Devon publican boosts business by introducing Bitcoin
Carlos Pires, of the Port Royal in Exeter, Devon, first introduced the virtual currency in February, following requests from a group of ‘Bitcoin experts’ who meet in his pub every Tuesday, but received his first digital payment from a customer outside of the club on Wednesday (25 June).
He said receiving the currency is a cheaper alternative to credit card payments. Instead of using a card reader machine, customers scan the QR code from the till receipt onto a Bitcoin app on their phones.
Pires said: “I had already read extensively about Bitcoin and followed updates with interest, but not particularly with the business in mind.
“Then the group asked if I would be willing to accept the currency and helped me set up an app on my phone.”
He added: “It’s no different from a credit card payment but the costs are considerably less. I wait until the exchange rates are favourable before converting back into pounds, so I make a profit.”
Stephen Early, who runs five pubs across the country including the Pembury Tavern in east London, was the first UK publican to accept the virtual currency in June last year.
