MyBottleShop has become Australia’s first liquor store to accept the increasingly popular crypto-currency Bitcoin as a payment for alcohol.
Consumers can buy a bottle of Jack Daniel’s 700ml for 0.0035 Bitcoin, with payments processed by MyBottleShop’s Bitcoin merchant, Bitpay, within a few seconds. Bitcoins can be purchased and sold online in Australia through a variety of exchanges, and there are even ATMs, with the Metropolitan Hotel in Sydney installing one late last year.
MyBottleShop CEO Steve Rider, explained why he has decided to start accepting Bitcoin: “Like many of our friends in the online business world, we are disruptors,” he said.
“Online businesses are always on the cutting edge. Always disrupting traditional business methods. Cryptocurrencies represent the future. A future were payments will be controlled by individuals on their own mobile devices.
“Although Bitcoin right now is a volatile currency, over time as the currency is used more in a commercial setting, things will settle down. For example Japan has nearly 300,000 merchants that accept Bitcoin as a payment method. That’s because as a payment method, Bitcoin is very safe and easy to use for both the customer and the merchant.”
In terms of how it will actually work, Rider added: “Customers pay with Bitcoin exactly the same as credit card or PayPal. The customer adds goods to the shopping cart like normal , selects Bitcoin as the payment option in the checkout and then scans the on-screen QR code using their mobile device.
“Payment will be processed by Bitpay and within a few seconds the customer will receive confirmation from their wallet and an order confirmation from MyBottleShop. It’s fast and secure.”
The valuation of Bitcoin does fluctuate, with one bit coin currently worth $11,696, at the time of publication.