Bitcoin advocates have long tried to ditch the cryptocurrency’s reputation as a means to untraceably pay for illegal mind-altering substances. Paying for legal mind-altering substances may be a good first step.
While Microsoft now accepts Bitcoin for some digital purchases and ATMs are popping up that can quickly exchange Bitcoin for cash, buying lunch or a car with the digital currency seems far off. But your next drink can easily be bought with Bitcoin now.
Seattle startup Hotspot is adding Bitcoin support to their drink deals app today. Users can now pay for discounted drinks with Bitcoin just as easily as if they were using a credit card in the app. But this isn’t just to help cryptocurrency enthusiasts spend their digital money, it’s also a way for the Hotspot’s bar and venue partners to take home some extra cash as well.
“One of the big things that we realized pretty early is that these businesses … [have] 10 to 15 percent margins and anywhere between 3 to 4 percent of that goes toward credit card processing,” Hotspot co-founder