Singapore-based Coin Of Sale, a popular web-based Bitcoin payment processing and accounting solution, announced that Parallel Polis will be exclusively utilising its software to handle Bitcoin sales in its popular cafe in the Crypto-Anarchy Institute, located in Prague, Czech Republic. The entire institute accepts only Bitcoin, which makes it the first of its kind in the world.
Parallel Polis aims to promote ideas of personal privacy, liberty and free market economics. It includes a co-working space, hackerspace, makers lab and a Bitcoin cafe where volunteers help newcomers setup their wallets and purchase their first bitcoins using an ATM made by the Czech company General Bytes.
Tomas Forgac, Founder and CEO of Coin Of Sale, said “We’re proud that Parallel Polis has selected Coin Of Sale’s POS system to process Bitcoin payments with its institute. The thinking of liberty leaders in Cetral Europe is nicely aligned with our company philosophy on data and currency – and how they are intricately tied to human value.”
Coin Of Sale is a Bitcoin mobile platform and accounting system, based in Singapore, that allows retailers to safely accept and manage payments with Bitcoin. It works via any web browser. Buyers use their smartphone or tablet to scan a QR code that appears on screen, in order to process their bitcoin payment.
Using this system, merchants can administer their account using built in payment processing and employee management tools. According to the Coin of Sale website, there are n setup or recurring costs, with a 0.59 percent transaction fee. This is lower than the standard merchant rates charged by credit card firms.
Coin Of Sale currently works directly with merchants across 10 countries. While most of its clients are based in Europe and the US, it also has merchants utilising it in Singapore and Thailand.