'Bite Coin' brings technology to shops

Late last year, the HuB in downtown Sarasota became an early adopter of Bitcoin technology, accepting the cyber currency as a form of payment. Now, the owner of the HuB building has plans to create his own digital dollars for downtown businesses.

Entrepreneur Jesse Biter announced April 1 the launch of “Bite Coin,” a cyber currency that will offer its users a discounted rate on goods and services in downtown Sarasota. Biter has worked with the city and downtown businesses to install Bite Coin technology in every storefront, allowing customers to pay via the official Bite Coin app on their smart phones.

The city has invested $3 million into the technology thus far, but believes the public/private partnership will pay off in the long run. Now, city staff says, the city is on the forefront of technology, which will attract new businesses.

“The traditional form of payment — taking physical dollars, exchanging them for goods and services — is, quite frankly, antiquated,” a city official said. “Now, visitors and residents alike will be delighted to know that shopping can be as simple as taking out your phone, opening an app, pressing several buttons and verifying the transaction with an employee.”

Not everybody downtown is on board with the proposal, however. Some storeowners and customers have struggled to grasp the concept of the online-only currency. One email sent to city officials, which seemed representative of a more general confusion, featured the subject line, “When are my Bite Coins arriving in the mail?”

“If anything, we should be moving toward integrating a barter system throughout the city,” one merchant said. “If I’m selling a watch and a guy offers me a bushel of peaches, it should be my right as a taxpayer to accept that deal.”

The City Commission was flummoxed by the concept when it was originally presented to them last month, nevertheless, it was quick to offer its seal of approval to Biter. Commissioners lauded the proposal, particularly due to the currency’s lack of government regulation.

“In the 21st century, we don’t have the luxury of understanding every single aspect of new technology,” one commissioner said. “We just have to plow forward with our heads down before it becomes obsolete.”

Ace Vapeman, the owner of a new electronic cigarette store slated to open on Main Street later this spring, was enthusiastic about the cyber currency coming to Sarasota. He said that, though people in Sarasota might initially be wary of unfamiliar technology, the benefits of Bite Coin were readily apparent and should win over any skeptics.

“Even people who aren’t comfortable with computers should be excited, because it’s just like regular money,” Vapeman said. “You just have to go through a bunch of steps online, and also exchange regular money you already have to get it. It’s really cool.”

As of press time, one Bite Coin was valued at $225. The price, which fluctuates depending on consumer buy-in, was a significant increase from Tuesday’s low of $3.50, but a steep fall from Wednesday’s high of $1,400.

Contact David Conway at [email protected]

Hopefully you made it to the end of the article, so we can say, Happy April Fools' Day! This story is not true.