Nashville Restaurant First In Country To Accept Bitcoin
by Emily Luxen
NASHVILLE, Tenn. - A Nashville restaurant has embraced a new wave of technology by accepting Bitcoins.
Flyte World Dining and Wine on Division Street is currently the only fine dining restaurant in the country to use the new payment system.
"For me, the technology side is really exciting," said Scott Sears, Flyte Co-Owner. "I like the fact we are on the cutting edge."
The restaurant started accepting Bitcoins in December of 2013. Sears said they have already seen a great response.
"Nationally, we find guests in town for conventions will seek out merchants who accept Bitcoin," said Sears. "They are coming to our restaurant specifically for that reason."
Bitcoin, created in 2009, is digital money used through peer to peer technology with no central authority or bank.
Users buy and sell Bitcoin on an exchange and store their currency in a digital wallet.
To pay for a meal at Flyte, customers use an app on their mobile device to transfer Bitcoins from their wallet to Flyte's. A processing company called Coinbase will then convert the transaction from Bitcoin to U.S. dollars. The entire transaction takes just seconds.
Bill Butler, who created the advocacy site musiccitybitcoins.com helped introduce the concept to the staff at Flyte.
"When you have a technology that enables you to do things you can't do with current means, it's powerful," said Butler.
Sears added Bitcoin offers advantages for business owners since transactions are instant and fees are lower.
"It just makes sense," said Sears. "It's cheaper, it's secure and customers enjoy using it."
Bitcoin is currently used internationally at businesses ranging from small coffee shops to websites like Overstock.com. Sears said he expects the concept will continue to catch on in Nashville and across the country.
"I think it is very likely this will become a regularly used form of payment."
For more information about Bitcoin, visit coinbase.com.