There are a lot of Bitcoin enthusiasts who feel there should be some store where they only accept Bitcoin, instead of using it as an alternative payment method. While most people share that same sentiment, you have to keep in mind it might currently not be financially viable to do so. But that isn’t stopping anyone from trying, as Manhattan will get its very own Bitcoin-only coffee shop soon.
Coffee & Bitcoin
One of the most notably absent types of shops on the list of places that accept Bitcoin are coffee stores. Given the current nature of their transactions – most of them well below the US$10 mark for individual customers – coffee shops could benefit from the low transaction costs associated with Bitcoin.
And in order to combat the Bitcoin price volatility, they can easily get their bitcoin transactions converted to fiat currency on the go. Whether or not that would be in the best interest of a coffee shop remains to be seen, as they could acquire quite a lot of Bitcoin during the course of a day. Besides, who wants to pull out cash or a credit card at a coffee shop?
But what if there was a Bitcoin-only coffee shop near you – assuming you live in Manhattan that is? The project and idea have been in development for a few months now, and especially given the recent Bitcoin price decline to below the US$250 level, it was a matter of waiting for an opportune time to make this announcement.
During the entire first week of April, there will be free coffee for every customer. But that is not all, as this coffee shop will also organize “real life Bitcoin Faucet games” to promote their venue. Later this year, there will be special competitions and prizes to be won, and people dressed up in alien costumers – no, I’m not kidding – will have a slight advantage.
Bitcoin-only: Financially Viable or Not?
Because this new coffee shop will only accept Bitcoin, the staff is catering to a new breed of customers. Mobile payments are in effect, as that is one of the very few ways to pay in Bitcoin on the go. AS of right now, we have not received any official word as to how Bitcoin payments will be accepted [through an application, just an address on the wall, or otherwise].
By opening this store in the state of New York – most famous for its stance on Bitcoin which could set a precedent for not just the United States, but perhaps the entire world – is an interesting decision to say the least. However, it’s also opportune to do this in Manhattan, home of a handful of Bitcoin ATM’s.
This coffee shop is located in 310 Greenwich St New York, NY 10013.
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