Austin Pushes Forward In Crypto Embrace; III Forks Now Accepts Bitcoin

Austin steakhouse III Forks announced back in April that it would be entering the world of blockchain by accepting Bitcoin through BitPay on the Bitcoin Lightning Network.

III Forks, which is owned by CRO, Inc., is the first restaurant in the company to begin accepting Bitcoin. Guys are now able to pay their bill in Bitcoin, whereby the III Forks team will then present them with a BitPay invoice QR code for customers to scan tableside.

Curtis Osmond, President of CRO, Inc.’s Steakhouse Division told Be[In]Crypto that bitcoin has become a frequent topic of conversation among its guests, leading to the restaurant choosing to implement Bitcoin as a new payment method.

“After telling more than one guest that we didn’t take bitcoin, we decided to look into how it might work. We strive to find ways to say ‘yes’ to our guests, ”he explained.

Osmond praises the Lightning Network’s ability to allow any business, including III Forks, to receive dollars, regardless of the currency. “It does so for a fraction of the cost of traditional credit card fees,” he points out. “If you’re new to space, simply choose a reputable platform, with a well-designed, simple interface. You’ll be glad you gave it a try. ”

Austin City Delegation approved measures for tax payments

As for Texas and the city of Austin, Osmond says that Austin’s “storied history” of being at the forefront of advancements in tech, doesn’t make the city’s embrace of cryptocurrency, specifically, bitcoin, all that surprising.

In late March, the Austin City Council approved a measure that would launch a study on the city accepting Bitcoin and other cryptocurrencies for city taxes, fees, or penalties.

“I really wanted to make Austin be the leader,” Council Member Mackenzie Kelly told KXAN News. “I’d like to know if it’s even going to be cryptocurrency or even hold it on our accounting books.”

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“We ask the city council and the city manager not to take the blockchain technology and rush into different projects that can benefit the city at the end of the day,” Sam Padilla, a member of the They said.

However, other groups, including the Austin Justice Coalition, have expressed their concern over “other city priorities,” which speaks to bitcoin mining. Researchers have found Bitcoin consumes more than 121 terrawatt-hours a year.

With the resolution adopted, the Council will now look deeper into issues including financial stability, security, equity and inclusion, and consumer benefits or risks. For constituents who do not have bank accounts, but use the crypto as their primary form of payment, Austin’s forward thinking in embracing crypto .

University of Texas at Austin finance professor Cesare Fracassi also considers it “very small risk” for the city to attempt to embrace and implement crypto into its local landscape.

“The city can receive payment in cryptos, but they can immediately convert them into fiat cash, so they do not have any risk involved in holding cryptocurrencies,” he said. “There are established payment processors that basically accept crypto payments from the users and then give the City of Austin dollars for a small fee, which is actually very comparable to using credit cards or debit card transactions.”

“Bitcoin and the Lightning Network are not quickly becoming part of the local landscape,” Osmond told Be[In]Crypto. “When possible, we feel it is important to promote local businesses, especially when they have the opportunity to simplify or add value to the guest experience.”

Back in February, the city of Miami announced it brought Miami over $ 5.2 million through the city’s native cryptocurrency, MiamiCoin.

What’s next for III Forks?

Osmond also said that CRO, Inc. BitPay’s utilization for other restaurants across the company. “We are looking for creative ways to elevate the dining experience,” he says. “With so many new technologies on the horizon, forward-thinking restaurateurs have the opportunity to deliver the unprecedented level of hospitality and enjoyment.”

Since the first introduction of the new system, Osmond says that his experience has been received from his guests – including those who use traditional payment methods. “We anticipate a moderate, yet steadily increasing volume of lightning transactions over the next several years.”

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