We’re pleased to announce that you can buy cupcakes with bitcoins at Cups and Cakes Bakery thanks to a new startup called BitPay! You might be scratching your head right now- What is a “bitcoin” anyways?
Bitcoins are a new currency designed as a cash like digital currency for the internet. Like local SOMA startup, BitTorrent, it was built as open source, and now has built a global community around it. Some of it’s advantages, include tiny transaction costs, and no need for banks or middlemen, unless you want it!
We think this is great move for both customers AND small businesses like ours. We’d like to prove that there is a viable physical market for bitcoin use.
“Have you ever noticed that more places seem to be offering discounts for cash transactions every day? There are two very valid reasons for this and they’re both problems that Bitcoin solves. First, every credit card transaction is being bled dry by a handful of middle-men.” –codinginmysleep
Cups and Cakes Bakery is no exception- In owner/founder, Jennifer Longson’s words about credit card payments: “I just assume I’m not going to get 3-4% of my income”.
Offering customers a cash-like digital way to pay, small businesses are more likely to flourish, and keep money in the local community instead of big banks. With the help of another company, BitPay, we can just as easily accept instant payments over the Bitcoin network for a nominal 1%. Just like another local company, LevelUp, Bitpay just requires a smartphone to do instant transactions.
Ultimately, it was win-win for us to accept, it’s more convenient for tech-savvy customers, and costs nothing to setup since we use an iPad for a register!
Come on by the shop and give bitcoins a try in person, or order online and we’ll deliver them to your door. You deserve a cupcake!