Bitcoin. Ethereum. Litecoin. Doge. The names of these cryptocurrencies and many more have been becoming increasingly more mainstream in our culture recently. These cryptos that may have started off as a crazy idea or even a joke have gained much ground thanks to endorsements from celebrities, youtubers, bloggers, and major investors. Thanks to these cryptos, there are now many different ways to pay, trade, and acquire goods. But what does this mean for restaurants and small businesses?
New Ways to Pay
As we have progressed through time, we have found new and more convenient ways to pay for things. I’ll date myself here, but I remember when going to the ATM to draw out cash was a novel thing, and paying with a debit card was just gaining popularity. Anyone remember instant verification checks? What about manual credit card imprinting machines that took a hard copy of your credit card on carbon paper? Technology has quickly made these methods part of a by-gone era. This article from Mobile Transaction does a fantastic job of explaining what I am trying to capture.
Point of Sale
Currently, the instant transfer methods of card readers like Square and Toast are dominating the restaurant P.O.S (point of sale) markets. Which we will get to in a later article. With instant verification, built in tipping, immediate receipts and invoices emailed or texted directly to you, this method has become more and more acceptable and mainstream over the last several years.
What could the future hold? Have you ever heard of a crypto wallet? Well you should. Not only can you buy and trade cryptos, but now you can carry them with you in a mini wallet that is as small as a flash drive. Although this is very interesting, what does this have to do with restaurants?
Look What the Future Holds
It very well could be that the integration of cryptocurrency into P.O.S. systems as a method of payment may not be as unlikely or as far off as one would imagine. At the rate that technology is evolving, some may look into ways to use these cryptos more readily. Already there are major retailers and companies that are accepting digital currency as a method for payment. Got a lot of Bitcoin? Cool, you could buy a Tesla! Got some Doge and like the Dallas Mavericks? Right on, go get you a Luka Doncic Jersey. Feeling hungry? Well the time just might be coming!
Disclaimer: I am NOT a financial investor, nor am I paid to promote any digital currency, cryptocurrency, or non-teathered currency. If you do invest, please do your own due diligence and invest wisely!