Would you use crypto-currency to buy appliances?

[cfsbrian]

Let's face it, crypto-currency is gaining too much momentum to be considered a "fad"...  With that in mind, the company that I work for is looking to be an innovator in our field and add Bitcoin as an acceptable payment method! 

Our primary customers are in the commercial restaurant/commercial kitchen industry, but I am curious to see how individuals "in the know" feel about using Bitcoin or other crypto-currencies to pay for kitchen appliances.  Our basic model is that all pricing would be in $USD and if refunds are required, the amount refunded would be in $USD or the market equivalent of Bitcoin on the day the refund is processed.

We would be the first company in our "space" to accept BTC and we will be watched under a microscope by our competitors.  We want to ensure that we have all of our ducks in a row before launching this initiative, but we feel that accepting BTC will open up unexplored territory for our business.  Our target audience will be forward thinking, early adopting entrepreneurs who are looking to strike while the BTC iron is glowing red-hot!  According to http://bitcoinrestaurants.net/, more and more restaurants are accepting BTC so it only makes sense that they would prefer to spend BTC directly from their "wallet" to save to hassle of converting to $USD.  Market research suggests that www.overstock.com accepts over 60 different types of crypto-currency which accounts for .2% (>$2 million) of their total revenue so this seems like a viable move for us.

Long story short, it isn't a matter of "if" we plan on accepting BTC, but a matter of "when".  Please feel free to offer any thoughts, suggestions, comments, feedback, etc. that may help us usurp any potential future pain points.  This is a very exciting time and I am anxious to see how you feel about this project and what your replies have to offer!     

Thank you in advance for your time and responses!

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[TimtheYoutuber]

I have a bitcoin debit card, so I literally buy bitcoin with everything since it is a visa and millions of places accept it.

[cfsbrian]

Thanks for the reply, Tim.  Precisely why we are looking to go this route.  More and more people are holding BTC and it is growing at a crazy pace...  If we overlook this trend we are letting $$$$ pass us by!

[3piecechickendinner]

I think that if you gave me an incentive to use my crypto then i would use it..Maybe 10% off, or whatever you would have to pay in credit card transactions fees split that with me

[tOKENCITY]

I think that if you gave me an incentive to use my crypto then i would use it..Maybe 10% off, or whatever you would have to pay in credit card transactions fees split that with me

Good point, I had some similar thoughts regarding incentivising use of bitcoin more. Ten percent may be unrealistic, but def consider cutting some slice. Like 3% for starters. Best of luck

[blockman]

Thanks for the reply, Tim.  Precisely why we are looking to go this route.  More and more people are holding BTC and it is growing at a crazy pace...  If we overlook this trend we are letting $$$$ pass us by!

Just go with the flow and as you said you are for the innovation and bitcoin will be your instrument to make that $$$ in your company's stock. But make sure that this is something that isn't just for the profit but for the service. It's good to have some this type of service and I don't know if you'll be the pioneer on this type of industry. How are you going to adjust with the price movement of bitcoin and with the fees? Are you going to set the prices relatively to the value of bitcoin or it is as it is with it's pricing to bitcoin (i.e. 0.005 BTC for life).

[walou]

Why not?

[cfsbrian]

I think that if you gave me an incentive to use my crypto then i would use it..Maybe 10% off, or whatever you would have to pay in credit card transactions fees split that with me

Excellent suggestion! Possibly figuring the % of adjusted savings due to no cc transaction fee or pesky chargebacks and, as you suggested, share that savings with the customer.

Thanks!

[cfsbrian]

Let's face it, crypto-currency is gaining too much momentum to be considered a "fad"...  With that in mind, the company that I work for is looking to be an innovator in our field and add Bitcoin as an acceptable payment method! 

Our primary customers are in the commercial restaurant/commercial kitchen industry, but I am curious to see how individuals "in the know" feel about using Bitcoin or other crypto-currencies to pay for kitchen appliances.  Our basic model is that all pricing would be in $USD and if refunds are required, the amount refunded would be in $USD or the market equivalent of Bitcoin on the day the refund is processed.

We would be the first company in our "space" to accept BTC and we will be watched under a microscope by our competitors.  We want to ensure that we have all of our ducks in a row before launching this initiative, but we feel that accepting BTC will open up unexplored territory for our business.  Our target audience will be forward thinking, early adopting entrepreneurs who are looking to strike while the BTC iron is glowing red-hot!  According to http://bitcoinrestaurants.net/, more and more restaurants are accepting BTC so it only makes sense that they would prefer to spend BTC directly from their "wallet" to save to hassle of converting to $USD.  Market research suggests that www.overstock.com accepts over 60 different types of crypto-currency which accounts for .2% (>$2 million) of their total revenue so this seems like a viable move for us.

Long story short, it isn't a matter of "if" we plan on accepting BTC, but a matter of "when".  Please feel free to offer any thoughts, suggestions, comments, feedback, etc. that may help us usurp any potential future pain points.  This is a very exciting time and I am anxious to see how you feel about this project and what your replies have to offer!     

Thank you in advance for your time and responses!

if you want to take my advise then.
I may tell you if your boss is a investor minded the yes tell him to accept bitcoins as payments ,i mean long term investor.
But if your company needs day in and day out money from sales then no big no.
cause one fine morning you might wake up with that your bitcoins value is 3000usd means all your sales are in halfs ,yes in can happend within hours as it happend in past.so be carefull.

This is being looked at from a long term perspective with the risk of volatility being taken into consideration.  It also being looked at from the "Holy cow - what if we had started this last year!" point of view as well.  (BTC value January 2017 = approximately $1,000 USD....  October 2017 = approximately $6,000 USD)

[Wa Da Fak]

Let's face it, crypto-currency is gaining too much momentum to be considered a "fad"...  With that in mind, the company that I work for is looking to be an innovator in our field and add Bitcoin as an acceptable payment method! 

Our primary customers are in the commercial restaurant/commercial kitchen industry, but I am curious to see how individuals "in the know" feel about using Bitcoin or other crypto-currencies to pay for kitchen appliances.  Our basic model is that all pricing would be in $USD and if refunds are required, the amount refunded would be in $USD or the market equivalent of Bitcoin on the day the refund is processed.

We would be the first company in our "space" to accept BTC and we will be watched under a microscope by our competitors.  We want to ensure that we have all of our ducks in a row before launching this initiative, but we feel that accepting BTC will open up unexplored territory for our business.  Our target audience will be forward thinking, early adopting entrepreneurs who are looking to strike while the BTC iron is glowing red-hot!  According to http://bitcoinrestaurants.net/, more and more restaurants are accepting BTC so it only makes sense that they would prefer to spend BTC directly from their "wallet" to save to hassle of converting to $USD.  Market research suggests that www.overstock.com accepts over 60 different types of crypto-currency which accounts for .2% (>$2 million) of their total revenue so this seems like a viable move for us.

Long story short, it isn't a matter of "if" we plan on accepting BTC, but a matter of "when".  Please feel free to offer any thoughts, suggestions, comments, feedback, etc. that may help us usurp any potential future pain points.  This is a very exciting time and I am anxious to see how you feel about this project and what your replies have to offer!     

Thank you in advance for your time and responses!

This is a good idea buying appliances using crypto currency  i like to try this thing if i have business i surely try but on the second thought it mitght be risky because of the movements of the bitcoin now but i might try this because its like your gaining selling appliances then if you will accept bitcoin for payment its another investment.

[entrepmind23]

It would be a good idea to have bitcoin as payment option in buying appliances since more businesses are getting involved in blockchain technology. We know that there are bitcoin debit cards but if someone can pay directly bitcoin from the wallet with lesser fees then that would be an advantage. I agree with the suggestion of having a discount or points perhaps when purchasing through bitcoin so that more people would be encourage to use it and those that are not aware of bitcoin yet would be curious as to what it is. Being the pioneer in your industry to make bitcoin as an option would be a big step towards bitcoin adoption because if you will be successful then others would follow suit as well.

[Bastime]

Not only appliances but lots of varieties of items, goods and services that can be able to get through paying them with Bitcoin. Bitcoin is totally the same with cash but with a whole new level.
This is capable of replacing cash and other monetary that can be used as buying, trading, gambling, loans and other stuff.
Let's face it! Bitcoin is the revolution of monetary trade and exchange.

[ElegantCy]

Of course I will. Anything to promote the adoption of crypto currencies with good use cases is fine by me.

[Svelto]

This is a good move to target Bitcoin holders.

However I have a concern, how do you handle the risk of refunding Bitcoin in USD? The BTC/USD rate will surely move from the date of sale to date of refund.

Example
Date of sale 15 Oct 2017: 1 BTC = USD  6000
Date of refund 25 Oct 2017: 1 BTC = USD 6500

In the above example, you receive 1 BTC for a USD 6000 sale. But you are refunding USD 6500 for 1 BTC. On the other hand, if BTC weaken against USD, the customer will be suffering losses of USD 500.

[eternalgloom]

Yeah I've already been using Bitcoin to buy pretty much everything you can think of since 2013.
I've bought many computer parts, smartphones and other consumer electronics with BTC over the years.

If you plan on accepting Bitcoin, you should also try and keep part of your revenue in Bitcoin.
Overstock is doing the same and they are profiting big time because of that strategy, they are keeping 50% of their Bitcoin payments in Bitcoin.

Source: https://www.coindesk.com/ostk-hodl-overstock-keep-50-bitcoin-payments-investments/

[BitSat]

This is a good move to target Bitcoin holders.

However I have a concern, how do you handle the risk of refunding Bitcoin in USD? The BTC/USD rate will surely move from the date of sale to date of refund.

Example
Date of sale 15 Oct 2017: 1 BTC = USD  6000
Date of refund 25 Oct 2017: 1 BTC = USD 6500

In the above example, you receive 1 BTC for a USD 6000 sale. But you are refunding USD 6500 for 1 BTC. On the other hand, if BTC weaken against USD, the customer will be suffering losses of USD 500.

Currently this is very serious concern for many and they are not taking risk with bitcoins otherwise its going to be rock around the world very quickly hope we have some good solution for this also in near future and then we can use this without any serious trouble around the world for any thing

[BTRIC]

Currently this is very serious concern for many and they are not taking risk with bitcoins otherwise its going to be rock around the world very quickly hope we have some good solution for this also in near future and then we can use this without any serious trouble around the world for any thing

This is a very interesting problem that I haven't considered.  In fact there could be legal implications of not refunding an appropriate amount.

[cfsbrian]

Currently this is very serious concern for many and they are not taking risk with bitcoins otherwise its going to be rock around the world very quickly hope we have some good solution for this also in near future and then we can use this without any serious trouble around the world for any thing

This is a very interesting problem that I haven't considered.  In fact there could be legal implications of not refunding an appropriate amount.

We plan to negate this argument by CLEARLY stating that any refunds will be processed based on $USD value of the item.  Refunds can be issued as BTC based on the market value when the returned item is received by us. 

For sake of argument: 

Assume 1BTC = $6,000 on 11/1/2017.  You purchase an item an item on 11/1/2017 that costs $6,000 for exactly 1BTC.  The item arrives to you on 11/5/2017 (with the value of 1BTC jumping to $7,000) and you decide to return the item for a full refund....  Obviously, refunding 1BTC would cost our company an extra $1,000 and we would be opening ourselves up for abuse. HOWEVER - if we refund the $6,000 USD value in BTC you would receive 0.###### BTC (current market equivalent).  The same would occur if the price of BTC dropped and the value was $5,000 USD - you would receive 1.#### BTC as a refund. We feel this is fair for all parties involved and eliminates risk for both parties.  Anyone that is versed in BTC (should) understand the fluctuation and volatility involved, but we want to make this verbiage clear and concise to eliminate any confusion.

What are your thoughts?

[btccashacc]

I think that if you gave me an incentive to use my crypto then i would use it..Maybe 10% off, or whatever you would have to pay in credit card transactions fees split that with me

Ok this will attract people to use their bitcoin to buy those appliances, people nowadays are too lazy to use bitcoin as payment method due to the price movement, the fee, confirmation time etc people prefer holding bitcoin to spending them, the problem is also not all countries in this world where you can transaction with bitcoin freely, bitcoin has been banned as payment method in some countries.

[Norm13sg3t0ut]

Buying stuff with crypto is always nice!