NoHo Internet Cafe Now Accepts Virtual Currency Bitcoin

Would you like to pay for that with cash, credit card or an Online currency that's generated by solving a digital mathematical algorithm?

The third payment option, more commonly known as Bitcoin, is now being accepted at Model Printing at 5152 Lankershim Blvd. in the NoHo Arts District.

Bitcoins emerged a few years ago in the techie community, but in recent months have surged in demand and value, topping $1 billion US dollars for avaiable Bitcoins, according to some estimates. 

It works like this: a server generates 25 Bitcoins every 10 minutes along with an extremely difficult math problem. Cracking the code is a process known as Bitcoin mining.

But they can also be bought from people who already own them. An individual Bitcoin's value soared to $260 at one point earlier this month, according to Metro.

Check out this Wired article to read more about how they work.

One reason why it's so appealing to Model Printing owner Steve Quezadas is that the virtual currency isn't regulated by a central bank. 

"My goals are more political than economic," he said, adding: "I don't like the Federal Reserve system or centralization."

Quezadas, who said he did some computer hacking as a teenager in the 1990s and was a follower of the hacking group 2600, says Bitcoins also eliminate credit card transaction fees. 

But he admits no one has used a Bitcoin yet at Model Printing to use its computers or head shot providing service.

Other companies like Wordpress are already accepting Bitcoins and they could also be used to buy products like video games and music.

As far as the currency's life span goes, there are to be no more than 21 million Bitcoins to be generated with the last one to be issued in 2140.