The question of whether to accept bitcoins in a restaurant is becoming more and more relevant. Digital currencies are no longer the domain of a narrow circle of investors and are increasingly being used for real purchases – from airline tickets to a cup of coffee. For a restaurant business, it can be a chance to stand out from competitors, attract new audiences and simplify payments with foreign customers. However, along with the advantages, cryptocurrencies also carry a number of risks: exchange rate fluctuations, legal uncertainty and difficulty of integration into existing payment systems. Interestingly, in related fields, such as online entertainment and casino bonuses on https://norwaykryptocasino.com/casinobonus-uten-innskudd/, bitcoin is already actively used and shows potential to attract users. That’s why it’s important for restaurant owners to consider the pros and cons before making a decision.
Why restaurants should pay attention to bitcoin
Bitcoin appeared in 2009 and in a short time became a global phenomenon. Its main difference is the absence of intermediaries: money is transferred directly from the client to the seller. This is convenient and transparent.
For restaurants, bitcoin is interesting for several reasons at once:
- Image and innovation. Modern customers pay attention not only to the taste of the dishes, but also to the extent to which the business keeps up with the times. The possibility to pay for dinner with bitcoins sets the restaurant apart from its competitors.
- Tourists and international guests. For a person from another country, cryptocurrency is an easy way to pay a bill without unnecessary bank fees and conversions.
- The growing popularity of crypto. According to analysts, millions of people in the world own bitcoins. For some of them, it is not only an investment, but also a convenient means of payment.
All this suggests that it is already difficult to ignore cryptocurrencies. The question is not “whether to pay attention”, but “how exactly to implement”.
How bitcoin payment works in a restaurant
Many establishment owners think that integrating cryptocurrency payments is complicated. In practice, it has long been fine-tuned.
- Through crypto-acquiring. There are services like BitPay, CoinGate, Confirmo or NOWPayments that allow you to accept bitcoins and other cryptocurrencies. They integrate into the restaurant’s POS system, and settlements are automatic.
- QR code scanning. The client chooses to pay with bitcoin, and a QR code appears on the screen of the cash register. It is enough to scan it with the wallet application – and the money is transferred to the account.
- Conversion to fiat. To protect against exchange rate fluctuations, most services immediately convert crypto into dollars, euros or national currency. That is, the restaurant receives the usual money on the account, and the client pays with bitcoins.
- Speed of transactions. Usually a transaction is confirmed in a few minutes, but during peak hours the process can take up to an hour. In real practice, many restaurants solve this through instant “provider confirmations” – the restaurant is notified of the payment immediately, even if the blockchain has not yet issued all confirmations.
Thus, the technical side of the issue has long been resolved, and for a restaurant, the process is not much different than working with cards.
Business benefits
Why are many restaurant owners seriously considering accepting bitcoins? There are several reasons, and they are quite practical.
- Fewer commissions. Banks and acquiring companies take up to 3-4% from each card transaction. In cryptocurrency payments, the fees are often lower.
- No refunds. Chargebacks are possible when paying by card – when the client requests a refund through the bank. In cryptocurrencies this is impossible: the transfer is irreversible.
- Simple security. The restaurant doesn’t need to store card data or comply with rigid PCI standards. This reduces risks and costs.
- Attracting a new audience. There are people who are consciously looking for places where they can pay with crypto. For them, such a restaurant becomes the No. 1 choice.
- Global. You can have guests from any country, and the question of currency will disappear: bitcoin is the same in Japan, the USA or Germany.
- The image of an innovative institution. In the era of digitalization, even the marketing effect of such a step may cost more than the direct benefit of the payments themselves.
Main risks and challenges
Of course, there is also the other side of the coin.
- The volatility of the exchange rate. Bitcoin can rise or fall by tens of percent in a week. If you keep payment in crypto, you can lose part of the revenue. Therefore, it is better to use automatic conversion.
- Speed of confirmations. Sometimes a transaction takes minutes or even tens of minutes rather than seconds. For a quick-service restaurant, this can be inconvenient.
- Implementation costs. It takes time to set up the system, train staff, explain to customers. It’s not always easy.
- Legal nuances. The rules of cryptocurrency circulation differ from country to country. Somewhere it is free, and somewhere it requires reporting to the tax authorities. It is important to consult an accountant and a lawyer.
- Limited demand. Although crypto is gaining popularity, still few people actually pay with bitcoins. It is more of an image move than a mass practice.
Thus, the decision to accept crypto should be an informed and balanced one.
Where bitcoin is already finding use
To get perspective, it’s worth looking at real-life examples.
- Chipotle (USA) – restaurant chain accepts more than 90 cryptocurrencies, including bitcoin. The system works through Flexa: the customer pays with crypto, the restaurant receives dollars.
- Adelaide Oval (Australia) – the stadium introduced crypto-payment for food and drinks. This has become a pilot project that has generated interest from fans.
- Cafes in Berlin, Tokyo and New York – dozens of independent establishments have been using bitcoin since the 2010s. For some, it has become a real brand “thing”.
- Black Iris Social Club (USA) – the club accepts digital assets not only for drinks, but also for membership.
There is also a symbolic example: one London pub started accepting bitcoins back in 2013, becoming a pioneer in this field.