Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative
— Nassim Taleb – Author and Risk Analyst

Pay for Your Taxi with BitCoin!


                                                                                    ~image by rollingbudapest.com

Budapest Taxi held a joint press call with the CoinPay Inc., where the StarUp – Deputy CEO András Lőwy – CoinPay Inc., the COinPAY Developer, and the taxi  managing director of the company Csaba Horváth  announced the following:

The Budapest Taxi in Hungary is to be the first to introduce the CoinPay system allowing quick and secure within the system on coin-based payment.

If the purchaser has Bitcoin , and has a cell phone, he/she can use any service, for example … arriving in the cab to the destination can choose to accept their Bitcoin  wallet in the amount to want to pay for their transportation as a unique identifier, and Scan the QR code.

Passengers in taxis, paying for the service with Bitcoin will come in practise from February in Budapest, said the StarUp – Deputy CEO András Lőwy – CoinPay Inc. also added, the Bitcoin’s global accessibility is one of its most important features. The taxi drivers will onwards accept Bitcoin for payment, and to use Bitcoin  does not require divulging any personal identification information to the drivers. For this reason, no criminal can get into your Bitcoin account and spend your money by simply hacking the servers of a company that you performed a transaction with.

The ATM can be directly inserted into paper money, and converted to digital cash, the device screen projected by scanning a QR code can be loaded into the electronic currency Bitcoin  wallet, a mobile phone, from where it purchases the amount to be paid.

So already in the 21st century, there are approximately 5 billion adults in the world, over 85% have mobile phones. Even the most basic of mobile phones give access to a global network of communication. Keeping that in mind, Bitcoin  makes sense for a more global form of money to exist. Bitcoin is exactly a universal, internet currency that can work on any computer or mobile phone. It does not require a credit card, bank account or the divulging of any personal identification to use or acquire. 

The catch is that you’re not using any government-backed fiat currency in this system, by in use of the new currency the Bitcoin  which is similar to a cash transaction for a company, that has two main advantages. First, the merchant does not have to pay a credit card company a certain % fee each time they swipe a card. Instead the cost for each merchant to accept Bitcoin and convert it to fiat is on average less than 1%, a service provided by payment processors.

Anyone with a mobile phone on this network can financially transact without the use of cash, credit cards or a bank account by simply using the SMS feature to securely send and receive monetary balances.So just with a mobile phone any two parties can now transact without a central authority, company or bank mediating the transaction and in such a way that is safe and secure, publicly known, and incontestable.

~ story by rollinginbudapest.com

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Italian taxi fleet accepts bitcoin payments

Cooperativa RadioTaxi 3570, one of Italy’s largest taxi fleet, announced that it has started accepting bitcoin payments. Along with credit card, Bancomat, and PayPal, the company has listed bitcoin, under its ‘Payment methods’, bitcoin.com reported.

The company has partnered with Chainside, a startup enabling businesses to accept bitcoin, to offer wallet, invoice, and monitoring services. The Chainside platform is integrated into URI’s booking app for smartphones and tablets – IT Taxi – that is widely being used, including RadioTaxi 3570.

Customers who wish to pay through bitcoins after their trip can opt for bitcoin payments and will be redirected to a page on Chainside. Once payment is received, confirmation is sent back to IT Taxi.

Last year, RadioTaxi and Chainside co-hosted a hackathon for the industry in Rome – ‘TaxiHack’. It was the first hackathon for innovations dedicated to taxi service that saw BitTaxi, an app that allows customers to pay for rides in bitcoin, as the winner.

"Of course, to think that everyone can accept being paid in Bitcoin is hard to imagine, but what we want to walk from this initiative is that we are not as conservative and opposed to innovation as we often describe . We have always seen innovation as a growth stimulus. We want to give a strong signal to our competitors," the president of the cooperative Loreno Bittarelli commented after the event (loosely translated).

~ from EconoTimes Thursday, November 10, 2016 7:23 AM