are they a sign of things to come? According to their website, a SatoshiPoint ATM has also made its way to Fade’s barbershop in Filton. Who would have figured that a barber’s and a newsagents could help popularise the use of cryptocurrency in Bristol and the south west?

What is bitcoin?

As summed up by Coindesk: “Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It’s the first example of a growing category of money known as cryptocurrency.”

Bitcoin is used to buy a range of goods and services online. Increasingly, businesses of all shapes and sizes are starting to accept the currency, from tech giants Microsoft and Dell to pubs in London and Norwich.

So how do you use the ATM?

To buy Bitcoin:

  1. Get started by scanning your wallet’s Bitcoin address at the SatoshiPoint ATM.
  2. Add funds by inserting bank-notes into the SatoshiPoint ATM.
  3. Press the on-screen button to send the Bitcoins you just purchased to your wallet (the Bitcoin equivalent of a bank account).

To sell Bitcoin:

  1. Send Bitcoin to address printed out from the ATM.
  2. Wait up to 10 mins for one confirmation.
  3. Redeem your cash with the printed ticket.

Join 2,500 Cable members redefining local media

Your support will help the Cable grow, deepening our connections in the city and investigating the issues that matter most in our communities.

Join now

What makes us different?

Comments

Report a comment. Comments are moderated according to our Comment Policy.

  • Where in the Plymouth area can you find these Bitcoin machines???

    Reply

  • Hello there

    i run a 24/7 live whatsapp group for everything Crypto currency and as a little support group for my one year living in crypto only.
    https://chat.whatsapp.com/EfwvAvvuGAD7gTKaIODP0E

    It has a few hundred members now and the chatter is everything from newbie questions, trading, holding, portfolio management, TA and mainly confidence boostinf frrom like minded people. Whilst primarily the trading side of things is a cash grab. I am an early adopter of blockchain technology, registering my Id on the Swiss Borg blockchain, licing only off Crypto cash and also programming actively in solidity [smart contract language on the Ethereum Platform.

    there is also a slack channel
    https://join.slack.com/t/1yearincrypto/shared_invite/enQtMzAxNDYyODUzNTA2LTk0YTE0NGIxNGJiNzZlMDY5NTM5MzJmMzcyOTY3YTk2ZTE4ZjE4ODJjYmE3YTUyOGNmYmJkMzYxNTI5NDYxZGM

    where the information, charts and links from the day are kept. I do weekly reports and have just published the first 12 page newsletter with my views, portfolio and trading strategies.

    Please feel free to give me a follow on facebook. Join the groups and say hello or just watch from the sidelines. I hold live FREE training on all things crypto, from trading to how it will effect your job in the future, from my home office in Bristol.

    Thomas Harman

    Reply

Post a comment

Mark if this comment is from the author of the article

By posting a comment you agree to our Comment Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related content

Council budget approved with Conservative backing of Labour mayor’s spending plans

The initial budget plans failed to get cross party support in February. Some opposition amendments have now been added.

Budget now set to be approved despite criticism Rees has ‘disregarded’ will of councillors

The budget is expected to be approved with Conservative backing after Rees incorporated several of their proposals.

Mayor to consider alternative budget after changes win support from councillors

After four Green amendments on parking fees, reopening public toilets and cutting the mayor's office budget won support from councillors, they said it was disappointing that the mayor is even considering ignoring them.

Opposition parties target Mayor’s Office and council PR spending in push to amend budget proposals

The voting on how to balance the council’s budget next week looks set to resurface tensions between Mayor Marvin Rees and opposition councillors ahead of May’s referendum on the city’s political system. 

Budget cut proposals face criticism ahead of crucial council vote

Opposition councillors have responded to the Labour administration's plans to fill a £19m hole in the city’s finances. After last year’s election results, the mayor needs cross party support to get his budget approved. 

Council to cut management jobs and hike parking fees but protect frontline services in bid to fill £20m budget gap

In response to declining funding from central government and the impact of Covid, cost saving measures also include selling off council buildings, raising council tax and ending free short stays in residential parking zones.

Join our newsletter

Get the essential stories you won’t find anywhere else

Subscribe to the Cable newsletter to get our weekly round-up direct to your inbox every Saturday

Join our newsletter

Subscribe to the Cable newsletter

Get our latest stories & essential Bristol news
sent to your inbox every Saturday morning