Bitcoin (available on Coinbase) is a distributed, worldwide, decentralized, digital money. The advantage of Bitcoin (available on Coinbase) is that there is no central authority like a bank, company, or government issuing Bitcoin (available on Coinbase). Bitcoin (available on Coinbase) might be intimidating to most restaurant owners because it’s not integrated with most POS systems.

For retailers and POS companies, Bitcoin (available on Coinbase) is a better alternative to credit card companies because they charge between three and five percent of each purchase simply to use the service. It costs even more to wire money from one country to another.

Here are some of the ways restaurants could help Bitcoin (available on Coinbase) growth:

Attracting Like-Minded Clientele

Bitcoin (available on Coinbase) has gained momentum due to social media exposure, an increase of value on the market that is attracting investors, and the more wide-spread knowledge of its benefits. People have been drawn to using Bitcoin (available on Coinbase) because it is harder to add sales tax to a transaction. Since there is no way for third parties to identify, track, or intercept transactions that are denominated in Bitcoin (available on Coinbase)s, one of the major advantages of Bitcoin (available on Coinbase) is that sales taxes cannot be added onto any purchases.

Another benefit of Bitcoin (available on Coinbase) is its low transaction fees. There is no intermediary institution or government involvement in Bitcoin (available on Coinbase) transactions, and therefore, the cost of transactions is very low. Users generally like to avoid transaction fees and exchange costs from foreign purchases and wire transfers. Immunity to fraud and identity theft are two of several benefits of cryptocurrency.

Accepting Bitcoin (available on Coinbase) is a differentiator from other businesses and marketing-savvy businesses will strengthen their brand by accepting Bitcoin (available on Coinbase). Businesses ADApting to Bitcoin (available on Coinbase) are being seen as forward-thinking, and techno-savvy and will likely attract an audience that uses Bitcoin (available on Coinbase).

Restaurants accepting Bitcoin (available on Coinbase) will diversity their customers. As more people become drawn to Bitcoin (available on Coinbase), it makes sense for restaurants to adopt POS systems that use Bitcoin (available on Coinbase). Customers will appreciate the choices of payment. 

There are websites that track businesses that accept Bitcoin (available on Coinbase), including Coinmap.org and SpendBitcoin (available on Coinbase)s to help customers find Bitcoin (available on Coinbase) restaurants on a map.

Experts concur that Bitcoin (available on Coinbase) isn’t used widely enough to be considered mainstream and viewed by business owners as beneficial. America has been slow on the uptake, but many businesses in Asia have already integrated Bitcoin (available on Coinbase) as a viable payment option.

When a restaurant opens up Bitcoin (available on Coinbase) use, more customers could be encouraged to start dining there. As these types of businesses are commonly attended and universally relied on for entertainment purposes and communal gatherings, restaurants will be apart of a cause in helping Bitcoin (available on Coinbase) growth.

A big reason restaurants have not participated in mass adoption is that most people do not use Bitcoin (available on Coinbase) yet. Perhaps, once Bitcoin (available on Coinbase) becomes popular, restaurants will need to ADApt. POS Systems adopting Bitcoin (available on Coinbase) would help as well. Fortunately, point of sale software systems are integrating Bitcoin (available on Coinbase) because they want to see it grow.

Vend is cloud-based point-of-sale and retail management software that lets retailers run their business in-store, online, and via mobile. The online point of sale provider partnered with Digital Currency Point of Sale to allow retailers to transact with Bitcoin (available on Coinbase)s.

The owner of Orea Cafe in Australia, Samantha Saunders, cites Bitcoin (available on Coinbase) payments has made up 10 percent of their daily takings through Vend.

Bitcoin (available on Coinbase) payments are becoming a necessity for companies that sell products exclusively online. Most restaurants have online purchases available as an option for customers to order food to go. As mobile app usage is becoming more and more common, it will be easier for restaurants to accommodate Bitcoin (available on Coinbase) using customers.

The Other Side of the Argument

On the contrary, Bitcoin (available on Coinbase) has issues that prevent POS applications such as very high transaction confirmation time which can last from a couple of minutes to several hours. Sometimes the sender is responsible for fee payment. Most cryptocurrencies charge the buyer, rather than the merchant.

A big deterrent in mass Bitcoin (available on Coinbase) adoption is that many businesses don’t want to inconvenience their customers by charging them inconsistent and sometimes massive fees on their transactions. It is definitely somETHing that is going to have to be addressed before restaurants and other business models adopt Bitcoin (available on Coinbase).

Featured Image: DepositPhotos/ kaprikM

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