NYC bitcoin enthusiasts rejoice: you can finally spend BTC recklessly on a night out.
EVR, a Manhattan restaurant and bar will begin accepting Bitcoin today. The process for customers sounds fairly seamless, so long as the bar patron has a mobile bitcoin wallet. The server simply loads a BitPay app on a tablet that converts the bill into bitcoin, then the customer uses their smartphone to scan a code on the tablet and deduct funds from their mobile wallet. Though the transactions are facilitated with bitcoin, prices will be based on USD and converted at checkout.
Restaurants and bars typically operate on single-digit margins, so one has to wonder why EVR would be among the earliest adopters of a currency so volatile its price could change more than that between appetizers and dessert. Looking into this a bit further, we found that the co-owner of EVR is non other than Charlie Shrem, the 23-year old co-founder and CEO of BitInstant. He certainly has incentive to proliferate bitcoin acceptance, but we give him a lot of credit for putting his money where… our mouths are.