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Iceni Magazine | April 26, 2019

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Should Your Restaurant Accept Bitcoin?

Should Your Restaurant Accept Bitcoin?

If you are not already a part of the cryptocurrency wave that has hit the global community, you are probably wondering what the buzz is about.

There are several reasons why people are moving to cryptocurrency, but it is yet to penetrate deep enough into our everyday lives like bank notes. The lack of attention to crypto could be as a result of the fact that many reputable companies are yet to include it among the currencies they accept. Cryptocurrency will become more acceptable once companies, retailers, vendors, and firms accept the currency.

Change is definitely closer than you think as there quite a number of firm’s that now accepting cryptocurrency. In fact, there are five top companies ( Expedia, Subway, PayPal, Microsoft, Shopify ) that are now accepting cryptocurrency, and the awareness is likely to spread to more people and small firm’s alike.

If you are a restaurant owner, there is a good chance that you have never served a patron who requested laying their bill in cryptocurrency. This is not strange, and it is understandable. However, cryptocurrency is enjoying rapid growth in popularity. Currently, more than 46,000 merchants accept bitcoin. According to Coinbase, Bitcoin users grew by one million of June 2017. While this is a decent figure to make projections with, it may or may not be necessary for your restaurant to accept Bitcoin at this point, but it all depends on your goals and knowledge of Cryptocurrency so.

There are some benefits that accepting Bitcoin at your café can offer. If you are knowledgeable about cryptocurrency and are very passionate, then it is a good way to support the growth of the method of payment. Doing this can actually boost your business by attracting clients who share in your passion for cryptocurrency. Another thing to note is that it gives your customers more payment options. For some customers, even though they may not own a Bitcoin or ever heard of it, they may appreciate the fact that you offered them options.

Many businesses that already accept Bitcoin may not see the immediate benefits in terms of finances, but they may include it as an option just to see how it will impact their business. That is like taking it for a spin just to see how it works. However, it can actually be the one thing that differentiates you from your competitors, especially if you want your restaurant to be perceived as a tech-savvy establishment.

If your restaurant is located in a location that is tech-savvy, then it does make a lot of sense to accept Bitcoin. Such an area will definitely have tech-savvy customers who appreciate businesses that offer Bitcoin as a payment option.

You can take it up another notch by installing a Bitcoin ATM at your restaurant premises. Installing a Bitcoin ATM can help drive those tech-savvy customers to your restaurant, it makes your business look good – the innovative restaurant.

If you are looking for a Bitcoin ATM to consider, SatoshiPoint  makes a great solution for a restaurant. Apart from using this Bitcoin ATM to attract customers, you will also be expanding your income. The Bitcoin ATM helps to eliminate barriers to new entrants and makes cryptocurrency more convenient than money. There are currently 32 locations where SatoshiPoint Bitcoin ATMs is being installed; currently accepts 52 cryptocurrencies, and has processed over 534,213 transactions so far.


 

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