The Old Fitzroy Hotel is one of the few remaining “character pubs” in Sydney but as of yesterday has become the first pub in Australia to officially accept payment by Bitcoin.
The historic Woolloomooloo institution first introduced the payment method on Sunday enabling tech-savvy drinkers to pay for their beers via smartphone provided they had a Bitcoin “wallet”. All patrons need do is scan a QR code generated at the til and authorise the payment via their smartphone.
“I am interested in Bitcoin because it is progressive,” Fitzroy publican Garry Pasfield said in a statement. “I know a lot of people will like the opportunity to steer away from
the big banks, and [Bitcoin] will have a lot of legs if it can establish
itself.”
For those who don’t know, Bitcoin is a controversial new digital currency system that behaves in the same way as commodities like gold, silver or oil, in that its value fluctuates relative to market demand. It was conceived originally as a global peer-to-peer digital currency system enabling people to transfer money via their smartphone or computer without the use of an intermediary financial institution like a bank. Its benefits are the elimination of bank accounts, fees and middlemen, while its drawbacks include its volatility and relative lack of social acceptance.
Beers will cost approximately 0.05 bitcoins or around $7.
The novelty of pretending you live in the future – priceless.
The Old Fitzroy Hotel is located at 129 Dowling Street, Woolloomooloo, Sydney
