Bitcoin for biryani. You read that right. With the value of Bitcoin soaring, everyone (who understands the cryptocurrency) wants a piece of the pie. Starting with tiny Suri Andhra Mess in Taramani, which has become the first restaurant in Chennai that accepts Bitcoin payment.
Located on the busy IT corridor, this mess with barely six tables, first introduced the offer in September. Over the last couple of months it has seen about 10 Bitcoin transactions.
“It all started when we decided to tie up with Unocoin (an Indian Bitcoin wallet). They’re giving away ₹200 worth of bitcoins to every user that downloads and registers on their app. Since I’d been seeing how the value of Bitcoin had been steadily rising in the last few months, I thought it would be a good idea to promote the idea with our customers,” says Charan Raj, partner of the restaurant.
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With most of their customers being from the IT sector and neighbouring IIT, the offer seems to be bang on target. “All one needs to do is pay for their meal using bitcoin and we give them a free biryani. It’s a way to encourage people to use Bitcoin, which seems to be the future of payments. The fact that its value is soaring is an added bonus,” smiles Raj. (The current value of Bitcoin stands at ₹12,17,871.04. When you pay with the cryptocurrency, you pay a fraction of the Bitcoin.)
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- Bitcoin is a cryptocurrency that is also commonly called decentralised digital currency. It was created in 2009 by an unknown person using the alias Satoshi Nakamoto.
- Transactions made with bitcoins don’t involve middle men.
- The smallest fraction of Bitcoin is called Satoshi after its founder. While 1 Bitcoin is equal to 1,000 mBTC (millibitcoin) and 1 mBTC is worth 100,000 Satoshis.
- Bitcoins are usually stored in a digital wallet.
- There are several marketplaces that allow people to buy and sell bitcoins. People can also send bitcoins to each other using a host of apps.
- Another popular way to get bitcoins is by mining them. People use their computers to solve complex mathematical problems; which create bitcoins. According to a report in CNN, currently a winner is rewarded with 12.5 Bitcoins roughly every 10 minutes.
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Raj says that they’ve seen a spike in profit since the value of Bitcoin appreciated in recent times. On the flip side, the recent spike in the cryptocurrency’s value has led to a slow down in the number of people wanting to pay with it. “Now we receive more enquiries about the cryptocurrency rather than actual transactions. I suppose people want to wait and watch if the value will further appreciate,” he says.
- Kolonial, a vintage themed pizzeria in Mumbai’s Worli area, became the first restaurant in the country to accept Bitcoin payments back in 2013. It is owned by Bitcoin enthusiast Tarun Thadani.
- Bengaluru’s family-run Suryawanshi restaurant in Indira Nagar became the second eatery in the country to accept Bitcoins. The initiative was introduced in 2016 by the proprietor’s son Tejas Suryawanshi.
“I suppose the slow down is but natural. When we’d first started the offer, the value of bitcoin was around ₹3 lakh. Today it’s around ₹12 lakh,” says Surender Reddy, Raj’s partner of the restaurant, which specialises in Andhra meals and Hyderabadi biryani.