Why Do Small Businesses Accept Bitcoin? What’s It Like?
Why do small businesses start accepting crypto? Are they, as enthusiasts would have us believe, fed up with credit card fees and prefer the settlement speed of new currencies like bitcoin and bitcoin cash? Or are they already enthusiasts themselves, who want to create a new economy? We sat down to chat with Mike Verweyst, owner of the Two Dogs Taproom in central Tokyo, to ask about his decision-making process.
Subscribe to the Bitsonline YouTube channel for more great interviews featuring industry insiders & experts
Do Small Businesses Really Like Bitcoin?
Two Dogs Taproom is a restaurant and craft beer bar in Roppongi, one of Tokyo’s liveliest entertainment districts. It’s also in a small strip that was frequented and targeted by bitcoiners in the earlier years in an effort to create a district where visitors could choose a variety of establishments within a small area to spend their BTC.
Bitcoin’s fortunes in the area (like in the wider world) have ebbed and flowed since then. Four businesses there have hosted various kinds of bitcoin ATMs over the years, though unreliable technology and new regulations have put a damper on that trend in Japan. Verweyst initially used Coinkite point-of-sale machines, and was forced to change processors when that company “pivoted” away from selling and supporting them.
We hear of many (perhaps too many) businesses who announce they’re accepting bitcoin payments, only for disappointed punters to turn up months later and find it ended long ago.
Verweyst still accepts bitcoin and bitcoin cash, and does a roaring trade when Two Dogs Taproom hosts either the BTC or BCH meetup nights. Watch the full interview above to hear the whole story.
Are cryptos still useful for daily purchases like this? How often do you pay for meals with bitcoin? Tell us about it in the comments.
Images and video via Bitsonline