Most Americans have been sheltered from the Bitcoin craze until now; they can’t help but ignore it anymore. Mostly because of the recent surges in price, the fad is hard to disregard. Which restaurants accept bitcoin and should your business too?
Believe it or not, the time has come and Bitcoin is making its rise as the New International Currency. The US Dollar has dominated commerce and trade for many years now; but the financial institutions worldwide are shifting significant resources into the digital revolution.
Bitcoin is currently seeing a gigantic surge in price. This has happened before, back in its early infancy. The value will decrease and level off in the future, allowing it to hold its worth more effectively. The currency is becoming more useable worldwide everyday.
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Why Does Bitcoin Have Value?
Bitcoin is a new type of asset, not much different than others we are familiar with today like gold and nationalized paper currency. Bitcoin was developed from a basic need to send and receive digital value, to anywhere on the Internet. Transactions can be small or large, but transferring monetary value was the initial goal.
Blockchain technology connects together many computers, allowing them to have enhanced computing power. These “super computer” connections require massive amounts of power. Today, power is a resource we pay for; therefore Bitcoins are at least worth the price of the power required to produce each.
The significant surge in price we are witnessing today comes as no surprise to Bitcoin believers. We are witnessing the rise of the new world currency! Bitcoin makes governments irrelevant by remove jurisdiction from their authority. By removing a large portion of value from nationalized currencies, you can reduce the power that nation can inflict on the world.
Essentially, if a nations currency is strong, and the value is supported worldwide, that nation can dictate major worldwide decisions. But if any particular nations paper currency doesn’t have value, then that nation and citizens suffer as a result.
Bitcoin offers a nationless solution to central banking. By being borderless, Bitcoin quickly growing in popularity as a new world currency. Read here for 7 Reasons Why You Should Own Bitcoin Too.
Restaurants that Currently Accept Bitcoin
Restaurants and businesses worldwide have learned to accept Bitcoin payments because of the growing global potential. Over 5,000 merchants and websites currently accept Bitcoin in Japan. It’s being reported that 260,000 businesses in Japan will accept Bitcoin by this summer. A Japanese retail stores chain and a human resources conglomerate have both teamed up with local Japan Bitcoin Exchanges to offer their customers easy conversion for their currency.
One of the world’s largest online foods ordering websites in the world, Takeaway.com, has accepted Bitcoin through Bitpay since November 2013. Based in Amsterdam, Takeaway.com is competitive in 10 countries, has 28,800 restaurants, and 8.9 million active customers. Bitcoin has been growing in international recognition for the past few years and make perfect sense that it would be accepted by an online food delivery service.
In the domestic US, bitcoinrestaurants.net is great resource to check out. La Sirène, a new fancy French restaurant in New York City, has decided to accept Bitcoin and refuses to take Visa or MasterCard. Menufy.com is a fascinating website design company helping restaurants with their online ordering system, also accepting Bitcoin. Merchant wallets integrate with most major point-of-sale (POS) systems, shopping carts and commerce systems such as Magento, Shopify or SoftTouch also use this worldwide currency.
Check out this worldly nomad who traveled the world for 18 months spending only Bitcoin. I cannot explain any clearer why I believe that Bitcoin has potential as a global currency. It is clearly destructive to the current economic status quo; hence the immediate rush to acceptance.
Does Dominos Pizza and Subway Really Accept Bitcoin?
Some Subway sandwich shops are accepting Bitcoin as payment. Subways are independently owned and operated franchises; as a result, this allows them to adapt their own payment systems.
I have read reports of Domino’s pizza partnering with pizzaforcoins.com; but that is not the method I recommend to purchase pizza with Bitcoin. Reviews say prices are high and some people report possible scam behavior.
Ordering Food With Bitcoin-Food Delivery Bitcoin
For best results, use your Bitcoins to purchase gift cards from egifter.com or gyft.com. These websites offer you secure gift card purchases for hundreds of nationwide retailers. Often you can save 5% or more buy purchasing these gift cards. Give it a try and spend some Bitcoins!
Plans for Bitcoin Payments Systems to Grow
Currently the best place to purchase your own Bitcoins is through a secure online marketplace. I have had lots of success using Coinbase.com. It is the user-friendliest marketplace available. There are three coins to easily buy, send or receive. The wallets are simple to understand and the graphing charts are easy to follow.
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Bitcoin Atm machines have already hit the market and are growing rapidly along with merchant payment processers. The network is growing and expanding rapidly, signifying the acceptance of the New World Currency.
Etherium, Neo, Cardano, etc. are all platforms in which programs and digital currencies are able to build and expand on. The future is bright and this seems to be only the beginning for cryptocurrencies. Join here to sign up for your Bitcoin Wallet today!
Should Your Restaurants Accept Bitcoin?
There are a few benefits to accepting Bitcoin at your fancy French restaurant, fast food franchise or local diner. It’s a given benefit that if your business accepts Bitcoin, you’re probably a supporter of cryptocurrency and want to see its availability grow. This move could also attract like-minded clientele and gives your customers more payment options.
Restaurants getting into Bitcoin may not see any significant financial benefits; most likely many do it for the publicity spin and to appear tech-savvy in the growing competitive climate. Most experts agree that currently Bitcoin is still not used enough to be considered mainstream; though that possibility may be close on the horizon.
A major problem with Bitcoin at its current state, is price volatility and the values constantly changing. In September 2016, a single Bitcoin was worth about $600; one year later it skyrocketed to over $5,000, and at the time of this publishing the price is at $16,500. This very same upward surge could also swing momentum the other way reducing your Bitcoins by fractions – meaning a payment you received for dinner could be worth less if not processed immediately, depending on the free market value.
In addition, your restaurantl most likely need to pay a fee to a payment processor to accept and convert payments, but possibly those fees are less than what you already pay the credit card companies. For instance, Coinbase offers conversions for free on your first $1 million in transactions; after that it’s 1 percent per conversion.
The question of security often arises. Of course, your Bitcoins are safe from physical bank robbers since they are digital and stored online. A large majority of digital wallets aren’t completely safe from cyber attacks, but then again, nothing really is.
Bitcoin has come a long way since its introduction in 2008; plenty of companies and supporters have made it easier to include the cryptocurrency in everyday transactions. However, it still has a way to go before it’s convenient and stable enough to be fully accepted by mainstream society. It doesn’t take much effort to accept Bitcoin and doesn’t hurt to announce that you do, but it may be a while before a large portion of sales are derived from cryptocurrency.
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