Donut Shop Said To Use New Digital Currency
By Tierre Rhodes
ST. LOUIS (KMOX)- Strange Donuts in Maplewood is known for its unusual culinary creations, but now it hopes to be known for a new and unusual business practice.
Strange Donuts was born online. Co-owner, Corey Smale, says a Kickstarter.com campaign launched the restaurant and social networking sites such as Facebook and Twitter have fueled its popularity.
“For us it feels like the natural thing to do…we’re just going to keep doing things that people are surprised by and that are interesting, says Smale. “I feel like being pushed by again, the internet, people, community, power. So, it falls right in that…”
Bitcoin is a digital currency that was originally created in order to allow instant payments peer-to-peer without using a financial institution. It is a computer network based on cryptography- a branch of mathematics that allows the creation of mathematical proofs to provide high levels of security. Even though online banks already use this branch, Bitcoin makes it possible for anyone to spend funds from another user’s wallet.
As of today, Coindesk-a digital currency news site that collects data of the prices of bitcoin across high-volume exchanges, says the value of a single bitcoin is $868.22. So, if you were to buy a strange donut, it would probably cost .001 bitcoins.
Strange Donuts is working with Happy Badger Studio, also in Maplewood, to help those who have bitcoins spend them on a snack or other grocery items. Happy Badger employee, Ben Triola, says that the most common way to receive bitcoins is to buy them. He also says, once you do, they will be ready for use just like any bank transfer or paypall account.
“If I wanted to buy a donut… he would give me his address and from my phone, I would go to my wallet and send that much to his address,” says Ben Triola.
The shop wants to start accepting the internet currency “bitcoins” in exchange for donuts. They hope to have the software completely ready for use in a week or two.
“This is all new to us and I think we’re still figuring that out. What we’ll probably do with the bitcoin that we we collect, it probably will never turn into money, we’ll probably use that for other goods or we’ll just use it for more coins and kind of explore that road once we get there,” says Smale.