IT’S the online currency tipped to revolutionise the way people do business and, for the first time in Australia, the digital currency bitcoin will be rolled out in the most dinky-di way possible — to buy a beer.

From today, the historic Old Fitzroy Hotel in Woolloomooloo will be the first business nationally to adopt the currency once exclusively found in the domain of tech-savvy libertarians.

Once bitcoin is established with businesses, anyone with a smartphone and bitcoin wallet will be able to use their phone to scan a QR code that will be generated at the till.

Hotel proprietor Garry Pasfield said when he first installed EFTPOS in his pub, he never thought people would use it.

“We have to be progressive in this day and age because the world won’t stop for anyone,” Mr Pasfield said.

“Like EFTPOS and even ATM machines, no one thought it would take off.

“I thought I might as well jump on this bandwagon as well, while I can.”

Beers should cost customers around 0.05 bitcoins, the equivalent of $7.

Importantly for businesses, installing bitcoin software requires no more modification than ensuring a workable WiFi system.

media_camera Old Fitzroy Hotel proprietor Garry Pasfield is taking Bitcoins as payment for beers

Mr Pasfield said: “I really think it’s something that could take off because it’s as safe as any other transaction — the only downside is the currency. It’s a bit like gold in the way it’s bought and sold.”

Bitcoin gained international headlines earlier this year when the price doubled and then collapsed over a few weeks. Recently, the price of a single bitcoin has stabilised, this week trading at $135, down from its peak of more than $250 in April.

Pub-goer Charlotte Gorman said she could realistically see her friends adopting the currency if more people started accepting it.

“It’s one of those things where it’s a bit of a gamble, the price of the currency could fluctuate up and down and make it attractive for youngsters,” she said.

Bitcoin was introduced in 2009 by a mysterious programmer known only as Satoshi Nakamoto, which is thought to be a pseudonym, and who has never given an interview.

Bitcoins came to the attention of the Australian Taxation Office earlier this year when it argued the currency could be used to hide transactions and dodge tax. Despite analysts arguing the ability to trade currencies like bitcoin anonymously would make it a target for the underworld, the ATO said it was confident it could still track users.

Originally published as A hard-earned thirst needs Bitcoins