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New York coffee shop and bakery starts accepting Bitcoin

It's not just big Internet retailers like TigerDirect and Overstock.com making moves to accept payments via Bitcoin; local businesses are getting into the game also. A New York bakery, Coffeetime@Hellasbakery, announced this week that it is now accepting Bitcoin payments for its traditional Greek coffees and pastries at outlets in Schenectady and Albany, plus Manilla in the Philippines, and claims to be the first international coffeehouse to do so.

This sign is becoming more popular at local merchants across the country.
This sign is becoming more popular at local merchants across the country.
Photo by Ethan Miller/Getty Images

"Love it or not, Bitcoin is a currency, and a very convenient one at that," said Paul Paterakis, CFO of Coffeetime@Hellasbakery. "We are excited to have the technology within our shops to give customers an additional currency to use."

Paterakis believes that we are in the very early stages of Bitcoin adoption and that it will continue to grow. "Every restaurant or retailer will have to accept Bitcoin down the road to succeed," he said. "We are doing it now. Today."