The adoption of bitcoin and cryptocurrency is rising at a high pace globally. With bitcoin gaining ground in terms over time, this has influenced many startups to emerge with a unique idea revolving around blockchain technology and other existing business to accept the cryptocurrency as a form of payment.
One of the most famous bars in Singapore, Skyline, announced bitcoin as a form of payment, introducing the cryptocurrency with a New Year party package which included a luxurious night out, champagne, oysters, and caviar. Customers delved into this lavish life by paying one bitcoin in return, which costs around $15,124.00 at the time of writing. Skyline was the first club in the small nation to allow cryptocurrency payments; first through ether and now bitcoin.
The glamorous rooftop bar Skyline has an outdoor and indoor club, located on the 45th floor of Singapore Land Tower overlooking the waterfront. The business proposed to reach new heights by accepting payments in the world’s leading cryptocurrency on New Year’s Eve.
According to co-owner Subaish Rajamanickam, they had received a lot of inquiries about the package, but it seems that no one had signed up for it.
The bar was running a cryptocurrency theme called ‘Crypto Thursday,’ and held several cryptocurrency-related events since it started to accept ether in mid-November 2017, and so the idea of accepting bitcoin on New Year’s Eve came along.
Skyline’s co-owner also stated that the move would draw in new audiences:
“We felt that with cryptocurrency now gaining so much popularity, and the millennials using it… it exposes us to a demographic that we otherwise would not be exposed to.”
The startup COSS helped Skyline to begin accepting ether with its test product. The company’s founder, Rune Evenson, said that adopting cryptocurrencies is more of a “marketing stunt” with the current state of the infrastructure and mainstream acceptance, rather than “actually a part of your business.”
Due to the higher volatility, transactions are chiefly running using regular cash. Channel NewsAsia also followed up on bitcoin merchants in Singapore, and found six out of eight early adopters had reversed their decision to accept the cryptocurrency, due to low usage, difficulties with payments, and exchanging for fiat. Many altcoins try to overcome the scalability issues with varying approaches, but bitcoin remains the largest and most dominant cryptocurrency in the market.
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