Madeira Beach wants to become the world's first official Bitcoin City and needs 80 percent of local businesses to accept the digital currency in order to receive that title, according to the City Manager.

"We thought as long as Bitcoin is sponsoring the Bowl Game, why don't we further that relationship," said Madeira Beach City Manager Shane Crawford.

Bitpay signed a three year deal in 2014 to sponsor the Bitcoin St. Petersburg Bowl that takes place on Dec. 26 at Tropicana Field.

Madeira Beach won the contract to host the Bitcoin Beach Bash on Dec. 24 and Crawford hopes local businesses will welcome those visitors by accepting their favorite form of digital currency.

"There's very little risk on behalf of the business owners. In fact, all they have to do is sign up to accept Bitcoin," he said. "It's nothing that the city or city government would be imposing on our business owners. We're just asking them to consider it."

Crawford said there's about 200 brick and mortar businesses in Madeira Beach. A few of those businesses are already on board with the idea. Daiquiri Shak owner, Jeremy Runo, said he's setting up a Bitcoin digital wallet account.

"It's an interesting concept," he said. "We're excited about it."

The owner of Mad Beach Craft Brewing Company, Matthew Powers, said his business will also begin accepting Bitcoins and it should save money on credit and debit processing fees.

"75 percent of our sales is credit cards. Bitcoin, you can accept those, it's just basically another type of credit card," Powers said. "Digital currency and there's zero to less than 1 percent processing fee versus a credit cards 3 percent processing fee."

"It could be $1,500 to $3,000 a month in credit card fees that you pay," Runo said.

Some business owners are wary of Bitcoins because they're not backed up by the Federal Deposit Insurance Corporation such as regular bank accounts and the federal government has taken a closer look at what officials call the currency of choice for criminals online.

The owner of Not Just Another T-Shirt Shop, Marty Howard, said his business will not be accepting Bitcoins.

"It's not necessary. I'm one of those older guys that believes we probably should just be using cash," he said. "It's not protected... leave it alone."

Misty Wells, the owner of MWI Marketing and PR, said it was her idea to try and have Madeira Beach become the first official Bitcoin City in the world. Wells hopes a town hall meeting on Thursday at 6 p.m. will alleviate business owners concerns.

"Bitcoin is going to be there talking about Bitcoin and how it all works," she said. "How it affects their business, how it will enhance tourism to the City of Madeira Beach and answer the multitude of questions that people have."

Crawford said he expects a huge economic impact from the Bitcoin St. Petersburg Bowl and Beach Bash along with the exposure those events bring to the city.

"I think that's the priceless part," he said. "I don't want to call it a marketing gimmick because it's certainly more than that."

"As a business person sometimes you've got to take a risk and the payoff can be great," Powers said. "There's no hurt in trying it. If it's not working for us, it's easy to stop."