Just Started to Accept Bitcoin in my Espresso Bar

[Taki]

Cool! I know, it is just couple days passed since your announcement, but how is it going, mate?
And one more question: what is about taxation for your crypto profit? I do not know how it is in England about this point.

[asche]

what is about taxation for your crypto profit?

Most payment gateways bill you in bitcoin but change it to fiat immediately. It is taxed as any other coffee would be.

Also this is not a private trading income, but a revenue for the company. The tax is calculated based on this, not on what assed has been used.

[buwaytress]

Well done OP! How well has your business done?

Here's what I strongly suggest you do, in addition to the listing suggestions:

1. Get your own announcements on Bitcoin subreddit and update your stuff there. Do the same ann threads here (why not?). Use the same for twitter and hashtag yourself.
2. Open a profile on yelp/google/tripadvisor. Make sure you add "Bitcoin accepted" to your business info. Now anyone using these engines to find coffee will see you take bitcoin!

It is good thing that Bitcoin is starting to be seen as a currency and not as asset.

To popularize cryptocurrencies there should be more shops/caffees like this:)

I think the actual users have always seen it as such. I've never considered those who buy and hold (or worse still, those who think they've bought but are actually only owning numbers in some accounts, like those ETFs or whatever form of derivatives).

You know how to popularise Bitcoin. Not more shops and cafes, but more users using, earning, spending and asking for places like this.

[UmerIdrees]

Hey guys how you doing, hope y'all well.
I run a Pop-up Coffee Bar inside the Record Store in Camden / London.



Yesterday I announced that I accept Bitcoin for your caffeine fix:

https://twitter.com/Coffee_Tune/status/1100734272120475651?s=19

To make most of it I need a good list of Bitcoin Merchant Directories where I can add my business.

I added my business in few of them but I need much more. If you have a y link or any handy list, please share. Have a good one!

Good to hear another small business accepting Bitcoins. These are small news where we see bitcoin adaptation and soon these all combine will make bitcoin the main stream currency of the world one day.

[audaciousbeing]

This is surely a good initiative that needs to be encouraged by crypto enthusiasts and entrepreneur that in that little stall or store that you have, you can contribute your quote the continuous popularity of bitcoin which won't happen if there is no push from people like us. Eventually, when I would get to have a store, I would definitely accept bitcoin.

My advise is to try as much as possible to keep the thread active and updated as without that, it gets pushed to the back without anyone seeing the good work you are up to.

[Hannahanto]

This is surely a good initiative that needs to be encouraged by crypto enthusiasts and entrepreneur that in that little stall or store that you have, you can contribute your quote the continuous popularity of bitcoin which won't happen if there is no push from people like us. Eventually, when I would get to have a store, I would definitely accept bitcoin.

My advise is to try as much as possible to keep the thread active and updated as without that, it gets pushed to the back without anyone seeing the good work you are up to.

Yah felt the same. Wish him all the very best to have a wealthy business accepting bitcoin as payment. Missed out to shop by. If ever possible, would stop and shop by. I do not know merchants to share you the links but can support you commending we have a Coffee bar in Camden accepting cryto. All the very best dude.

[CoffeeTune]

Firstly congrats for accepting the btc as a payment mode as this will definitely be the example for many other shop in your region to start accepting it and also if your government supports it will be a great thing to do it .

Thank you very much! As long as you are transparently able to show all the transections, you should be fine. At the end of the day money will enter your bank account. And I don't think BTC payments will be more than %1 of the total income. Seems like people hodling hard instead of using it let's see how it goes it's very new.

[CoffeeTune]

This is surely a good initiative that needs to be encouraged by crypto enthusiasts and entrepreneur that in that little stall or store that you have, you can contribute your quote the continuous popularity of bitcoin which won't happen if there is no push from people like us. Eventually, when I would get to have a store, I would definitely accept bitcoin.

My advise is to try as much as possible to keep the thread active and updated as without that, it gets pushed to the back without anyone seeing the good work you are up to.

Yah felt the same. Wish him all the very best to have a wealthy business accepting bitcoin as payment. Missed out to shop by. If ever possible, would stop and shop by. I do not know merchants to share you the links but can support you commending we have a Coffee bar in Camden accepting cryto. All the very best dude.

Thanks a lot for your support guys that means a lot to me. One week in, I've already started to feel people using BTC for investment mostly, nobody would travel from A to B to buy a coffee and spend bitcoin unless the shop is in their neighborhood. I hope I'm wrong it's not even profit oriented, I'm a big fan of Blockchain rather than Bitcoin. Practising it is the best way to learn but nothing is happening, I'll try my best to spread it around but I also don't wanna do aggressive marketing on all of the forums as most people using same major platforms. If I see a guy posting something similar on every platform, I would be annoyed my best change is for now are Bitcoin merchant Directories.

[joeperry]

This is great! seeing someone who will take risk to accept bitcoin even though he/she knows that the price of it is not stable or it's volatile, I was happy that some of the community members of bitcointalk is starting to accept bitcoin as a mode of payment in their businesses, if I was to create a local store or any local service I might also accept Bitcoin or Ethereum (But the cryptocoins is really volatile and might be in debt or lose in my business someday lol) maybe accept a cryptocurrency to some small services or to some items that are not expensive so if the market falls I would not have a large effect to my business.

[imstillthebest]

This is great! seeing someone who will take risk to accept bitcoin even though he/she knows that the price of it is not stable or it's volatile,

Its not a risk actually because he is not investing on bitcoin anyway , he only accepts payment via bitcoin which he can adjust the price of the product depending on the price of bitcoin  .  he wont loose this way  and besides , bitcoin is only an alternate option while fiats and other payment method are still available  .

Anyways , this is a another good news  . thanks to the op because he is helping the bitcoin to spread  and become recognizable by others  .

[bitbunnny]

Congratulations, I support your business idea and I hope it's getting well. Hope you will not get disappointed at the end like some small enterpreneurs who faced difficulties. We have to admit that accepting Bitcoin as a payment in business is still rather risky and you can't be sure if you will be successful at the end. All the best with your business, hope it will help to promote Bitcoin too.

[Office365store]

Nice work bro. Can you pm where's your coffee shop located?

[onrise]

Congratulations, I support your business idea and I hope it's getting well. Hope you will not get disappointed at the end like some small enterpreneurs who faced difficulties. We have to admit that accepting Bitcoin as a payment in business is still rather risky and you can't be sure if you will be successful at the end. All the best with your business, hope it will help to promote Bitcoin too.

The bigger end to it that if market kept on rising or gets stable at certain level it will be god for this entrepreneurs who are taking initiative to accept the btc. But if it falls sharply or continue to dip people will move away from it as they might not like to make losses under such circumstances.

[calandra78]

I am become jealous with you can accept bitcoin when sell your product. on my country i can't do that even we have rules for not accepting another payment except my fiat currency. congratulation

[lunobird]

In the United States it is unwise to pay for things with crypto due to taxable event. Who really wants to track their coffee payments and figure out their cost basis just to buy coffee. Nobody. The vision of crypto as a day to day currency does not work well with taxes. 

The vision of crypto as a store of value to buy a lambo or house makes a lot more sense.

[n0ne]

That's good to know, every user of bitcoin who owns some business need to start accepting bitcoin. This will help with the wide spreading of bitcoin as well in the increase of other merchants accepting bitcoin similar to fiat currency. This will make more people use bitcoin directly whom at present convert to fiat and make use of bitcoin.

[lunobird]

If a store accepts bitcoin it would be wise to not cash out to Fiat at the lows. Only cash out it bitcoin goes parabolic or at least way for bull season.

Makes no sense to me why a store cashes out to Fiat immediately. That 1 coffee sold would equal 20 coffee sold to that one customer if the store owner is patient and can wait for bull run.

If a store cashes out to Fiat immediately then they are not really adopting crypto to its fullest if you have to convert it. True crypto adopting means no Fiat conversion

[shield132]

Congrats OP, it's a good step. But on another hand I am very interested in how beneficial btc payment implementation will be for you. So can you answer me on these questions?
1. How good is your bar's location? Is it located in areas which is full of tourists or it's mostly for those who live nearby?
2. How much transactions have been done since you implemented it? If there was any, how much was on bitcoin and on bitcoin cash.

[gabbie2010]

This option of accepting bitcoin in your bar is a welcome development at least this will opened up and encourage customers or consumers who hardly knew or have ever heard any information about bitcoin, to seek for relevant information about bitcoin going by the recent news that I read shows that 73% of UK consumers says they don't know much about cryptocurrency.
 https://bitcointalk.org/index.php?topic=5118390.0
I think setting up this bar will encourage other small scale businesses to adopt bitcoin payment as an alternative to fiat and other methods of payment of goods and services.

[The Sceptical Chymist]

If a store cashes out to Fiat immediately then they are not really adopting crypto to its fullest if you have to convert it. True crypto adopting means no Fiat conversion

I realize you're just shitposting, but an espresso bar doesn't exist to gamble its revenue on currency fluctuations, and ultimately it doesn't make a difference to the bitcoin economy if a business converts to fiat immediately (which they pretty much all do).  Bitcoin still gets bought and sold and is circulated as a currency every step of the transaction.  Do you seriously expect this guy to just hodl all the bitcoin he makes from serving coffee?  What you wrote makes no sense. 

Plus, he said this loud and clear:

I'm a big fan of Blockchain rather than Bitcoin.

Grrr.