Selling milk tea for Bitcoin

[Pffrt]

I do wonder what the goal is with the coins that people will be spending at your stall. Hold? Convert to fiat?

Business has its operating cost and others. You can spend bitcoin for that costs. Also, it will not be wise for anyone to spend investment from pocket each time and hold the Bitcoin. They must have to convert it into fiat, otherwise, even they have significant turnover, they will have to bear loss at some point. It's better if they only hold a certain percentage of their profit into Bitcoin.

OP, I don't know how much you will be able to sell your milk tea through BTC, but it's a good step of course.

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[jonsnow888]

You know why? Coz’ no matter how I suggest something to my dad that would be a game-changer

Unless you're selling milk tea at a big crypto event, and even then... hmm.. it's not really a game-changer. There are a few issues here:

- Not many people have BTC.
- Most of the people who have BTC are hodlers, so they won't buy.
- The people who don't hold, either buy other coins and trade them, lose the money, or cash out and they probably won't have time to buy milk tea in the meantime.

It may be a nice idea, but not practical. One thing you could do is make a local crypto group and advertise to them, maybe a few will buy eventually.

[AjithBtc]

Anyhow the initiative of bitcoin acceptance into small scale business is really good and a much required one focusing the future. Right now the lightening network is under development, maybe the full layered development will make each and every small value transactions get confirmed faster. Already there were few coffee Shops accepting bitcoin around the globe, maybe the one from Op will create good awareness in his locality.

[Debonaire217]

This is indeed a high risk, but a great initiative to start bitcoin adoption in your area so far. I haven't seen any moving cards with bitcoin QR or crypto on it, though, you have mentioned that your mom's wallet was already verified, this does mean that regulation in your area regarding cryptocurrency is quite good because they allow freedom of people to conduct business with crypto. I appreciate this and might try this out sometimes, but for now, I'll stick with selling prepaid loads to my friends.

[cheezcarls]

I do wonder what the goal is with the coins that people will be spending at your stall. Hold? Convert to fiat?

Business has its operating cost and others. You can spend bitcoin for that costs. Also, it will not be wise for anyone to spend investment from pocket each time and hold the Bitcoin. They must have to convert it into fiat, otherwise, even they have significant turnover, they will have to bear loss at some point. It's better if they only hold a certain percentage of their profit into Bitcoin.

OP, I don't know how much you will be able to sell your milk tea through BTC, but it's a good step of course.

They will be using only one specific app, which is Coins.PH for payments. It has a local PHP balance (but a Bitcoin address) which is stable. Transfers are instant and 0% fees. Unless they are using a different app such as Blockchain, FreeWallet, Coinbase or so, expect there will be transaction fees and delay of receiving payments.

[ChrisPop]

Gotta love when different generations join forces to make something great from a relatively simple business.

Of course it would be beneficial for the adoption to incentivise paying with Bitcoin. You could also keep a percent of the payments made with BTC for further appreciation if you believe in a "crypto future".

Small businesses like yours are the backbone of any economy and could represent the main pillars towards adoption. Coffee, milk tea shops are the best places to promote crypto.

[cheezcarls]

Gotta love when different generations join forces to make something great from a relatively simple business.

Of course it would be beneficial for the adoption to incentivise paying with Bitcoin. You could also keep a percent of the payments made with BTC for further appreciation if you believe in a "crypto future".

Small businesses like yours are the backbone of any economy and could represent the main pillars towards adoption. Coffee, milk tea shops are the best places to promote crypto.

Yes it is all about combining traditional with the modern way of accepting payments.

By the way, this is how our milk tea stand looks like to be transferred to the mall when everything’s ready:

[Colt81]

I had a discussion with my parents earlier, saying that they want to start operating our milk tea food cart. We had the cart ready, materials for making the milk tea and so on. Instead of waiting for June or July until the new school building opens, we decided to put our business in a mall rather than the school sooner than later.

My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.

In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.

I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.

I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?

Trying to accept bitcoin or cryptocurrency as a payment method through QR codes in your business is a great idea because it could be useful for crypto users who will be interested to buy a milk tea in your food cart. It is also a good try because you are still unsure if your experiment will be successful.

[Mihaylovic]

Good idea. Accepting crypto payments will make a good advertisement it self for you. Maybe you can try a token (maybe ERC20?) instead of bitcoin to make the transactions faster with less fees.

[coin-investor]

I had a discussion with my parents earlier, saying that they want to start operating our milk tea food cart. We had the cart ready, materials for making the milk tea and so on. Instead of waiting for June or July until the new school building opens, we decided to put our business in a mall rather than the school sooner than later.

My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.

In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.

I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.

I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?

This is a great idea, you will discover in your area how many are Bitcoin holders and they might hang up with one another there, not to mention it's a good way to promote Bitcoin, because milk tea is very popular today, here in our country almost every corner had a milk tea stand or hang out, but not one offers Bitcoin, I wish you the best to your venture.

[kawetsriyanto]

~~In the city that I lived, there were no businesses yet who accept Bitcoin payments.~~

Do you know what is the main reason?
In my country, there are no businesses that accept Bitcoin payment because it is illegal. Only our national currency can be accepted as the payment tool. So, make sure that your government allows the Bitcoin payment for your business.

If the government doesn't allow it, you still have an alternative way. People send their Bitcoin to your wallet --> you pay them in your national currency --> they can buy milk tea with your national currency.

~~I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin.~~

It is a good way to let people know Bitcoin. But it means you must adjust the prices based on the current rate of Bitcoin, right? We know that the Bitcoin rate is unstable, you cannot set a certain rate for your milk tea.

[sayaya17]

Actually your idea is a good idea because basically you want to introduce bitcoin to those who don't know and expand the bitcoin network in your city. Besides that, bitcoin will definitely continue to grow going forward, so it won't be difficult in my opinion to find bitcoin users and make transactions with bitcoin in your shop. So just keep doing it and the spirit, this is a positive thing that must be welcomed.

[Eternad]

This is indeed a high risk, but a great initiative to start bitcoin adoption in your area so far. I haven't seen any moving cards with bitcoin QR or crypto on it, though, you have mentioned that your mom's wallet was already verified, this does mean that regulation in your area regarding cryptocurrency is quite good because they allow freedom of people to conduct business with crypto. I appreciate this and might try this out sometimes, but for now, I'll stick with selling prepaid loads to my friends.

It may open their idea in accepting crypto, but as really risk, to business owner you should also be aware on the volatility of the market. As much as possible have enough budget for the operating cost so when BTC drops at the moment you'll not sell it at low and simply wait. But if you just accept btc and then just convert it readily then it's no like other payment, those BTC paid should be a lot in your additional trading or investment.

[White Christmas]

Selling bitcoin through the payment of bitcoin? I think it is quite hard if the payment will be just through bitcoin only and it would be better if it will be just a choice of payment so that the people will have the chance on what payment or transactions they will be made. Why it is kind of hard to establish a business through the payment of bitcoin? Simply because many people are still not aware on what bitcoin is and how it works so it would be better if they will also some choices like payment for cash and cards. The transaction side will be the most convenient way to attract people so you must think it carefully to the end of the business.

[finaleshot2016]

You're from the Philippines, right? Please consider this.

Well, it's a great start to promote bitcoin in our country but I guessed it will be just an intro. People will still use the common payment, even GCASH and PayMaya method are barely used in restaurants here even in Ayala Makati. What more in BTC where you need to buy it on legit platforms like coins.ph just to buy milk tea?

I guess it'll be a waste of effort but still a good idea. Think about coins.ph, they require validation so you can cash in and out money, it'll be more hassle for them just to buy a simple milk tea that costs less than 2-3$. This is just my opinion 'cause I knew that Filipinos are very practical and don't want to have complex situations so it'll be hard to adapt.

Yes it is all about combining traditional with the modern way of accepting payments.

By the way, this is how our milk tea stand looks like to be transferred to the mall when everything’s ready:

Nice, if you guys really accept BTC, it's better to emphasize it on the cart.

[Dart18]

Since we are still not in the era where bitcoin will be accepted this might not work.
But it can last long. You won't lose anything from just making an option of payment.

There is a good side here.
People will see it and I thank you in advance for that.
Hope your business will do good and be lucky for a long time.
Maybe someday a someone will bump into your cart and ask questions about bitcoin. Be ready for answers.  

[pikkie]

I think it's fine if he can accept payments using bitcoin then it is his right because he is the one who receives the payment while for losses there will be no one who knows how to move bitcoin prices in the future but my advice is you have to accept many cash payments first because the money you get you can use to sell drinks again.

so your business will not stop because there will always be capital for you.

[BeManga]

I had a discussion with my parents earlier, saying that they want to start operating our milk tea food cart. We had the cart ready, materials for making the milk tea and so on. Instead of waiting for June or July until the new school building opens, we decided to put our business in a mall rather than the school sooner than later.

My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.

In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.

I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.

I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?

maybe you can start to accept it as an alternative and maybe give a small discount for those who pay using bitcoin
this is good way to promote bitcoin and i hope someday many merchant will follow you.

[ballerin and giroud]

If your country didn't ban bitcoìn as payment system then I think you are free to make it as payment system and I'm sure that is more then innovation. Moreover if the user of bitcoin in your country is very much then it will be a great innovation. The user will try to use bitcoin as payment system because there haven't been any company or merchant who use bitcoin. Seem like you have to update if this idea was applicated, sooner the user of this forum will follow as you have done.

[johnwest]

I think its a great initiative and if someone does that here in my city then I would definitely opt for paying through BTC. It may be a dumb thought to spend Bitcoin at this moment for these things but I would do it just to keep the seller's faith on crypto and should be creating more awareness about this.

P. S. The government wont like this if you dont pay service tax on the money you get by selling your stuff. Read about it and be cautious.