Bitcoin, a decentralized digital currency, has become an increasingly popular form of payment since its inception nearly four years ago. While interest and usage of Bitcoin has grown tremendously over the past few months, we believe that American Sandwich is the very first restaurant in the U.S to accept Bitcoin directly through our proprietary on-line ordering website.
Interest in Bitcoin is soaring and, as people are becoming accustomed to using Bitcoin to pay for their purchases, we wanted to provide an easy and alternative option to credit cards. Restaurants, as well as other retailers, pay very high fees to banks in order to accept credit cards, which is a 25 billion dollar industry. Most consumers aren’t aware that these fees are indirectly passed along to them through higher prices. By accepting Bitcoin and avoiding these fees, we can keep our prices low and still maintain the high quality American Sandwich Co. is known for.
What is Bitcoin?
Bitcoin is a decentralized crypto-currency, meaning it doesn’t exist in the physical world and does not have a central bank such as the Federal Reserve. It is a system of owning and voluntarily transferring amounts of so-called bitcoins in a manner similar to on-line banking but anonymously and without reliance on a central authority.
Why am I only hearing about Bitcoin now?
Bitcoin was introduced in 2009 by a mysterious programmer known only as Satoshi Nakamoto. Previously the domain of technology-friendly ‘geeks”, Bitcoin has shot to mainstream financial attention after its value increased by up to 1,000% since the start of the year.
The rise of Bitcoin also coincided with the tipping point of the financial crisis in Cyprus, when it was announced individual savers faced a one-off levy in order for a euro-zone bailout to go ahead. In light of governments raiding savings in this way, the prospect of a currency free from government regulation and interference suddenly becomes much more enticing.
How do I buy Bitcoin?
The most popular way to buy Bitcoin directly is via online exchanges such at Mt GoX. Sellers can also be found directly online or even by meeting them in person. For more information, some good sites to start with are WeUseCoins.com and Bitcoin for Beginners on our ordering page.
How does Bitcoin work?
The first step is to visit www.bitcoin.org and download a ‘wallet’ on your computer or mobile.
Bitcoin uses peer-to-peer networking and digital signatures where the money supply is automated and given to servers known as ‘bitcoin miners’. Bitcoins, in blocks of 25, are awarded to these miners when their computer generates a 64-digit number from a complex algorithm. It is helpful to think of bitcoin more as a commodity being mined rather than a traditional currency of which central banks can always create more of.
Is Bitcoin safe?
Yes. Since Bitcoins are based on complex mathematical algorithms they are impossible to duplicate. As Bitcoin exists virtually, no person, country or corporation can control or manipulate it. Additionally, paying with Bitcoin on line is safer than using a credit card because it carries no risk of identity theft.
How do I pay for my ASC order using Bitcoin?
Simply click on the Bitcoin icon on our ordering site when are ready to check out. You can scan the code with your mobile or click on the icon from your PC to complete the transaction. You will receive a confirmation instantly.
What is the value of Bitcoin?
The value fluctuates based on current market rate, just as precious metals like gold and silver fluctuate. Not long ago a bitcoin was valued at $20 and now it is valued at $120.00.
Originally our U.S. currency was based on “The Gold Standard” which meant that there was gold or silver to back up the paper notes, which is why old currency has “Silver Certificate” printed on it. This kept the economy stable. When the Federal Reserve prints currency without tying its value to anything, it negatively impacts our economy because “it isn’t worth the paper it’s printed on,” as the saying goes. Bitcoin miners are continuing to produce bitcoins, but there is a mathematical limitation of the number of Bitcoins that can exist – 21million.
ASC, now part of the new bitcoin economy
From the beginning we wanted ASC to be the kind of restaurant we would enjoy and support. From our menu that is 100% HFCS free, to our premium low-mercury tuna, to our use of sustainable products, like corn based soda cup and green renewable energy, we feel strongly about being on the forefront of change – change the benefits health, the economy, and the environment.
To date Bitcoin’s usage has been limited to more tech friendly areas such as Northern California and New York City. We thought it was about time for that to change too. At ASC, we’re passionate about food and the community we live and work in. Bitcoin is said to be a new type of currency. and at ASC we like to think of ourselves as a new type of restaurant.