Bitcoin: Making sense of noncents

buyingburgersbitcoin20 Apr 2014 / Crains Detroit – The next time you grab a sandwich, order a pizza or pay for IT services, you may not have to reach for your wallet. Instead, you could have the option of paying the bill with bitcoins.

Businesses including the Bronx Deli in Farmington, Dynamic Technologies in Livonia, Athena Coney Island in Novi and Papa Romano’s in Troy affirm the use of bitcoin currency. According to, a website that tracks the businesses using it, there are at least 10 in the area that accept bitcoin.

Bitcoin isn’t regulated as a currency or security, though federal regulators, most recently the Securities and Exchange Commission, have raised red flags about it. In March, the SEC sent an inquiry and data request to the currency’s creator, an elusive person or group known as Satoshi Nakamoto. Nakamoto doesn’t believe the SEC has any legal grounds.

Despite the inherent risks operating in an unregulated realm, bitcoin has a local following.

“After working in financial services for 15 years, I’m not averse to taking so-called risk,” said Leonard Mazzola Jr., owner of the Bronx Deli.

“I found out about it playing cards with a buddy one night. He went “I found out about it playing cards with a buddy one night. He wen through it with me, because I thought it was like a PayPal system. Once I understood it, I found it was completely amazing. This is not PayPal at all; this is something that is completely different. It’s basically a currency with no borders.”….. Read more

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