Bitcoin Trading Floor Models Itself After Wall Street

Bitcoin Trading Floor Models Itself After Wall Street

In-person cryptocurrency trades take New York City by storm.

Serena Chu
  • 6 february 2014

Bitcoin traders who are feverishly looking for a place to trade in-person can now make their way to “Satoshi Square.” Located just one block away from the New York Stock Exchange, the floor of the Bitcoin Center NYC recently hosted its third trading event Monday night, which saw about 100 people attend.

The Center, sponsored by real estate developer and Bitcoin enthusiast Nick Sponas, has quickly established itself as the go-to spot for all major cryptocurrency trading. Dogecoin, the third largest traded digital currency, was also on offer that night.

In an unregulated market, all transactions were taken and closed on traders’ smartphones. People set up transfers through their Bitcoin wallets, and exchanged public keys for payment.

settling up

The Treasury Department takes no part in this proprietary trading because it does not fall under their statutes.

Mark Anthony, a former Amex Exchange cotton trader, tried his hand in the market and commented on the pit’s advantages over virtual exchanges. “If you went to [an electronic market], you’d have to leave your money there, maybe you’d get it out, and it could get stuck in Mt. gox,” he said. “Here, anyone in New York City who wants to buy some bitcoin will learn this is a good place to put it.”

Though most people attended as mere curious bystanders, the takeaway here is that people got a chance to meet up with like-minded individuals who are excited about the burgeoning Bitcoin community in New York.

Source, images: BusinessInsider




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