Dentist accepting bitcoins (or other cryptocurrencies)

[bdbabiak77]

Healthcare provider here. Just use BitPay or Coinbase Merchant. They both convert right away into fiat. I've been doing this since 2011 - I can count on one hand the number of times it's been used, and I've always lived in the biggest, tech-savvy, progressive, young cities. It's not likely to affect your practice at all, however since it's just another payment link/option, it doesn't negatively affect your practice in any way. It does make taxes on your schedule C (or S-corp LLC) far more complicated - I use CrytpTrader.tax - it's very effective and audit-proof. You have to file 8949s for any and all 1099-Ks you get.

Thank you very much, very appreciated. May i ask you, if you sell some of your service online?

Yes, the patients can pay their copays through a patient portal. I have debit/credit, PayPal, e-check, and crypto possibilities. Venmo and Paypal get way more use among millennials. Even though no one uses crypto really, it does seem to give the aura of "hipness" and cutting-edge tech, which is useful as advertising. I've have had some older people (fox news types) refuse to see me because of crypto's scammy reputation, but with my native personality and edgy political/economic ideas, I'm sure it would have been a bad fit anyway. But taking crypto is definitely a two-edged sword in medical practice, much like advertising.

The thing is crypto is going to sink back to its true value. It definitely has a future, but more like a 5-year to 10-year span. I sold out my first wave of bitcoin at $1000. I think that's its true value now. I think we're going to sink to the 2000s at least in the near future. I would leave like 10-20K each on 10 different exchanges (not too much at one exchange because a loss is very likely at an exchange) to buy back in at around 2k, maybe even with limit orders. If it never rebounds just take your money back in two years. I wouldn't leave anything in crypto holdings now because you'll lose capital.

I feel that taking crypto is the best way to move it forward. This is dot com all over again. I made good money off the future FANG same way at the end of the 90s. Just because something's true (like crypto) doesn't mean everyone sees it yet - markets are moved by the masses, not individuals. Patience and precision are key.

[1714907070]

1714907070

[1714907070]

1714907070

[1714907070]

1714907070

[1714907070]

1714907070

[drumamat]

Hello everybody,
I am a dentist owning more than one dental pratices.
I am looking forward to start accepting cryptocurrencies into my business.
Actually i would probably accept part in real money (Say 30%) part in crypto.
I am also thinking about opening a sort of dentalplan (paying an annual fee, gives access to a lot of discounts and guarantees) in this casse It would Be 100% crypto.
What do you guys think about? Suggestion?
Thanks for your time!!

The idea is 100% good, but there are some nuances. The whole thing is whether the patients in your clinic know something about cryptocurrency and do they own any cryptocurrency assets?I suggest you make an advertisement in the city or area where your clinic is located.And look for a reliable, good cryptocurrency wallet.And to connect all in one advertising-to make advertising clinics, cryptocurrency and wallet.Maybe it'll attract a lot of patients.

[Beman30]

Healthcare provider here. Just use BitPay or Coinbase Merchant. They both convert right away into fiat. I've been doing this since 2011 - I can count on one hand the number of times it's been used, and I've always lived in the biggest, tech-savvy, progressive, young cities. It's not likely to affect your practice at all, however since it's just another payment link/option, it doesn't negatively affect your practice in any way. It does make taxes on your schedule C (or S-corp LLC) far more complicated - I use CrytpTrader.tax - it's very effective and audit-proof. You have to file 8949s for any and all 1099-Ks you get.

Thank you very much, very appreciated. May i ask you, if you sell some of your service online?

Yes, the patients can pay their copays through a patient portal. I have debit/credit, PayPal, e-check, and crypto possibilities. Venmo and Paypal get way more use among millennials. Even though no one uses crypto really, it does seem to give the aura of "hipness" and cutting-edge tech, which is useful as advertising. I've have had some older people (fox news types) refuse to see me because of crypto's scammy reputation, but with my native personality and edgy political/economic ideas, I'm sure it would have been a bad fit anyway. But taking crypto is definitely a two-edged sword in medical practice, much like advertising.

The thing is crypto is going to sink back to its true value. It definitely has a future, but more like a 5-year to 10-year span. I sold out my first wave of bitcoin at $1000. I think that's its true value now. I think we're going to sink to the 2000s at least in the near future. I would leave like 10-20K each on 10 different exchanges (not too much at one exchange because a loss is very likely at an exchange) to buy back in at around 2k, maybe even with limit orders. If it never rebounds just take your money back in two years. I wouldn't leave anything in crypto holdings now because you'll lose capital.

I feel that taking crypto is the best way to move it forward. This is dot com all over again. I made good money off the future FANG same way at the end of the 90s. Just because something's true (like crypto) doesn't mean everyone sees it yet - markets are moved by the masses, not individuals. Patience and precision are key.

thanks again, very usefull informations.

[Beman30]

The idea is 100% good, but there are some nuances. The whole thing is whether the patients in your clinic know something about cryptocurrency and do they own any cryptocurrency assets?I suggest you make an advertisement in the city or area where your clinic is located.And look for a reliable, good cryptocurrency wallet.And to connect all in one advertising-to make advertising clinics, cryptocurrency and wallet.Maybe it'll attract a lot of patients.
[/quote]

Thanks for all the support!

One thing that absolutely came to my mind is that this is a real community, you guys want to make it work and this is a great thing, being a community will make things easier and faster, for me and for you. We will be able to customize the service before making it "big". We will start with a very very narrow service (not scalable), while this will get bigger and bigger we will try to scale it.

I will follow the project personally and if needed i will come to visit you or the reference dentist with you. I am not trying to earn money, at the moment i would be more than satisfied to cover a part of the expenses associated with the project.

So enough talking, now you guys have to show me how serious are
We will try to make it real, the first thing is to test it out, in this way i'll be able to understand the weakness associated to the project, this is what i need:

1) one of you, friend, family member, you name it, who needs dental work, i am talking about "heavy" treatment not a filling, just to be clear.

2) I will find a dentist where you live, we will make a first visit an x-ray and a quote for free.

3) If the quote and the treatment plan will satisfy you,  we will start a payment plan all in Crypto, no "real" money involved

4) i will start to get a grasp about crypto flaws and good... at that point we will make some more test with different patients and dentists.

5) when we will have some numbers to "crunch" i will start to find professional help (maybe one of your contact) to be able to understand crypto deeply

6) to be continued...

Let's start to dance please if you are interested send a PM or wright it here on the forum.

GOOD LUCK EVERYBODY!!!

This is the message, i wrote before, actually looking for a patients+dentist is a good way to start a collaboration, Crypto or not... in this way it would be a beginning to ignite the project.

Edit: so i will start from crypto user then i will find look for the dentist

[Ispep]

It's a wise idea and one that will further the bitcoins cause in terms of adoption,as long as bitcoin is legal in your area and it's knowledge is inherent in a large number of the population then what you're aspiring to do is a noble cause
And if you're willing to handle the volatility of the bitcoin which you must out into consideration,you will also have to fake out done time to educate yourself patients on how to use the bitcoin should in case they lack such knowledge

[Beman30]

It's a wise idea and one that will further the bitcoins cause in terms of adoption,as long as bitcoin is legal in your area and it's knowledge is inherent in a large number of the population then what you're aspiring to do is a noble cause
And if you're willing to handle the volatility of the bitcoin which you must out into consideration,you will also have to fake out done time to educate yourself patients on how to use the bitcoin should in case they lack such knowledge

All the things you said are to take into considerations, but first; i need to see if there is a market or not...

[livingfree]

Wow the first part was already a great plan and you even made the better plan for getting paid with crypto with that benefits. For sure your customers would like to take on those discounts if buying that plan through bitcoin will be their way, they won't pass that opportunity.

All the things you said are to take into considerations, but first; i need to see if there is a market or not...

You can market that through posting it outside your clinic, like the usual streamer or banner of "Bitcoin accepted here".

[KingScorpio]

Hello everybody,
I am a dentist owning more than one dental pratices.
I am looking forward to start accepting cryptocurrencies into my business.
Actually i would probably accept part in real money (Say 30%) part in crypto.
I am also thinking about opening a sort of dentalplan (paying an annual fee, gives access to a lot of discounts and guarantees) in this casse It would Be 100% crypto.
What do you guys think about? Suggestion?
Thanks for your time!!

so you are letting yourself being ruled and defined by the cryptocurrency index?

Could you explain a Little further please?

i added something

so you are letting yourself being ruled and defined by the cryptocurrency index?

or in other words, those that where able to list their token high up in the corrupt index will have good teeth and the rest will have bad teeth?

thats a good justice

[LeGaulois]

@Beman30

Something to think about is what advantage people will get to pay you with Bitcoin? If none, then why someone would use is coins to pay a dentist, knowing people prefer to hold their bitcoins and wait to see the price increase, etc. People are only interested in money

If I get a 10% discount if I pay with Bitcoin I may think about it but other than that why should I pay with BTC. I could simply convert BTC to fiat and pay you with.
Also, did you consider that most people have health insurance? Let's say someone pays you in BTC and then the insurance refund in fiat? where is the interest for the patients?

[Onuohakk]

We have seeing shop owners, salon, accepting bitcoin this is good news for the global adoption of bitcoin.
It has to have a high rate of acceptance before it can become global

[Beman30]

Hello everybody,
I am a dentist owning more than one dental pratices.
I am looking forward to start accepting cryptocurrencies into my business.
Actually i would probably accept part in real money (Say 30%) part in crypto.
I am also thinking about opening a sort of dentalplan (paying an annual fee, gives access to a lot of discounts and guarantees) in this casse It would Be 100% crypto.
What do you guys think about? Suggestion?
Thanks for your time!!

so you are letting yourself being ruled and defined by the cryptocurrency index?

Could you explain a Little further please?

i added something

so you are letting yourself being ruled and defined by the cryptocurrency index?

or in other words, those that where able to list their token high up in the corrupt index will have good teeth and the rest will have bad teeth?

thats a good justice

well, systems are made by humans, so they aren't perfect and probably they will never be. There will always be inequalities, i am trying to do my part... hoping everybody will try to do the same!

peace

[Beman30]

@Beman30

Something to think about is what advantage people will get to pay you with Bitcoin? If none, then why someone would use is coins to pay a dentist, knowing people prefer to hold their bitcoins and wait to see the price increase, etc. People are only interested in money

If I get a 10% discount if I pay with Bitcoin I may think about it but other than that why should I pay with BTC. I could simply convert BTC to fiat and pay you with.
Also, did you consider that most people have health insurance? Let's say someone pays you in BTC and then the insurance refund in fiat? where is the interest for the patients?

I do give discounts with dentalplan (similar to insurance), you don't get a refund but you get a 30% discount, i could say to pay full and give a 30% back, maths is the same. I would do it for Crypto and real currency, otherwise it would be a suicide, but i get your point.
If people prefer to hold them (you could be very right, actually i think you are...) in that case Bitcoins wouldn't be a currency, just a speculation tool, there will never be use of them in the real world. If that is the case all the project will fail even before starting (happens...).

I tought people would be glad to use Bit because they are a very powerful instrument who could change the cost of money and anything associated, if not i see no use for cryptocurrencies. I am ready to help anyone who wants to use them an exchange tool, if people wants just to speculate, that is fine, but i am out!

[LeGaulois]

That's a problem, not only here but in the whole crypto community. People consider Bitcoin as an investment or a store of value and not as it's supposed to be used...a currency. (Can you stop calling Bitcoin an investment?) I also remember a recent study (like +6 months ago) saying two-thirds of Bitcoin transactions are related to trading and not a real use.

[949miner]

This is a nice initiative and a good way to promote the use of Bitcoin. I think i need to tap into this idea and at least get about 15% of my income in Bitcoin. I believe you have done enough research and studies on why the market value of bitcoin is constantly changing, if no please I will advise you to take some time to that and understand this basis.  

[Beman30]

That's a problem, not only here but in the whole crypto community. People consider Bitcoin as an investment or a store of value and not as it's supposed to be used...a currency. (Can you stop calling Bitcoin an investment?) I also remember a recent study (like +6 months ago) saying two-thirds of Bitcoin transactions are related to trading and not a real use.

thanks for the precious infos, i will surely go trough reading all, but it will require time, since you seem informed...

" up-to-two-thirds-of-bitcoin-transactions-have-no-economic-value" i feel you... but in my opinion this number doesn't mean a lot, it raises some more questions:

 is it because there is not a real marketplace? so people don't really know where to spend them?

two-third of transcations could mean billions, i don't know how much it could be in real $$, so even if getting a 1% of them could mean some millions.

is it beacuse after the stall bitcoins got everybody is holding their positions? so next bull market people will start spending them? those are great infos, but they don't really clear why people wouldn't use them as a currency

[Developerx11]

Where are you based? I am afraid in my long life I didn't took care of my tooths, I was only twice on emergencies with my back tooth / molar, still having a lot of problems in that area. If you can post some links about your clinic I would happily give a visit to one of your clinics, also can help for free to set-up a bitcoin/alt cryptocurrencies payment system.

[Tondya]

That sounds like a very ambitious move! And that's great to know dentists are aware of crypto as well. You may start a revolution in this field, really.

[Japinat]

Do some research to minimize the risk, you have to know your focus either you take it as a means of payment only
or you also plan to hold it long term just like investors do. These two things are necessary for you to understand because
crypto in general is risky and you might end up holding a useless coin if you fail to sell it at the right timing.

I'm always in favor of your plan but you should take some advise, you are a great help for the market adoption as you can also
help decimate information about crypto to your potential clients since you can talk to them face to face.

With different sort of payments, this will help you increase your market, if you noticed, there is growing number of business now
that are accepting crypto, so your decision is just timely. 

[Beman30]

Where are you based? I am afraid in my long life I didn't took care of my tooths, I was only twice on emergencies with my back tooth / molar, still having a lot of problems in that area. If you can post some links about your clinic I would happily give a visit to one of your clinics, also can help for free to set-up a bitcoin/alt cryptocurrencies payment system.

Hello Developerx, i am based in Italy, but the project is worldwide. The idea is to find dentists in your city, rather than doing it in my Clinics (too few patients otherwise).

Send me a PM if interested

[Developerx11]

Where are you based? I am afraid in my long life I didn't took care of my tooths, I was only twice on emergencies with my back tooth / molar, still having a lot of problems in that area. If you can post some links about your clinic I would happily give a visit to one of your clinics, also can help for free to set-up a bitcoin/alt cryptocurrencies payment system.

Hello Developerx, i am based in Italy, but the project is worldwide. The idea is to find dentists in your city, rather than doing it in my Clinics (too few patients otherwise).

Send me a PM if interested

Italy is expensive by default at dentists as I lived more than 10 years of my life in Catania, I know that. Last time I paid 2500 euro to take out two molars that were infected.

Sent you a pm