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Local Business Exchanges Bitcoins

Irondequoit, N.Y. Bitcoins they dont have the same ring or rate as pennies, nickels and dimes, or weight.

From all indications, it seems like people are really doing it, said Guy Paddock, Chief Executive Officer of Redbottle Design and bitcoin Consultant for Ridge Coin and Gold Exchange in Irondequoit, depending on the price people are coming in and they're buying a lot or they're coming in and they're selling a lot.

People are buying and selling virtual currency known as bitcoins. Each bitcoin is identified by an individual code, and one bitcoin is currently worth about 800-dollars.

Ridge Coin is one of the only locations in the northeast, outside of NYC, where you can go and walk in and do a trade to cash out bitcoin, explained Paddock.

Prior to this option bitcoin buyers and sellers had to do transactions online or in person with someone, sometimes a stranger, willing to buy or sell a bitcoin.

Ridge Coin and Gold Exchange in Irondequoit started buying and selling bitcoins two months ago.

[On] one hand the fact that it's not backed by a bank can be scary for some, said Paddock, on the other hand you know it's supported by the entire community, you know the users who use the currency are the ones that define what happens with it so in that respect people have even more control over where it goes then they would with the currency that's backed by government.

From what I understand bitcoin is a lot cheaper than a credit card would be in processing fee, an atm fee, said Gary Michaels, financial planner with Brighton Securities.

This is a possible reason why some local businesses, like Southwedge Colony on South Avenue in Rochester, are accepting bitcoins as currency.

But as good as bitcoin may sound Michaels has this warning.

It's really risky, I think, said Gary Michaels, financial planner with Brighton Securities, if your bitcoins are gone because the marketplace that handles them closes down you're out of luck.

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Washington Times