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Author Topic: [2015-08-02] Restaurant Owners Can Greatly Benefit From Bitcoin Payments  (Read 440 times)
jdebunt
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August 03, 2015, 09:15:20 AM
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http://digitalmoneytimes.com/crypto-news/restaurant-owners-can-greatly-benefit-bitcoin-payments/

“Since we started working with virtual money, we have had several customers pay that way and on the marketing side, it was a hit.  We are getting a very good response from people, especially those between 15 and 45, who are most accustomed to using cellphones and interacting with ATMs.” – Matias Caputi, Founder of BitCoffee, told DigitalMoneytimes.
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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August 03, 2015, 11:17:13 AM
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http://digitalmoneytimes.com/crypto-news/restaurant-owners-can-greatly-benefit-bitcoin-payments/
“Since we started working with virtual money, we have had several customers pay that way and on the marketing side, it was a hit.

It's the novelty effect at play here. I would imagine they would actually be at a loss every time they accept bitcoin payment. The restaurant can save 3%-5% from card fees, but they could loose out on exchange rate and conversion fees. Bitcoin a great marketing tool. I would dine in one of these restaurants if I have a chance and have fun spending bitcoin.

I hope they accept zero confirmation payments? I do not want to wait around for confirmations. We all know there is no telling when the next block will be mined.  Cheesy
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August 03, 2015, 12:00:23 PM
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All businesses can benefit from bitcoin, not just for money saved through fees but by the free advertising they get by accepting bitcoin.

http://digitalmoneytimes.com/crypto-news/restaurant-owners-can-greatly-benefit-bitcoin-payments/
“Since we started working with virtual money, we have had several customers pay that way and on the marketing side, it was a hit.

It's the novelty effect at play here. I would imagine they would actually be at a loss every time they accept bitcoin payment. The restaurant can save 3%-5% from card fees, but they could loose out on exchange rate and conversion fees. Bitcoin a great marketing tool. I would dine in one of these restaurants if I have a chance and have fun spending bitcoin.

I hope they accept zero confirmation payments? I do not want to wait around for confirmations. We all know there is no telling when the next block will be mined.  Cheesy

It's not really novelty as most bitcoiners want to spend their coins. And they wont lose money because they will almost certainly use a payment processor such as bitpay that gives them the dollar value at the time of transaction.
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August 03, 2015, 01:18:56 PM
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I hope they accept zero confirmation payments? I do not want to wait around for confirmations. We all know there is no telling when the next block will be mined.  Cheesy

Zero-confirmation payments is the standard here in Belgium (for now anyway) as far as places where you can get food or drinks are concerned Smiley
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August 04, 2015, 03:05:16 AM
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All businesses can benefit from bitcoin, not just for money saved through fees but by the free advertising they get by accepting bitcoin.

http://digitalmoneytimes.com/crypto-news/restaurant-owners-can-greatly-benefit-bitcoin-payments/
“Since we started working with virtual money, we have had several customers pay that way and on the marketing side, it was a hit.

It's the novelty effect at play here. I would imagine they would actually be at a loss every time they accept bitcoin payment. The restaurant can save 3%-5% from card fees, but they could loose out on exchange rate and conversion fees. Bitcoin a great marketing tool. I would dine in one of these restaurants if I have a chance and have fun spending bitcoin.

I hope they accept zero confirmation payments? I do not want to wait around for confirmations. We all know there is no telling when the next block will be mined.  Cheesy

It's not really novelty as most bitcoiners want to spend their coins. And they wont lose money because they will almost certainly use a payment processor such as bitpay that gives them the dollar value at the time of transaction.

Exactly!  Companies like Bitpay will put your local currency into your bank account so your business can have the currency you need to pay your bills.

Zero transactions are the norm, but can cause headaches sometimes.  Most bitcoiners donate the 0.001 or 0.0001 BTC needed to ensure confirmation (eventually), but Bitpay will say "paid" as soon as the transaction is broadcast to the network, so the merchants don't understand the confirmations until they get burned by a delayed transaction.

Not a problem big enough to get much attention yet.

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