WORCESTER’S first bitcoin ATM has been installed in a city centre computer shop.

The first Lamassu Bitcoin ATM in Worcester, at Computer House in Lowesmoor, will allow people to purchase bitcoins – a digital currency that can be used like traditional money to purchase items – as well as other cryptocurrencies.

Deano Holder, director of No More 925, said: “I’ve always been excited by innovative technology which helps us to make our everyday lives easier and more comfortable.

“I am convinced that Bitcoin and cryptocurrency have that potential, and that’s why I will continue promoting cryptocurrency in the UK.”

He added: “At the moment there are 148 BTMs (Bitcoin ATMs) in the United Kingdom and worldwide more than 3,000, and now we’re proud to have one here in Worcester.”

The ATM machine processes one-way transactions, from cash-to-cryptocurrency, and accepts pounds. Its pricing is determined by online live exchange rates.

Customers can also purchase crypto coins to such as Bitcoin, Ethereum and Litecoin. Dash will soon be available.

Bitcoin is electric money that works without a centralised bank. Money transfers are made directly person-to-person, cutting out the middle man at the bank.

Bitcoins are stored in a digital wallet, a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.

People also accrue Bitcoins by ‘mining’ them – solving complex maths problems – with a reward of more Bitcoins.