— Binance, Mich., was one of the first cities in the country to join the growing list of major U.S. cities to accept Bitcoin.
The town of about 11,000 people in Michigan’s Michigan Hills is known as the birthplace of the digital currency.
The town voted unanimously Tuesday to allow residents to exchange their currency for dollars at the bank, which is located at 1123 South St. Marys Ave.
and has been accepting bitcoin since January.
Binances local bank, Michigan Credit Union, will accept bitcoin for its ATM service, and the credit union’s website, binancesbitcoin.com, will show bitcoin and dollars at checkout.
The bank is not accepting dollars as payment, and Bitcoin Cash is being used to make payments.
Binary Capital, a digital currency investment firm that operates two bitcoin exchange sites in Canada and Australia, has received a $2.5 million investment from the Bitcoin Investment Trust Fund and has set up a $100,000 trust account in the name of Bitcoin Cash.
Bitsquare, another digital currency exchange site, has partnered with Bitpay, a bitcoin payment processor, to offer a bitcoin wallet service.
Bitpay is offering customers the ability to send and receive bitcoin with PayPal, Venmo, Square and other mobile payment apps, Bitpay said in a news release.BINANCE has also become a virtual center for bitcoin, with its town’s Bitcoin Café, which offers food, beer and games for bitcoin users, now open for business.
BINANCES community has also hosted events to support the digital currencies acceptance, including a Bitcoin Night on April 1.
Some residents in the town have already used bitcoin for their everyday needs, said Matthew Zinkman, a senior manager at the bitcoin exchange site BitPay.
“People are going to be able to do things like buy things that they would normally have to pay in dollars,” Zinkmann said.
“If you have a credit card, you can buy an airplane ticket in dollars, and if you want to go to a movie theater, you’ll pay for tickets in dollars.”
Bitcoin has been gaining in popularity in recent years, with the cryptocurrency’s price reaching a record high on Wednesday, with an average bitcoin transaction value of more than $10,000.
Biniscoin, which uses a protocol called “mining” to determine the value of a Bitcoin transaction, has a market cap of about $4 million.
The value of all bitcoin transactions on the BitPay site is up to $11.4 million as of Tuesday morning.
The community in town, known as Bitcoin Miners, has grown from an estimated 5,000 users to more than 25,000, according to BitPay, and it has expanded its services to include the purchase of goods and services with bitcoin, and its own trading and marketing programs.
Bitcoin’s value has surged in recent months, driven in part by concerns over the federal government’s plans to regulate the digital cryptocurrency.
The Treasury Department’s Office of the Comptroller of the Currency has asked regulators to consider imposing a “money transmitter” classification on Bitcoin in an effort to prevent money laundering.
The bureau has also warned businesses, institutions and individuals to monitor the amount of bitcoin they hold, which has increased in value by about $5 billion this year.
Binoscoin has also grown into an international hub for the digital coin.
The company announced plans in November to open a U.K. office, while the U.A.E. announced that it was planning to expand its bitcoin trading operations in Britain.
This story has been updated to include information about the state of bitcoin acceptance in Michigan.