WASHINGTON DC - It’s no longer a question of whether food trucks take cash or credit. Peruvian Brothers is now the first D.C.-area food truck (and second in the country) to take the digital currency Bitcoin.
What and huh? Well, remember the Winklevoss twins, the Harvard rowers best known for suing Facebook founder Mark Zuckerberg for stealing their idea for a social networking site? The twins, Tyler and Cameron, are Bitcoin investors and also happen to be good friends with Peruvian Brothers co-founders Giuseppe and Mario Lanzone. Giuseppe competed with the Winklevii on the U.S. rowing team in the 2008 Beijing Olympics as well as other world rowing championships. They raced against each other back in college, too, and have gone on cycling trips in California together.
“They were like, ‘Why don’t you try Bitcoin on your food truck?’ We’ve been friends for a very long time, and I trust what they do,” Giuseppe says. He figured food trucks already embrace plenty of mobile technology. Why not Bitcoin?
Here’s how it works: You have to have a smartphone app called BitPay, which creates a QR code specific to your BitPay account. When you’re ready to pay, just say you’re paying with Bitcoin and scan the QR code.
The Peruvian Brothers truck isn’t out today because of the weather, but you can start using your cryptocurrency on pan con chicharron tomorrow. The price of one Bitcoin has been trading at around $800 to $900, meaning the most expensive thing on Peruvian Brothers’ menu ($10) would cost around 1/100th of a Bitcoin.
Find the original article by Jessica Sidman at washingtoncitypaper.com <here>
Read more in the press release below:
Winklevoss Brothers convince the Peruvian Brothers Food Truck to accept Bitcoin
Peruvian Brothers: Washington D.C.’s First Food Truck to Accept Digital Currency
Budding entrepreneurs Giuseppe and Mario Lanzone are launching the DC food truck scene into the next era of commerce. Starting December 9th, Peruvian Brothers food truck will become the first mobile vendor in the nation’s capital to accept the cutting edge of cryptocurrency: Bitcoin. In an industry that has flourished under the digital age, food truck customers can track down their favorite foods prepared in a mobile kitchens using social media and geo-location, order their favorite dish and pay for their meal, all with their smartphone.
HOW IT WORKS: PB loving customers order their favorite “comida criolla” flavors from the Peruvian Brothers food truck and upon seeing the PB QR Code signifying that they are a Bitcoin friendly vendor, simply inform the teller that they will be paying digitally. Currently, Peruvian Brothers are utilizing Bitpay as a merchant interface through an iPhone app that creates a QR code specific to its BitPay account. For every transaction, BitPay creates a unique address in the form of a QR code that reflects the real time exchange rate for the amount of Bitcoin/USD the truck is requesting in exchange for food. Customers will then scan that QR code with their smartphone and approve the transaction using whatever Bitcoin wallet they have.
When accepting a payment using Bitcoin, Peruvian Brothers has the option to transfer the USD amount directly to their bank account to keep a seamless line of cash flow or keep their Bitcoins as an investment that they can later cash in depending on the ever-fluctuating value of the digital currency.
WHY: A smart lead from Tyler and Cameron Winklevoss, Giuseppe’s Olympic Rowing teammates and close friends with a knack for knowing what’s hot in the tech world, sent PB back to the drawing room to implement the latest craze in digital currency. With their tech-savvy guidance, Peruvian Brothers are rolling out an easy vending solution that offers lower payment processing and more secure transactions. For a small business, these perks are unmatched. In the simplest transaction, a sandwich is sold for Bitcoin which is then instantly sold to Bitpay for its current USD market value, insulating the vendor from the fluctuations in the Bitcoin market and charging a fraction of the traditional credit card exchange rates. The result is more profit for the loving attention put into each and every one of the Peruvian Brothers signature Pan Con Chicharronand Quinoa Salads.