Inside Britain’s first cryptocurrency cafe where you can pay in SEVEN different types of digital cash
A CAFÉ has become the first in Britain to accept multiple cryptocurrencies as a form of payment. Tayyab Shafiq, 26, has set up the Chai Ada coffee shop in Shepherds Bush, West London, and will be accepting seven different kinds of the popular digital coins. The menu offers chai teas and coffees, as well as […]
A CAFÉ has become the first in Britain to accept multiple cryptocurrencies as a form of payment.
Tayyab Shafiq, 26, has set up the Chai Ada coffee shop in Shepherds Bush, West London, and will be accepting seven different kinds of the popular digital coins.
The menu offers chai teas and coffees, as well as a variety of delicacies – including biriyani, kebabs and desserts.
But unlike in other cafes, punters can pay for their morning latte using the completely digital currency.
Tayyab will accept the classic Bitcoin as well as Ethereum, Bitcoin Cash, XRP, Verge, Litecoin and Horizen.
Cryptocurrencies and decentralised finance tokens can be extremely volatile, so your cash can go down as well as up in the blink of an eye.
Investing is not a guaranteed way to make money, so make sure you know the risks and can afford to lose the money.
Speaking to The Sun, Tayaab said: “I honestly believed that crypto is the future, and this is the way that it will be going forward.
Most read in The Sun
“Chai Ada has been set up because I really believe that the Metaverse (digital world) is the future, and this is a great way to help encourage the use of cryptocurrency going forward.
“Both Bitcoin and Ethereum have the highest market capital but they also have high gas fees, so we wanted to make sure that customers get the best for their money.
“It’s a one of a kind café at the moment, and the reason that we offer so many different kinds of cryptocurrency is because of the fees involved in transactions.
“The whole café is designed to look great online, and the coffee cups and packaging on the food all have positive messages.”
The entrepreneur hit headlines in 2020 after creating the world’s smallest curry house in a red phone box in Uxbridge, West London.
Customers are also being offered ten per cent off their orders for life if they purchase a NFT (non-fungible token) from the café – but only the first few will be able to nab one.
NFT’s are limited edition virtual items which can be bought and sold – but have their own unique code so copies cannot be made.
I honestly believed that crypto is the future, and this is the way that it will be going forward.
Tayyab Shafiq
It works as a certification for ownership of a physical asset which means the NFT will effectively function like a rare trading card.
The NFT can take the form of a digital image, video file or other virtual asset and is unique, meaning if you buy one, you’re the only person with it.
Tayyab added: “It’s really easy to pay with it, and we are also offering a lifetime discount if you purchase an NFT from us.
“Anyone who does so will get a discount, in this café and in anything else that we choose to open in the future.”
Cryptocurrencies are digital coins that are stored and can be used to make payments through online technology called the blockchain.
Each coin has its own unique code that is stored securely on the blockchain and the same technology has been used in the development of NFTs.
Interest in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin and Ripple has soared in the past few months.
Bitcoin‘s value has been boosted and hit record highs in 2021 after receiving backing from Tesla founder Elon Musk.
So, if you’re thinking of investing, keep in mind it’s a risky business and you’re in no way guaranteed to make money.
Before jumping in, make sure you know the risks and can afford to lose the cash, and never invest in something you don’t understand.
If you do invest, your money won’t be covered by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 of your savings if a firm goes bust.
You also can’t go to the Financial Ombudsman Service if something goes wrong.
Firms offering cryptoassets must now be registered with the Financial Conduct Authority (FCA) and anyone who does invest in cryptocurrencies should check before investing.
5 risks of crypto investments
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
