Zero hedge bitcoin chinatown
An established noodle shop is one of the few businesses in Thailand to accept cryptocurrencies as payment for goods and services, write Pawee Sirimai and Darana Chudasri.
It remains a lucrative and vibrant business. Even with six busy branches, Tewit Boriboonchaisiri, 28, the third-generation owner is not complacent. He is changing the character of the restaurant by opening up a new branch to attract a younger group of customers.
Orders are taken on tablets at the new branch, and marketing and collecting customer information are done through Line messages. But the restaurant has received the most attention because of a post on its blog that it will start accepting bitcoin, a cryptocurrency used around the world, for payment at the branch. It claims to be the first noodle shop in Thailand to accept bitcoin. The post got more than 4, reposts in a few days on social media such as Facebook, Twitter and tech-related blogs.
Mr Tewit says the first week after it started accepting zero hedge bitcoin chinatown only around 10 customers paid their bill with it, though a lot of people visited the restaurant to check out the new technology. Mr Tewit says though a lot of Thais trade and mine bitcoins, only a small number of shops and restaurants in Thailand accept it for payment.
I hope other restaurants or shops realise they can also do this," he says. Bitcoin is a type of cryptocurrency, a digital asset designed to work zero hedge bitcoin chinatown a medium of exchange using cryptography to secure transactions and to control the creation of additional units of the currency. Bitcoin became the first decentralised cryptocurrency in Since then, numerous zero hedge bitcoin chinatown have been created, ranging from clones of bitcoin to others that are fundamentally different.
First, zero hedge bitcoin chinatown user must install a zero hedge bitcoin chinatown wallet on his or her computer or zero hedge bitcoin chinatown phone. This will generate your first bitcoin address. You can disclose your zero hedge bitcoin chinatown to your friends so they can pay you or vice versa. This is pretty similar to how email works, except bitcoin addresses should only be used once.
Shops will have to download a blockchain merchant application on their electronics devices such as smartphones or tablets, then register for the bitcoin wallet to store the currency.
When making a payment, the restaurant will fill in the amount in baht terms, then the application will convert the amount into bitcoin terms with the current exchange rate and generate a specific Zero hedge bitcoin chinatown code for the transaction. Customers scan the QR code through their bitcoin wallet app, wait for confirmation from distributed ledgers, and then payment is made.
Like most Southeast Asian countries, the legal status of bitcoin remains a grey area in Thailand. The central bank in briefly banned trading in bitcoin. Early inthe Bank of Thailand zero hedge bitcoin chinatown the ban on its usage, but would not be held responsible for any losses incurred in digital holdings.
It also issued a statement warning consumers bitcoin is not a currency and it comes with inherent risks. Mr Tewit is a technology zero hedge bitcoin chinatown who regularly surfs crowdfunding sites such as Kickstarter.
Bitcoin caught his interest and because he has zero experience with cryptocurrencies, he researched the regulations and risks associated with bitcoin before deciding to accept it for payment in his restaurant. He says the central bank's stance implies that transactions made with bitcoin will not be protected under Thai law, meaning users of bitcoin assume all risks associated with it, the main one being price fluctuation. He likes it and considers it an investment.
This allows the bitcoin rate to possibly appreciate. Mr Chupis believes Bitcoin appeals to customers who are forward-thinking, thoughtful and love privacy, characteristics resort and bungalow owners favour, he says.
Zero hedge bitcoin chinatown bungalow zero hedge bitcoin chinatown three cryptocurrencies for payment, which he zero hedge bitcoin chinatown helps diversify the foreign exchange risk because when one of them falls, others may appreciate to offset the loss. Jirayut Srupsrisopa, a Thai bitcoin guru and the founder of coin. Bitcoin is admired because it helps companies cut transaction costs caused by other payment methods, helps retail vendors transfer small transactions cross-country without fees or time delays, and allows zero hedge bitcoin chinatown in one language, he says.
Mr Jirayut says the development of bitcoin and other cryptocurrencies is likely to happen in three stages -- as an investment asset class in the short term that allows investors to speculate for zero hedge bitcoin chinatown similar to gold; as a "transactional protocol" in the medium term when more governments accept it as legal currency in exchange for goods and services; and as a currency over the long term that is widely used in countries instead of cash.
Institutional investors, hedge funds and Wall Street mostly see cryptocurrencies as an investment asset class, with some US retirement funds allowing their members the option to allocate investment choices to bitcoin. Incryptocurrencies are expected to be known by global retail investors, and they might be used as a transaction protocol in the medium term, he says.
Central banks in Singapore, Britain, Russia and China are creating their own digital currencies on blockchain technology, and these might lead to changes in the global monetary system over the long term. The basis for currencies has migrated from silver to copper, the gold standard, the Bretton Woods system, and finally US dollar currency backing.
A digital currency, or a non-cash society, could be the future," says Mr Jirayut. Thai society has been familiar with digital currency for decades, he says. Bank loans are just entered on keyboards, with millions of baht transferred electronically, not with real paper cash, says Mr Jirayut. He believes Thailand's payment systems are getting ready to accept digital currency based on their infrastructure, technology and human resources, as many people are familiar with bitcoin and blockchain technology.
Mr Tewit, the noodle shop owner says: Once it is used widely, institutions must follow. For that reason, I want to support bitcoin in Thailand. An established noodle shop is one of the few businesses in Thailand to accept cryptocurrencies as payment for goods and services, write Pawee Sirimai and Darana Chudasri im Lao Ngow, a fishball noodle shop, has been running for more than 80 years in Bangkok's bustling Chinatown.
How does bitcoin work? Bitcoin is a decentralised system where everyone writes down on the ledger, says Mr Jirayut. B I did not write nor do I own this article.