International bar chain Brewdog has started accepting Bitcoin payments at its newest bar in Canary Wharf, on the cryptocurrency’s tenth anniversary.

This is the latest step in a history of financial innovation by the brand, which raises the bulk of its investment from the public.

Ten years ago this week the cryptocurrency was unveiled by its elusive creator Satoshi Nakamoto.

They are emphasising its role not just as a cryptocurrency, but as a means of payment.

Bitcoin is known for its volatility, demonstrated by its inconsistent exchange rate over the last two years.

On this day two years ago, one bitcoin was worth less than £600.

In 2017 alone it ranged from a low of £650 to a high of almost £15,000.

Today, the rate sits at around £5,000 per bitcoin.

This fluctuation may explain why other bars haven’t taken up cryptocurrency already.

In fact, the Pembury Tavern in Hackney sampled Bitcoin payments as early as 2013.

They ended up abandoning the initiative saying it was not only too unstable, but that the service itself was neither quick nor reliable enough.

Experts also have concerns about the suitability of Bitcoin as a physical payment method.

Dr. Arthur Gervais from Imperial College London’s Centre for Cryptocurrency Research and Engineering says  it needs refining in order to represent a valid option as a widespread payment technique.

“Transactions simply aren’t efficient enough currently”, he said.

Brewdog seem happy with the results so far.

They claim the initiative already brings in much more profit than other digital services such as Deliveroo.

London news