Austin Steakhouse III Forks announced back in April that it would be entering the world of blockchain by accepting bitcoin through BitPay on the Bitcoin Lightning Network.
III Forks, owned by CRO, Inc. It is the company’s first restaurant to start accepting bitcoin. Guests can now inform their servers at checkout that they wish to pay their bills in bitcoin, whereby the IIIForks team will present them with a BitPay invoice QR code for customers to scan tableside.
CRO, Inc. Curtis Osmond, president of the steakhouse division of Be. told[In]Crypto that bitcoin became a frequent topic of conversation among its guests, leading the restaurant to opt to implement bitcoin as a new payment method.
“After telling multiple guests that we didn’t take bitcoin, we decided to see how this might work. We try to find ways to get our guests to say ‘yes’,” he explained.
Osmond praises the Lightning Network’s ability to allow any business, including III Forks, to receive dollars regardless of currency. “It does so for a fraction of the cost of traditional credit card fees,” he explains. “If you’re new to the space, just pick a reputable platform with a well-designed, simple interface. You’ll be glad you tried it.”
Austin City Council Approved Measures for Tax Payments
As for Texas and the city of Austin, Osmond says that Austin’s “storied history” of being at the forefront of advances in technology has allowed the city to trade cryptocurrencies, specifically, bitcoin, which is not surprising.
In late March, the Austin City Council approved a measure that would launch a study on the city accepting bitcoin and other cryptocurrencies for no taxes, fees or penalties.
“I really wanted Austin to be the leader,” council member Mackenzie Kelly told KXAN News. “I would like to know if it is even possible for us as a city to accept cryptocurrency or even put it on our accounting books.”
The local ATX DAO also shared his enthusiasm at the council’s move to seek new ways to improve the city’s infrastructure:
“We ask the city council and city manager not to get carried away by the industry and blockchain technology enthusiasm and participate in various projects that at the end of the day may not be beneficial to the city,” said Sam Padilla, a member of The DAO said.
However, other groups, including the Austin Justice Coalition, have expressed their concern as it goes against “the priorities of the other city” that speak to bitcoin mining. Researchers have found that bitcoin consumes over 121 terawatt hours per year.
With the proposal approved, the Council will now take an in-depth look at issues including financial stability, security, equity and inclusion, and consumer benefits or risks. For constituents who do not have bank accounts but use crypto as their primary form of payment, Austin’s forward thinking in adopting crypto is essential to keep the city at the forefront of being an ever-innovative technology hub. It can help to offer flexibility. ,
Finance professor Cesare Fracassi of the University of Texas at Austin also believes there is “too little risk” for the city to attempt to adopt and implement crypto in its local landscape.
“City can receive payments in crypto, but they can immediately convert them to fiat cash, so they don’t have any risk in holding cryptocurrency,” he said. “There are established payment processors that basically accept crypto payments from users and then they give dollars to the city of Austin for a small fee, which is actually very comparable to using a credit card or debit card transaction.” “
“It is no surprise to think that bitcoin and the Lightning Network are quickly becoming part of the local landscape,” Osmond told B.[In]crypto. “When possible, we feel it is important to champion local trends and support local businesses, especially when they have the opportunity to simplify the guest experience or add value.”
Back in February, the City of Miami announced that it had brought in more than $5.2 million to Miami through the city’s native cryptocurrency, MiamiCoin.
What’s next for III Forks?
Osmond also stated that CRO, Inc. The company plans to continue evaluating the use of BitPay for other restaurants across the country. “We actively seek out creative ways to enhance the dining experience,” he says. “With so many new technologies just on the horizon, forward-thinking restaurants have the opportunity to deliver an unprecedented level of hospitality and pleasure.”
Since first introducing the new system, Osmond says III Forks has already received great feedback from its guests — including those using traditional payment methods. “We expect a moderate, yet steady increase in the volume of electricity transactions we process over the next several years.”
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