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NEWS: On The Table and Cryptocurrency

Wednesday 30 June 2021

NEWS: On The Table and Cryptocurrency

Leading the way with future payment methods.


On The Table now accepts cryptocurrency as a payment method - WHY?!


It’s something we believe in and have found a partner that sits with our ethos and way of doing business. The reason On The Table will accept crypto-payments is a sign of intent, a first step for us on a journey of discovery.  


How will this change the way you pay for your recipe boxes?  


Fear not! If you don’t own any cryptocurrency it won’t change anything about your purchasing experience. You can continue to pay with traditional payment methods such as Paypal, Googlepay, credit cards or your debit card. 


For those of you thinking or have already invested in cryptocurrency we’ve been working hard to allow you to spend your cryptocurrency with us. 


How can I spend my cryptocurrency with On The Table?


We’ve done a lot of research as we wanted to make this experience as seamless as possible for you. So after much deliberation On The Table has partnered with Utrust to bring this new form of payment method to anyone that wishes to use it.


What is Utrust? 

 

Utrust is a seamless integration that gives e-commerce businesses the power to accept digital currencies - and get the benefits you can’t with just traditional payment methods.

It's digital payment blockchain platform that combines features of traditional online payment systems and blockchain technology in an attempt to offer the best solutions from both worlds. 


Utrust is Good for You and Us


The consumer isn’t charged and the merchants (On The Table) are only charged a 1% payment processes fee. This is great for small businesses like us as traditional credit card companies and Paypal take a 3-5% fee from the cost of every sale - we know!

Utrust makes the option of accepting and taking cryptocurrency payments available to everyone who wants to venture outside of traditional finance infrastructure.

In addition, Utrust processes all the payments on-chain meaning that it is within the public domain for full transparency, while companies like PayPal are closed database systems that claim to process cryptocurrencies but don’t operate on the blockchain itself. 


Why a lot of people are excited about blockchain is the open source nature of the system, it's public and that means you’re in the driving seat, not big business. 


Watch this video to see how to pay with Utrust on our Shopify store.

 

Ok, liking what you’re hearing? Who else is accepting cryptocurrencies…

 

On The Table is the only business within our sector in the UK that accepts cryptocurrency, however, we are not the only UK business that have partnered with Utrust . If you have been thinking about buying a new Lotus, maybe you want to book the holiday of your dreams at Arburton or if some home improvements is what you're after and in the need of an architect in Bristol Tonic Architecture will let you pay via Utrust. 


Now it's clear from the type of things you’re able to purchase that most people within the UK that have a few Bitcoin laying around are more wealthy than your average person, but you have to understand if you invested £75 in Bitcoin in 2009, today it would be worth £35 million, not bad - (Source - CNBC)

The UK food sector is a little behind our friends across the pond with even household names Starbucks, Burger King and Subway all take Bitcoin as a payment already. (Source - NowPayments)


Cryptocurrency debit card - Other ways to spend your Bitcoin

A few years ago the Monzo top-up banking card landed with a bang, everyone wanting one of the orange cards that gave you free money withdrawals in most European countries and 0% charges. We no longer had to put up with with the traditional banks crazy charges. 

HOLD  Visa Card is a prepaid card powered by Utrust.  Broadly speaking, prepaid cards are the same as debit cards. The difference is that debit cards are linked to your bank account, but prepaid cards need to be topped up. The HOLD you can top up using bank account transfers, other credit/debit cards, or cryptocurrency.

"Instantly get cash for crypto. Send it to your bank account, or spend online and in-store with your HOLD Visa Debit Card"

There is also Plutus and crypto.com which enable millions of enthusiasts to make use of their crypto-assets and spend at over 400 million merchants worldwide utilising the existing VISA infrastructure.



 Why all the hype around cryptocurrency, whats the big deal? 

Now I understand that most of us can't understand why you'd need to use cryptocurrency but for some people there isn't a choice, economies like Argentinas where the rate of inflation means when someone gets their pay check and the next day the value in there bank account is less!

The only answer is some cryptocurrency are a better store of value than the countries own currency.

"Argentina’s economic woes, from enormous debt obligations to high inflationcompounded by the COVID-19 pandemic, drove its population to seek alternative ways to store their wealth this year. But as the government limited U.S. dollar purchases by its citizens, crypto quickly proved to be the next best thing". (Source - Coindesk

Are cryptocurrency here to stay? 

Cryptocurrency have grown in popularity within the UK with 19% of Brits have now brought some cryptocurrency, with most people stating their reason for purchasing is they believe it's going to be extremely influential in the future  - (Source - Finder.com )

 'Coinbase' the largest cryptocurrency exchange and also the first to be public listed in April 2021 with an eye watering valuation of $100billion, a value that stands up to both of the most well known tech companies in the world, Google ($23billion) valuation in 2004 and Facebook $104billion valuation in 2012 so it's clear cryptocurrency are here. 

Though with a lot of people are still nervous around the idea of cryptocurrency, believing they're a scam, however, recent news from El Salvador becoming the first country in the world to adopt Bitcoin as legal tender after their Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency will only improve the appearance of crypto on the world stage. - (Source - Reuters)

 

Final thoughts 

We believe the world of business is moving towards these technologies being widely adopted to reinforce customer trust within a company, so when a customer makes a purchase they can fully understand their choice and where their money is going.

This is made possible as these technologies can be utilised to create a fully traceable supply chain that is recorded onto public blockchain that cannot be tampered with and is easily viewable by anyone. 

The blockchain that Utrust token (UTK) is built on is called Ethereum, Utrust isn't the only company that use the Ethereum blockchain there are 100s, with others using the blockchain to drive sustainability within the food sector - we will be doing a future blog post exploring is much more. 

When I was 13 and used the internet with a dial-up phone line and messaging on MSN messenger to people all over the world with the question A/S/L which means Age/Sex/Location I couldn't imagine a world where I'd be standing on a street corner ordering a 'Uber' with a smart phone to pick me up, paying with ApplePay and on the route home ordering takeaway pizza with Deliveroo that is there to great me with open arms when i get home. We are now entering a new frontier where the rules have yet to be written.

We know that On The Table will be part of this digital revolution and hopefully play a part within the Fintech and Food mash-up as it’s a way to improve the world we live in for future generations

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