Toowoomba coffee van uses cryptocurrency
There are different ways of paying for a coffee: you can do it by cash or credit card
Now you can pay for it by cryptocurrency.
Toowoomba coffee van Heavenlea Cup is now offering cryptocurrencies such as Bitcoin, Litecoin and Ethereum as a payment option for those buying a cuppa at farmer's markets and making coffee runs.
The owner of the van Helen Gent says the process is simple. It costs absolutely zero and it can be transferred into Australian dollars in only 30 minutes.
She said the only thing the business needs is a currency hosting app offering cryptocurrencies such as Bitcoin, Litecoin and Ethereum as a payment option.
"The benefits are similar to when EFTPOS became available - it's another payment asset," Ms Gent told the Toowoomba Chronicle
"We transfer amounts into our bank accounts, and that takes 25 minutes.
"There's no bank-keeping fees or transaction charges with using EFTPOS."
The amount that ends up in the bank depends on changes in the price of the chosen cryptocurrency.
So $4.50 for a cup of coffee can either be more or less by the end of the day.
“By the end of the night, we could have $4.80 or $4.20," she told the newspaper. .
"We're building up our (CoinBase) wallet right now.
"Everything is so transparent and everything is available to you - I know what is happening with my money."
While cautioning other business owners to do some research first as cryptocurrencies are volatile, she said the new forms of payment would soon be common across the Australian retail market.
"People are still sceptical about it because it's new. As we move towards a global economy, cryptocurrency is going to become more popular," Ms Gent told the Toowoomba Chronicle.
"At the end of the month, we should be seeing between 15 and 20 people and businesses in Toowoomba who will be getting set up with their own wallets.
"I don't think it's going to go away - the hype will die down, but I think you'll have a majority of people will be using it soon."
by Leon Gettler, January 31st 2017
