Downtown’s Bobby Hotel has become one of the first independent properties in the country to accept cryptocurrency as a form of payment for bookings + reservations — which left many wondering, “How does this work + what does this mean?”
What is cryptocurrency?
Simply put, these digital “tokens” are intangible assets in exchange for real money that can be utilized to purchase goods + services. According to CoinMarketMap, there are currently 6,700+ different cryptocurrencies available to the public (think: Bitcoin), equalling a total value of $1.9 trillion.
How will it work?
Through a partnership with cryptocurrency service BitPay, Bobby Hotel will accept Bitcoin, Ethereum, Dogecoin + stablecoins as forms of payment for hotel stays + event bookings. When checking out, guests will scan a QR code that will take payments from their digital crypto wallets. 👛
Who else accepts cryptocurrency in Nashville?
While local cryptocurrency payments began as early as 2013, it is not commonly practiced in Nashville… yet. According to CoinFlip’s crypto ATM + merchant Coin Map, Flyte World Dining + Wine and The Crawl of Fame — both of which are now closed — were the only other local businesses to accept cryptocurrency.
What could this mean for the future?
Could cryptocurrency be the future of money transactions? Only time will tell. While Bobby Hotel is the first hotel in Nashville to accommodate cryptocurrency, Nashvillians + national leaders are eagerly monitoring the hotel’s new venture.