Bitcoin Now Accepted in Movie Theaters

Posted by Staff Reporter ( on Jun 16, 2015 06:10 AM EDT
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Newest Innovations In Consumer Technology On Display At 2015 International CESmore big
LAS VEGAS, NV - JANUARY 08: A general view of the Bitcoin booth at the 2015 International CES at the Las Vegas Convention Center on January 8, 2015 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 9 and is expected to feature 3,600 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo : Ethan Miller/Getty Images)

Moviegoers will finally have another mode of payment whenever they will watch a movie. The newest and emerging currency online, Bitcoin, will be soon introduced as an accepted way of payment for moviegoers, Cinemablend reported. The report also said that Sundance's featured film Dope will be the first movie that will hit the theaters to accept bitcoin as payment.

According to the film's official press release, Dope's producer Open Road Film has teamed up with and GoCoin to begin accepting Bitcoin at participating movie theaters in the entire United States. GoCoin also confirmed that they are planning to provide the service to people who are currently using Bitcoin at around 900 to 2000 theaters that started on June 15.

Bitcoin was conceptualized in 2008 as an open source peer-to-peer payment system and it allows its users to interact and move funds directly without the usual bank transfer waiting period. Bitcoin transaction also features anonymity which is a big factor why Bitcoin gained popularity in the market. It is also rumored that criminals have heavily used Bitcoin due to this but was not proven as of this writing. Bitcoin transactions don't have bank fees which are a heavy lift for traders.

Coindesk also said that according to GoCoin CEO, Steve Beauregard, they have also partnered with Regal Cinemas, which holds the nation's largest theater chain with approximately 500 cinemas in various states and cities. Regal Cinema is AMC Theater's stable which alone has 300 cinemas in the United States. The move was not only inspired by the film Dope but also to introduce the technology to the public as it gained its popularity in the internet world.

The movie Dope is a progressive take on the young African-American culture. It circles on the exploits of modern day high school students inspired by the 90s hip-hop era. 

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