The first Bitcoin St. Petersburg Bowl will be played on December 26 at Tropicana Field between N.C. State and UCF. The bitcoin processor BitPay bought the naming rights, paying for the deal in the virtual currency, and the event has grown beyond the game. A nearby town in a "Bitcoin Beach" initiative convinced 65 percent of its businesses to accept the currency, touting no transacation fees or chargebacks as incentive. Five bitcoin ATMs will be installed at the game and concessions will take it as payment. A sign that this isn't all bitvana, from the Tampa Tribune: "A downside to the coin is that its value fluctuates. But BitPay has offered area merchants the opportunity to accept it from customers and then receive the exact dollar amount of the transaction back into their bank accounts."
Jon Matonis is responding to a blog post which itself is citing a European Central Bank paper on virtual currency(pdf) [more inside]