Cashless Singapore Cafe Ducatus Operates with Bitcoins and Credit Cards
CryptoBit News Today2 min read
Other crypto types may be added in the future ## Bitcoin-only business model
The cafe does not have cashless payment terminals, so customers will have to pay in advance when they arrive. In addition to Bitcoin, credit cards will also be accepted as well.
They began testing the model in November, after exceeding customer interest while recruiting for the cafe. The increased demand led them to rent an additional space in Singapore, where they carried out the cashless model.
In an interview, the cafe owner also mentioned that they did not include digital wallets in their payment options because of privacy concerns. The cafe does not store customer information, so it cannot guarantee the security of customer data. For that reason, they don't want to risk having a data breach. ## How Bitcoin is helping
The cafe owner says Bitcoin is helping them to reach a completely new market of customers who don't usually visit cafes. In the few weeks of operating the cashless model, the owner says he has had a steady stream of customers, many of whom he had never seen before.
Although the cafe might not be making as much money as it did when it took cash, the owner says the model is better for the environment. No more paper bills changing hands means less waste, he says.
The owner also says the model is easier to implement and manage. There's no need to keep track of cash flow, and no need for an accountant to help with taxes.
"I don't have to worry about anything," he says. "I just need to focus on making the best coffee I can." ## What this means for the crypto enablement of small business
As Bitcoin continues to grow in popularity, more small businesses are likely to adopt the cryptocurrency as a form of payment. This is good news for both customers and businesses, as it can help to reduce fees and increase security.
However, it's important to note that Bitcoin is still a relatively new technology, and there are some challenges associated with using it. For example, the value of Bitcoin can be volatile, which can make it difficult for businesses to price their products and services.
That said, the benefits of accepting Bitcoin are likely to outweigh the drawbacks for many businesses. In particular, Bitcoin can help to attract a new market of customers who are interested in using the cryptocurrency.
As such, even though Ducatus Cafe is Singapore's first cafe to operate a fully cashless model, it is unlikely to be the last. The cafe's owner predicts that more small businesses in the country will start to accept Bitcoin in the coming years, as the cryptocurrency becomes more mainstream.
