You can pay by Bitcoin for taxi in Budapest

According to portfolio.hu, it is estimated that the Bitcoins in Hungary are worth 8 million HUF , but the crypto money is hard to be spent. Now, Budapest Taxi accepts Bitcoin for the ride as well.

The passengers have to scan a QR code with their mobile phones. That directs the passenger to a website where they can select the amount of money. Then the website searches for the Bitcoin wallet app, where you can approve the transaction. Thereafter the taxi driver’s POS terminal prints a confirmation.

The taxi company receives the income in forint within 48 hours. The exchange rate is nearly real-time, it is based on foreign stock exchanges. If Bitcoin price increases, the journey will be cheaper on the passenger’s side but, nevertheless, the taxi company gets the same amount of forints, since administrative charges are imposed on passenger transport, portfolio.hu reminded.

According to the estimation of the Hungarian startup Coinpay Zrt there is an amount of 8 billion HUF Bitcoins in the country. The company operates two Bitcoin ATMs, so we can say that a few hundred Hungarians definitely have Bitcoin.

You can receive Bitcoin by purchasing it in Hungarian and foreign Bitcoin stock markets, or by accepting it in return for services and goods. In addition, you can mine it, too, but that is hardly effective with a home computer.

The transaction is legal, you receive an invoice from the taxi company. Today, there are about 1000 providers that accept Bitcoin in Hungary, most of them recently joined as the fleet of the taxi company. But there are restaurants, dentistry, and tourist services that accept the money as well.

The business model is the following: Coinpay asks commission from the acceptor. It does not cost the buyers anything . To accept it, only a QR code is required, which can be scanned. You can use it online and offline as well. The order of the service is free for the acceptor and there is no loyalty period, portfolio.hu wrote.

Copy editor: bm

Source: http://www.portfolio.hu