Fastbitcoins.com, a startup that lets people buy Bitcoins in physical outlets using cash, has partnered with The Rickshaw Touring Co. to test out between five to ten crypto-enabled pedal rickshaws on the streets of Glasgow. It says that is eyeing a further roll-out in the area and more broadly.
These can be hailed the same way as regular cabs or rickshaws operating in the city. Passengers can choose to pay their fares in cash, but will also have an option to purchase Bitcoin vouchers from the back seat via a Point of Sale terminal operated by the rider. Those who already possess the digital currency will be able to pay their fare using the Lightning Network.
Danny Brewster, Managing Director of Fastbitcoins.com, says: “This is a fun concept, and with it we are trying to show the general public how Bitcoin can be made readily available and easy to use. Once consumers understand how easy it is to obtain and use, coupled with the added benefits of simply holding Bitcoin itself, more and more people will build infrastructure to help Bitcoin fulfil its potential on a global scale.”
On the comeback trail
Brewster was previously MD at Neo & Bee, the Cyprus-based Bitcoin banking venture which controversially fell apart a few years back amidst accusations of fraud, followed by attempts to extradite him from the UK to Cyprus.
“I plan to restore my credibility through providing the best possible service for as many customers as possible across the planet,” he told Coin Rivet earlier this year as he hit the promotional trail for Fastbitcoins. “I believe it is important to educate the general public on why Bitcoin is relevant to them, and is not just another fad, get rich quick scheme or buzzword,” he added.
“When you’re on bail waiting for extradition proceedings to take their long and slow course, you can either let the 34 years in prison sentence authorities are trying to throw at you, for crimes you did not commit, destroy you, or you can use it as motivation to do something productive. Having then looked back at how I spent the years before my extradition proceedings, I realised the majority of my time went into software development and paying legal fees,” Brewster continued.
The idea for Fastbitcoins isn’t novel, he admitted, and in fact was something he had previously mulled over. “It was only during the extradition debacle did I have the free time to re-learn how to write code and the free time to build it,” he said. “I set about building the solution on my own, with no budget, no team of developers or high flying executive team. This puts us in a position to scale effectively.”