I own a small business and just started accepting cryptocurrency. MAKING BANK!!!!
By - Odysseus_Lannister
What system are you using to accept cryptos and which ones are the most commonly/easily used?
We use bitpay and coin base commerce. Also I have two managers that are super into cryptos And are willing to work with customers to accept other coins
Are the fees lower than credit card swipe fees?
Have you looked into working with anything around [Flexa](https://flexa.network/)?
I have not, but on first glance it looks very useful. I would love to consolidate to one payment system like this. Thanks!
\#AMPire! Awesome project
This is an underrated comment
No I have not but upon first glance, it looks very useful. it would be great to consolidate to one payment platform. Thanks!
Flexa is the way!
This is the real question that I’m interested in!
Amp is my most bullish hold
I have some, but can you shill me on why you're so bullish?
42 billion for now but over 60% of currently circulating amp is already purchased and staked (out of circulation and earning rewards for now)
Amp has amazing tokenomics - it's one of the only projects that will provide direct daily buying pressure of its own token (based on network usage).
It is asset agnostic and isn't competing with any other crypto - if crypto wins amp wins.
It's undervalued right now - we will see the userbase grow organically - if we had dogecoins social media footprint it would be 1$ per amp already almost.
The project has been regulated from the beginning it's based out of New York with strictest crypto laws.
It's been working years on getting licensed and is years ahead of any crypto that wants similar licenses.
(Look at what happened to xrp for doing it without these licenses)
The idea is patented - yes a competitor can pop up but they are already years behind.
It went from rank 69 to rank 9 on coinbase in two weeks on release .
It has some of the strongest use cases in all of crypto - it's backed by huge players the winklevosses (BTC maxis) consensys (ETH co-founder) and Barry Sternlicht (extremely successful investor)
They are launching their Shopify integration to become the crypto payments rail for potentially hundreds of thousands of digital store fronts.
Shopify is partnering with Facebook and by extension amp and flexa
Amp powers Gemini pay and Spedn
Amp can do more than just flexa.
42 billion sounds like alot but its current market cap is really low compared to what it could be in the future.
Amp is a next generation payment rail ☺️
We are investing in the future.
Amps competition isn't other crypto it's venmo/ PayPal /visa/ masterCard & amex.
It's competition is legacy payment systems
Hope that clears it up for you
Lots more info on r/amptoken
And they have already formed partnerships with NCR and Incomm Payments, both of whom have ties with huge brand name retailers.
Asking the real questions.
He's not using any, because he's making it up. Please use your fucking brain.
If *any* business-minded restaurant owner were doing this, they'd get it in the local press first, because that'd drive footfall to them and get extra hyper-local publicity, and then they'd link the local press stories here as proof. At the very least, they would be linking to their actual website, because they'd be advertising it on there too. Even if all they had was an FB Page, same would apply.
Or, they'd be ranting about how they tried to get the local press interested, but they wouldn't write about it.
OP has not mentioned anything along these lines, because he's an imbecilic cRYpTo iNvEsTOr making shit up, not anyone with any shred of business intelligence.
And OP was never seen again
Lol... moonfarm as someone stated above
He is right in this comment tree.
Wow, a 37% increase in business is quite the jump. More businesses would be wise to do the same. Congrats
9 customers plus 3 more that use crypto is 33% growth...
Percentages can be misleading.
Edit: thanks for the award.
Very true and point taken, but it in this case it sure would be difficult to sustain a restaurant business with only six customers
Depends how much those 6 customers eat.
me: *laughs out loud*
also me: *sadly pats belly*
I feel this.
Stop feeling my belly
Whales eat a lot.
I hope he gets more customers
Definitely but got to start somewhere
Those PPL loans…
I personally know someone that can probably sustain a restaurant all by himself.
Hmmmm, I’d be more curious as to who would be spending Bitcoin transactionally. Most of the people I know that are interested in crypto have bought into the “hodl” mentality. Even as places I know accept btc, I typically use fiat.
The only crypto I ever actually buy stuff with is monero because that's it's sole purpose. Fees are low, and transactions are private.
Have used cardano and was cheap enough.
ADA now that's my babe
If things go as planned ADA is going to blow up in a few months. Regardless of what happens I'm really excited to see it all play out
Still, as a crypto enthusiast, you might choose to go to the business that accepts bitcoin when spending your fiat. Therefore, the use of bitcoin is not necessarily needed for the owner to have gained more customers from his marketing of being bitcoin friendly.
This is the way. I’d jump to use a crypto acceptor first. I’d still pay with my credit card .. more protections and points. And longer to pay.
But I’d actively support that business.
I’m hoping for a website soon.
Now if I see anything that says crypto I stop and look. It catches my attention.
Exactly. It’s the fact that they are adopting and supporting something that I’m interested in. This is really my main way of branching out in life.
I really liked the model of dlive of using crypto to directly donating to streamers. But apparently there were some shady business behind it and I think the whole site went down.
But I hope that someday someone brings back that model. It was a nice way of using crypto, specially for streamers that were located in countries with not so solid financial infrastructure.
For such a small purchase like a meal with a few friends, novelty of it if it's your first time paying in crypto. Also stuff like this needs to happen for further integration of crypto.
What's a few meals bought with crypto among friends?
Well, when a business accepts crypto, they usually do it within an API app that accepts tens of cryptos, including transactionary ones like XLM and XRP.
I use my crypto to buy things. If we only hodl it defeats the purpose of the currency IMO. The more we spend the more people have it, the less centralized the holders are. If we want to improve adoption people need to spend and accept.
Maybe I’m just a cynic but I don’t think op is telling the truth here
And thus was born “The Legendary Man whose Restaurant’s Sales Increased 37% by Accepting Crypto”.
"It's 100% true, I read it on reddit"
I'm also of this belief. It's a fun story though I suppose
Should be easy to verify. Can’t we see the transactions on his public address?
People could eat there simply because he supports crypto, but still spend fiat on the meal… Though I also suspect the story may be a bit of a tall tale.
How will that verify % growth?
imagine bestbuy or some places start taking crypto wow
Yes same here. It may sound appealing at first and I don’t mean to be a hater against OP but specially right now with crypto being down, who would go out of their way to spend it?
Crypto enthusiasts would go there simply because they accept crypto. Not spend their precious crypto but dump their worthless fiat. More business is still more business m
Yes that's true, but these hodlers may very well go there out of sympathy and end up spending fiat instead.
I know I would!
I agree, I'm not spending btc... Plus lose satoshi to fees...
I won't even spend doge....
Do they take shibacumbaby coin... I have billions of that.
Instructions unclear: Opened a shop and now accept CUMROCKET as payment
What do you sell ? Anyway I'll take your entire stock
My btc / eth is in a hardware wallet and I think I'm not alone in that Tbh. A few people I know have eth for nfts but most of it is offline now.
Lol. I have loads of crap coins I brought for mine 5 quid.
BTT comes to mind 🤣🤣
Agreed. lil bit sus.
Happy cake day!
You're assuming it's bitcoin they're paying with. For all we know he may only take nano or LTC
In their post they said they have a sign that says they accepts Bitcoin, hence the assumption.
And this is why cryptos will never be actually used for anything else than speculation on the internet
It would be possible if the value of the coins held stable and there was a good supply. Currently many of the top coins are used for investment purposes
Not to be a parade rainer but there was also that pesky pandemic that suppressed in person restaurant sales as well. I know my area has only been "open" for a few weeks now.
But yes, I would shop crypto over not given equal conditions.
Even with the pandemic, 9 customers (now 12) is super unsustainable. Hope the guy pulls through, but there are so many fixed costs involved in running a restaurant.
Lol why do you think the restarant has 12 customers??
Percentages are percentages, working as expected.
He never said the 3 kids were his ONLY new customers. There could have been more and this was only one example.
Totally agree, it's very beneficial for businesses to accept crypto, it just gives the customer more payment flexibility along with giving the company more areas to gain financial assets.
Definitely need to see more adoption!
Will be a game changer once the big companies step in!
I hope to run a business one of these days so I can start accepting crypto.
It's something other business owners should take note of. There are benefits to being early.
37% is quite a lot ,op is doing great exposing small businesses around him to crypto. Kudos man
He is running a restaurant in the wake of a pandemic ... i have to wonder how much is just increased demand
Got a photo of your sign?
These stories are so cringe and how people soak them up is beyond me.
Moon farming meta
The man has been on r/charity stating that he is broke, but he is also a business owner with multiple employees? Something isnt adding up.
Seriously. It's not even a believable story
My butthole now accepts crypto and traffic has risen since!
No it's a true story guys. His profits from the business went up by 37% after making this post and earning 1500 moons (which is the hard cap recorded during the snapshot for each cycle). OP is Chaotic Neutral.
Yeah I find it hard to believe a 37% increase in sales.
Stories posts NEED to be verified by mods in order to get moons.
Ill take "stories that never happened" for $500, Alex.
yeh, honestly when you get to the second to last paragraph it just reads as a “and everyone clapped” story.
OP will never prove this (and nor should they have to for something like their business), but I definitely do not believe a 37% jump in sales from crypto. 5-10% I might be willing to believe.
37% jump in sales while the lockdown is loosening up is normal. Many restaurants are seeing this regardless of crypto.
Yeah. You could just walk into restaurants near me a few months ago. Now you have to make a reservation multiple days in advance or wait at least 45 minutes to be seated. I think my local Thai place is up at least 50%
Reddit has a high percentage of “everyone clapped” stories. Like 37% probably.
Could be also the fact that a lot of places have been opening more with the updated Covid guidelines released from the CDC.
If they're in the US things started opening about 1-2 months ago, and people started going out more.
Still think the story is fake, but there's still like a 0.1% chance this is someone assuming correlation = causation.
Yeah this doesn’t make any sense to me either
People who have Bitcoin don’t often use it to buy things, fees are too high and causes a taxable event
I call bullshit on this. My company does 1000+ transactions a day and we get 5-6 transactions in crypto. All of which are less than half of my average order value.
We take Coinbase commerce for what it's worth
Hey we dont use dirty fiat here. For 5000 moons please Alex.
I’m skeptical of this story. Seems moonfarmy to me
From what I’ve seen many people who own crypto like to hold it as an investment, not spend it at restaurants
Relatively new to crypto here, but isn’t the point of crypto to be able to use it as a currency? I don’t really see a problem with holding as an investment or paying for things with it.
Firstly, worth noting you nor OP said exclusively bitcoin (unless edits?) But you're getting downvoted and bashed for something you didn't even suggest.
But my comments;
Lmfao no kidding, but be prepared for downvotes a plenty when you start trying to make sense of anything!
"A currency? Blasphemy! You have to hold it until 200k! "
This is exactly what I don't get about those that say buy and hold BTC or ETH but bash on alt coins... So what exactly is the currency part?
I'd rather pay for goods and services with something that "has a low theoretical max (ie $10)" at half the max value than something that everyone wants to be worth 500k..
But no no Crypto CURRENCY is just buy and hold BTC or ETH.
>Some kids walked by and saw my sign out front that says I accept bitcoin and said, “ fuck Chick-fil-A let’s eat here”
OP did imply accepting BTC was the reason why sales went up. My point was that BTC is not good for day-to-day small transactions and most people who have it know this. There are other cryptocurrencies that are much more viable to use as an actual currency (algo, xlm, ...)
Bitcoin isn’t practical as a currency. It’s very slow and has high fees. Other currencies are much more seamless to use
Yeah I use my credit card at restaurants. This month it’s 5% cash back.
Yeah or you could use Bitcoin which could have like a 5% additional fee for small purchases lol
I agree, people prefer to hold BTC.
But imagine you want to eat at your favorite resturant and you see a sign Bitcoin payment accepted, Never having paid with Bitcoin, you'd pay with bitcoin just for the feeling of it.
I sell lemonade and use Bitcoin as payment
I’ve accepted crypto thru my business for 4 years. Sadly I’ve only ever had about 0.5% of customers choose that option, but most of them paid btc and I hodled it, so it added up to much more than it would had I taken cash.
See, I accept Crypto's as a form of payment, but i'm not gonna lie, I convert it straight away, it's just an extra step to get it into my fiat.
I stand by the fact that's a store of wealth, not a currency, plus you know, I don't like my net worth depreciating by half in 3 months, nor do the people I pay.
And before people talk about the dollar decreasing in value, yes, that's why I have a highly diversified portfolio of assets to mitigate that.
I don't recommend it myself, but it's a neat little niche, but god, if you pay people, just keep to fiat, the amount of a headache I had converting it over and then reporting it was just not worth it.
How do you accept btc without getting crushed by fees?
Those fees are what keeps me from selling. And buying anymore.
But I have transferred to people on CashApp for pennies. I have friends that didn’t have any. Yea I know CashApp bad.. but they all have it. So for birthday or Xmas I’ve been gifting $25-100 in Bitcoin. And now more people have Bitcoin.
So maybe it can be cheaper like that.
I think cash app is fine, people get real worked up over not having btc on a private wallet for no reason
I don’t keep much on there. I use it to check out stock prices.
I hear what they are saying about holding it yourself though. And I’ve had to fight with a bank to get my money back. I just don’t trust myself to not lose the key or the wallet. Or i I’ll transfer it and do it wrong. I have crypto on several platforms. Never put all your eggs in one basket.
How does receiving btc cause you to pay a fee?
What happens if you take $300 in Crypto for $50 in profit after all expenses, and then the Crypto becomes worth less than $250 before you can cash it in? Do you just hold it? If so, how do you deal with receiving a non-liquid asset in exchange for goods that you have to spend liquid cash to receive? Cheers!
Same question that came to head
I rate THIS is going to be the biggest rocketship of all. When people realize they actually don't need permission from their bank or government to make their own money and benefit from the ease of cryptocurrency.
The more businesses that accept crypto, the faster this whole rocket takes off. Good on you OP!
Suggest you look into AMP and the Flexa network, they are doing it now
Those kids sound cool as fuck
As well as OP for making it happen.
Are we not going to talk about if the food tastes good or not?
Gen Z are going to be the crypto generation. This is how new technology always works. It gets called a scam by older generations and then adopted by younger ones.
Lol ok sure this happened 🤡
1 and a half years ago this OP posted asking for donations on go fund me while listing medical issues. Not saying they didn’t go from that place to owning a restaurant with a 37% business jump in a span of months all while the pandemic raged, but I am saying it’s super unlikely.
You don't even have to do any internet detectiving, you just have to put yourself in his supposed place and think for 10 seconds about what you'd do as a small business owner.
- You would advertise this fact on your website
- You would advertise this fact on your social accounts
- You would have contacted the press to try and drum up local interest
All of the above would give you some element of proof that this was real that you would have linked to, which if you were A) smart enough to own and run a restaurant (a notoriously tough industry), and B) interested in this bullshit magical electric money shit, you would know you'd need to provide because this space is full of liars.
Sadly, the space is also full of excitable dupes who don't know the first fucking thing about the real world, so they believe it anyway. And at the same time, they think they're genius financial investors, whilst falling for clear bullshit stories like this, hahahaha.
But I digress. If this were a genuine story there would be easy definitive proof and OP would've provided it in the initial post. He is lying.
I'm a business owner and we accept crypto
Im fixing up a shop i bought a couple of weeks ago and im really considering accepting crypto at least on coffee at first and see from there ,but im not too sure how i will be processing them and what cryptocurrencies i should accept yet. Ones with the cheapest gas fees will definitely make it.
Honestly, this reeks of a fake story but if not, this is a terrible idea for an industry like restaurants.
The restaurant industry has exceptionally low margins (2% is not unheard of) and lots of expenses that need paying quickly. COGS can be anywhere from 20% to 40% and you can't just bulk buy when you want, these are frequent purchases, also wages are also a huge cost that need paying often.
This means you need liquid funds just to keep running. Sure, over the long term, crypto will probably go up but this type of business does not allow a hodl mindset. You need cash straight away, any downward fluctuation in crypto price just destroyed your margin.
Do you accept all cryptos?
"All" might be a bit too much.
Otherwise people will pay in CUMROCKET etc.
If only I could send a cumrocket after eating a big meal for payment
you actually can do this right now but they will put you on a sex offender list
Also interested in what ones are accepted.
I have a list but I accept most of the top 50 coins
Go post this in the litecoin and dogecoin subs, we love to support adoption. Some guy selling soap products online beat his yearly sales in days after posting in the ltc sub
I have been paid in doge. I am near a college campus so some of the college kids Paid with it
Which ones get most use?
Very interested to know this, too.
I bet it's Doge due to transaction fees and popularity.
That would be interesting. That comment makes me think how that would effect doge. It would become mainstream more quickly. On the other hand, I do not have to explain to this sub the problems. So poses many questions to think about.
Please share the list and if there were any exclusions why. Im very interested in the persepctive of a business owner
That's awesome 🤩
can you explain how this works for you? every time you are accepting crypto you have to convert it back to cash to keep your business afloat i would assume.... every time you accept that crypto and then need to convert it back to cash you have a sale on crypto so you have to pay tax on that. how does this really benefit you? obviously if your vendors were accepting crypto as payment it would be different, but can you explain this a bit more on how it works?
your accountant must hate you.
obviously if you were keeping said crypto from everyone who buys it would be different, but then you would go out of business because you would be spending cash on supplies and then accepting crypto so the money to replenish your supples has to come from somewhere.
just confused how this works for you in a beneficial way
"hey, bro...remember all those Doge burgers we bought for 1000 Doge? well now we could have bought a hover-mobile!"
>Some kids walked by and saw my sign out front that says I accept bitcoin and said, “ fuck Chick-fil-A let’s eat here”
What a load of fucking shit. /r/thathappened
And half this sub are morons that will believe anything they are told.
I've accepted crypto for over 5 years and not one single person has ever even asked me about it.
Wow that's a significant jump in sales! Do you accept anything besides bitcoin?
OP said in a comment above that they accept most from the top 50. They have definitely done it the right way
That’s impressive! How do they even set up to easily accept so many different payment types?
To clear some shit up:
I have a 37% increase in business from pre-Covid.
Yes 37% is a lot, there seems to be a lot of people in my area that have a “Fuck the system” mentality, And those are the type of people I see spending a lot of crypto at my restaurant
I think it's the novelty of it. YOU ARE EARLY. It's exciting to see local adoption in your area. Now hopefully your food is good enough to turn them into repeat customers. I love stories like these.
We have the same increase from pre-Covid without crypto...
Fuck the system indeed. Cheers to that, brother.
More people should follow your lead!
I swear if I could teach my costumers crypto I would have done this too
The only ones paying in crypto are my VPN costumers and even them see crypto as a better bourse
Someone in my family owns a small cafe how would go about setting up to accept crypto payments? Any help would be appreciated
He's not going to answer you, because he hasn't actually done this, and is making the story up for karma.
I was hoping someone would start a site to list all the businesses that accept crypto. Or give crypto for used electronics.. have a crypto ATM.. whatever. Even if I don’t spend my crypto.. I’d still hit them up first.
My credit cards give cash back and time to pay.
You know it s a big deal when people are saying “fuck chick-fil-A”…
But in all seriousness thanks for increasing the rate of adoption!
Maybe stop and think "hrm, how would they hear some kids on the street walking by?" for a second, and then go "oh yeah, it's all bullshit".
Where's the link to his website, advertising the fact he accepts magical electric faux-money? Where's the link to his social accounts, stating the same? Where's the link to the local press, who as a business owner you would *definitely* have contacted about this?
Failing all that: where's the photo of the sign outside on the street?
OP has given zero reason to believe his bullshit story.
Can I ask what service you used to take these payments?
What are the top 3 warnings/suggestions you’d give to other businesses wanting to do the same?
What wallet do you use for your business? Also, how do you issue receipts and how do you say that this meal costs 0.0003 btc? I mean that could be 10 bucks, 9 bucks, 11 bucks etc.
Yes. Fuck chik fil a.
I'm selling a few stuff on Craigslist, but not many people want to pay with crypto :(
The only crypto I would accept as a business owner right now would be stable coins. With 20% swings, that would make accounting and financials a fucking nightmare. But someone has to be the pioneer, so cheers to you for burning the path!
This is awesome!
We have an online business and have accepted crypto for a few years now. We have a very successful woo-commerce site with coinbase integration.
I wish my fb drug dealer would accept crypto
These are the kind of feelgood stories that I want to read everyday!
Idk man, 37% increase over last 2 months could also be because of the better situation regarding covid
Bro, go for flexa payment (AMP) and your customers can pay with a lot of currencies with an easy software integration. Without settlement time! Please do yourself a favor and check out flexa payment
Or even easier: use 'pay with terra' from the terra ecosystem. Take a look at their website. Even easier! So your customers can pay with the UST stablecoin
well done !!
You're awesome for doing this, win win win!🚀🚀
We can all win.
The fact I can go buy fried chicken, greens and fried green tomatoes with BTC makes my southern heart proud
That’s interesting because I have absolutely zero interest in spending my bitcoin. Accumulation is my singular goal.
What app/service are you using to accept btc? I have a store and use Square. Don't think I can take crypto payment with them, currently (though I feel like that should/will change soon, given Jack's stance on btc)
How are you accepting the payment?
Great, small businesses getting involved is very important for mass adaptation
Definitely, its a step in the right direction!
This is great !
What crypto do you accept ?
I accept Crypto on my online store, for people who have Shopify online stores, there’s a way to accept crypto (through Coinbase ).
Thank you for letting me know! Doing this right now!!
Let me know if you have trouble setting it up and if I can help!
Oh look everyone! The downvote ass brigade is here.
Mass adoption begins with adoption. This is great
Good! Anything to take money away from that evil fucking corporation. Chick-fil-a is one of the most disgusting companies in America.
It looks as though you may have spelled "Chick-fil-A" incorrectly. No worries, it happens to the best of us!
Lmaooo. Who made this bot?