Local Edinburgh businesses - including a sausage roll truck on the Meadows - have started accepting Bitcoin as payment.
The Max Bakes Gourmet Sausage Rolls vendor on North Meadow Walk now say it is open for Cryptocurrency payments.
“It all happened very quickly,” said Christopher Gordon, cofounder of Bridge2Bitcoin.
“The smaller the business, the easier it is to set up. We had been on our walk and stopped for food and drinks. We asked whether they accepted Bitcoin and they were curious.”
Before they knew it, Christopher said the business had a Bitcoin wallet and had taken its first few payments.
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“Edinburgh Bitcoiners unite and buy sausage rolls here,” Bridge2Bitcoin announced on Twitter.
“We suggest this be the new start and finish of the weekly Bitcoin Walk Org.”
Christopher was in Edinburgh to attend the Bitcoin Collective, the UK’s first major Bitcoin conference alongside approximately 750 other guests at the Edinburgh Assembly Rooms over the weekend.
Bitcoiners from around the world gathered to discuss what Bitcoin is and why it is a good investment.
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“Scotland, was the birthplace of Adam Smith, who's 1776 publication 'Wealth of Nations' laid the foundation for modern day economic and free market theory. It's fitting we launch the UK's Bitcoin revolution from Scotland's Capital City - Edinburgh and that this will be the birthplace of the Bitcoin Collective,” a description of the conference said.
Christopher explained that Bitcoin is a ‘peer-to-peer electronic cash system’ - a digital currency.
“There are two major properties that make it very different to any other currency,” he said.
“First, Bitcoin is finite. There will only ever be 21 million units ever produced. Some proponents argue that for that reason, Bitcoin can help with the cost of living crisis we’re seeing now because you can’t keep inflating Bitcoin away. Some of the problems we’re facing in the world right now - especially in the UK is that the more money is printed, the less the currency is worth.”
He continued: “Second, it’s a decentralised currency. There is no issuing body so no one or no government is in control of it.”
Although some may think that the Bitcoin movement would start with large corporations and spread downwards, Christopher said it benefits smaller companies more than large ones.
“The big organisations and corporations can negotiate more favourable transaction costs with companies like Visa and Mastercard whereas smaller companies don’t have the same leverage and often pay higher fees,” he explained.
For example, Christopher said most small businesses will pay between 1-2percent in fees for a 10 credit card transaction. If they accept Bitcoin payments through the Lightning Network, they will only pay ‘fractions of a penny.’
He explained that Bitcoin also allows the small businesses immediate access to their cash flow, whereas typical transactions through Visa or Mastercard take 2-3 days to process - longer over bank holidays and long weekends.
For more information about Christopher’s Bridge2Bitcoin onboarding advice and services, visit the website here.
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