What Influence does Bitcoin have on Indonesia’s Restaurant Industry?
In Indonesia, Bitcoin has a significant influence on the restaurant industry. Since its inception, there has been an influx of bitcoin trading platform features that helps people buy and sell bitcoins in this country.
The bitcoin trading platforms have enabled many individuals and merchants to transact using bitcoins by providing them with an easy way to convert their local currency into bitcoins or vice versa.
The restaurants have benefited from the surge in popularity of bitcoin as it has also allowed them to accept payments from customers
7 Positives of bitcoin that helps the restaurant sector of Indonesia
1. Increase in Customers
There has been a massive increase in the number of customers that visit certain restaurants when they find out that these establishments accept bitcoin as a payment means.
For example, when news broke that Early Bird restaurant in Jakarta accepts bitcoin via payment gateway provider Bitcoin Indonesia, diners flocked to this establishment.
2. More customers transacting with bitcoins at the restaurants
With more people holding bitcoins, it also means that more people are buying food from these establishments using their bitcoins.
Many Bitcoin users are keen on using their cryptocurrency holdings to purchase goods and services, thus enabling retailers to have a more extensive customer base.
3. Bitcoin loyalty rewards from the restaurants
Some establishments have rewarded their customers with bitcoin gifts for buying from them using this cryptocurrency.
For example, a fine dining establishment in Hong Kong has been giving its diners a 10% discount if they buy food and drinks using bitcoins instead of fiat currency. Click BitIQ for more info.
4. New customers that the rewards given by certain restaurants attract
Many Bitcoin users are not that keen about using their bitcoins to buy things, but they see it as an investment tool. However, many bitcoin users worldwide want to use this cryptocurrency to purchase goods and services, thus giving retailers more reason to offer their products and services.
5. Bitcoin enables more transparent transactions
Bitcoin has allowed many more people to purchase goods and services online because payments are made over the blockchain, making it easy for the merchant, buyer, or employer to verify all prices on this ledger.
There are no chargebacks when using direct bitcoin transactions, making it a better alternative to other payment methods.
6. A new way for people to make money via bitcoin affiliate rewards programs
Many retailers and service providers have started offering their customers bitcoin affiliate rewards programs to earn bitcoins if they promote or refer their products and services online.
For example, a food delivery service in Australia offers its clients $10 worth of bitcoins if they encourage this food delivery service online.
7. Lower transaction costs for the restaurant sector
Bitcoin has enabled many restaurants to cut down on their transaction costs by at least 3% compared to other payment methods such as credit cards or debit cards. Merchants can also agree to pass on all or part of this saving to their clients by using bitcoin exchange affiliate programs.
4 Negatives of bitcoin that affects the restaurant sector of Indonesia
1. Difficulty in converting Bitcoins to Local Currency
Unfortunately, many stores and establishments that accept bitcoin payments cannot alter their coins into fiat currency due to the limited number of suppliers supplying trading liquidity.
2. A lack of alternative merchant processing options in some countries
In some countries such as Indonesia and Nigeria, there is a lack of alternative merchant processing options making it difficult for retailers to use bitcoins as a payment option.
3. Bitcoin owners are not all online yet
Many people worldwide do not even know what bitcoin is, which means that this cryptocurrency will only gain popularity over time.
4. Limited bitcoin payment options in some stores
Not all retailers and shops around the world accept bitcoins as payments. For example, many large departmental stores or restaurants in Indonesia still do not buy bitcoins. This means that shoppers have to use cash or other alternative payment methods to purchase their goods.
Despite these negative aspects of bitcoin, it has great potential, especially in the restaurant and retail sector. Many popular restaurants and retailers worldwide have started accepting bitcoins as payment to promote their usage.