Interview session with store owner accepting bitcoin...

[aysg76]

There are lot of groceries stores around me but they all belong to same category like accepting cash or card related payments and bitcoin is not as much famous in our locality. I often went to buy stuff on my own but this time an unusual thing happened with me. As I was passing by the road I see a board up the store that bitcoin payments are accepted here and was surprised to see this and immediately went in to meet the owner out of curiosity. It is not a big store and you can buy regular stuff from there like groceries and some food packaging materials.

     
 I talked with him and I was surprised to see that he has all the technical details of the bitcoin working and he appreciated the bitcoin exposure more and more and was accepting it that's why. It was good to have long discussion with him and sharing our thoughts on the same was really good experience. .At last I thought to interview him and share the same with you all guys which I thought must be good idea. So here is the interview session with him :

Q1 How did you come to know about bitcoin?
Ans. It was 3 years back actually when there was news about bitcoin and other cryptocurrencies and it was new term for me and being interested in technical things from the start i became keen to explore bitcoin to know exactly what it is and how it works.So i made deep research about it and it opened up new decentralised door for me.


Q2 So did you know the technical working of bitcoin?
Ans. Yes i am aware of the technical working of bitcoin although i am not a programmer but I have learned about the mining process and how transactions are made and recorded on public ledger which is called blockchain.There are many things in the backend of which i am aware about (i was happy listening to him)

Q3 Do you think bitcoin is better than fiat?
Ans. Undoubtedly, bitcoin is our funds and fiat is centres funds and they can prohibit users making transactions and ask documentation for the same but bitcoin comes with freedom so we both must be of same thinking 😄


Q4 How many customers pay with bitcoin here?
Ans. There are some users who are paying with bitcoin and i was also surprised to see that thing as bitcoin was not famous here but you can say that i have 4-5 regular customers making btc payment to me.Hope to see numbers increasing.

Q5 How do you accept bitcoin payments?
Ans. First i was not having many customers paying with bitcoin on regular basis so was accepting payments with my qr code set up on front desk.But it usually takes 8-10 minutes for 1-2 confirmation but now i am having 6-7 customer fixed so will be opening LN channel with them on any wallet like phoenix to avoid such issues.

Q6 Do you convert it to fiat or holding to your funds?
Ans. Actually i can't hold all my funds in bitcoin which is my bad luck as this store is my source of earning and i have to refill the stock regularly so i need to have cash with me as they don't accept btc payments still.So.i have set up my rule like what i need is converted and profits partially are hold in bitcoin.Like i made $100 profits then i will hold $40 in btc and rest i need them.

Q7 Fees and Volatility don't affect you?
Ans. I usually convert payment in btc at the last of month and in single transaction so whatever the fees is i don't care because i am going to use it anyway.I also get cash profits also so not major loss and know when prices will rise profits will be enough to cover all those past expenses.

Q8 Do you think government Should legalized its usage?
Ans. For sure the the underdeveloped and developing countries need to regulate bitcoin and give it legal status to boost their economy and leave the pessimistic approach to have full control over the people otherwise they will still lag behind in every term and inflation would kill the economy.


Q9 What security measures do you take to secure your funds?
Ans. I am using hardware wallet Ledger Nano S for this and have backed up my seed phrase in various locations which are easily accessible by me not everyone.(This was best part i wasn't expecting from him )

Q10 How much user growth you see in bitcoin payments?
Ans. See at this moment i have less users but soon more will be paying with the same method and i believe it.

Q11 What message you would like to give to the readers of this interview session between us?
Ans. If you want to revolutionize the world and be free from central capitalism and take control of your funds then don't fear Bitcoin rather be part of it and invest, accept or pay with it and you will have great future ahead.


This was one of the best bitcoin talk I have recently made with an completely stranger person few moments ago but now we share a btc bond that is unbreakable like the network and will buy groceries from him monthly by opening a LN channel with him along with his other 5-6 customer and decided to meet him whenever we have time to talk. I also introduce him to the bitcointalk forum and told him that he can learn even more from here and can ask any his question related to bitcoin and seek advice of senior members on technical topics also and they will be ready to help you a lot.BTC

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[Mbitr]

Great to see this happening and nice interview  Out of interest - which country is this ?
This sort of adoption just increase more adoption. let’s keep spreading the Bitcoin message !

[avikz]

Amazing! May I please ask which country it is? But given the sensitivity of this information you can definitely ignore my question.

This is what we need to be honest! Corporates pouring in millions into bitcoin, doesn't teally excites me because I know bitcoin will not be used as a currency for them. Rather, that's just an investment.

But this is what we call granular level adoption. Bitcoin is used as a currency here. That's what has the power to drive the entire crypto market to the next level. Bravo! Many thanks for sharing the interview.

[Ucy]

Well, this needs to be sustainable. I prefer recommending people to rely on some sort of autonomous businesses built around crypto economy and do not rely too much on government infrastructures/system to thrive... Or people could accept crypto if they are offered some as gift, or if they are getting rewarded in Crypto for services that require voluntary payments.
 I think this is still early though. I see potential problems ahead if the right things are not done

[dupee419]

The store owner is surely knowledgeable about Bitcoin, to be honest, the idea of accepting Bitcoin as a payment is good and will definitely profit him, the fact that it is volatile is what makes it risky, but it can also definitely give him profit once the value goes up, so does his income in Bitcoin, I do hope that his business continues to grow and that more people around your country continues to recognize and realize how beneficial Bitcoin can be.

[Cadaver20]

the idea of accepting Bitcoin as a payment is good and will definitely profit him, the fact that it is volatile is what makes it risky, but it can also definitely give him profit once the value goes up, so does his income in Bitcoin,

It can definitely give him profit once the value goes up, but what will happen if the value goes down? The value of bitcoin is volatile. So there can be both profit or loss. The store owner can convert his bitcoin into stablecoin to stay risk free.

[SFR10]

As I was passing by the road I see a board up the store that bitcoin payments are accepted here and was surprised to see this and immediately went in to meet the owner out of curiosity.

I really liked every bit of that interview, but it would've been better if there was also a picture of the board in question ^{[both of the images that you've included aren't that clear and AFAICS, none of them have a BTCitcoin symbol in them]}.

The store owner can convert his bitcoin into stablecoin to stay risk free.

Unfortunately, that's not true and it'll just lead to other risks: [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

[NeuroticFish]

It can definitely give him profit once the value goes up, but what will happen if the value goes down? The value of bitcoin is volatile. So there can be both profit or loss. The store owner can convert his bitcoin into stablecoin to stay risk free.

Literally everybody can keep his earnings in Bitcoin - let's say as investment - or he can convert to local fiat to "stay safe". But converting into stable coins simply gives the illusion of staying safe/risk free.

The question is - unless this happens in El Salvador, heh - how does the owner handle the taxes and papers for his sales in Bitcoin?
The owner seems to have been done properly his study on Bitcoin (from user's perspective) and he's doing the things right. Hats off for that.
Nice interview, OP. It gives a good sentiment that things can get easily in the right direction.

[Lucius]

The question is - unless this happens in El Salvador, heh - how does the owner handle the taxes and papers for his sales in Bitcoin?

I guess Bitcoin is somewhat regulated in that country, because otherwise the owner would not be able to use it in his physical trade. He mentioned that he converts BTC to fiat at the end of each month and then maybe reports such income to the monthly base or maybe in the annual tax return.


I don't think there is almost anything today that can't be paid with Bitcoin, at least when it comes to online payment. One such example exists in my country where you can buy anything you want online for cryptocurrencies, and all this using a domestic payment cryptoprocessor.

[NeuroticFish]

One such example exists in my country where you can buy anything you want online for cryptocurrencies, and all this using a domestic payment cryptoprocessor.

In my country there's also a payment processor that accepts fiat or crypto, and I am almost sure that the (few) shops using it receive fiat at the end of the day.
It clearly can be done, just I don't know if it can be done easily or there are some tricks and "trade secrets" to be done to achieve that. Especially for a small business. Clearly it also depends from one country to another.

[Kong Hey Pakboy]

His answer to question 11 is a powerful one, a revolution to break free from the chains of capitalism is a big statement that means that the store owner has bitcoin in high regards and that he believes in the potential of bitcoin to change how we see the world.

[ChiBitCTy]

Great write up here! I love seeing people taking the initiative to talk with others, especially store owners who are starting to accept bitcoin.  All of this stuff is only going to help with mass adoption.  I recently got my dog groomer to set up a little stand to start accepting bitcoin.  She had heard about it through her husband but hadn't bought any yet or set up any wallets or anything like that so I walked her through getting it all set up    Again great post!

[crwth]

Now I want to interview random store owners that accept crypto. Lol.

Anyway, it's fun to see someone having the time of their lives with all the freedom with the current fiat system. I think what is lacking with the store owner is this forum. It's good that you introduced it to him. It's like having education but missing parts in the curriculum if you aren't reading stuff here.

[Kittygalore]

Really good of you to take time out to do this. Very informative, some good questions & equally good answers. I’ve seen a few stores in my country accepting bitcoin but I haven’t spoke with the owners. We will see more & more adoption as the years pass, it will be unusual for stores not to accept bitcoin in 20-30 years.

Best start asking now to have an interview with them and share us your results. Pretty sure that we might get some really good insights depending on what and how they answer each question. I wanted to try this but unfortunately I haven't found any one yet that's accepting bitcoin as a payment system, maybe someday I'll see one.

[Tim-BTC]

This is really a good phenomenon. Small payments in stores may be gas higher than goods. I think bitcoin is suitable for large payment. I know I'm wrong.

[Darker45]

This sounds pretty good.

However, pardon my skepticism but it seems there isn't a single proof that this store actually exists and that this interview actually took place at all. I hope I'm wrong, though.

Isn't it more interesting to share a picture of the actual store along with the signage saying it accepts Bitcoin rather than just a couple of shots showing items inside a random grocery store? Also, I highly doubt this "BTC bitcoin accepted here" photo is also taken from the business establishment itself. It looks like an image grabbed from somewhere online.

And you're also saying you were just passing by the road, see a board up the store that bitcoin payments are accepted, and immediately meet the owner, had a long discussion with him, and finally interviewed him?

Finally, your interview is unplanned and random or impromptu. It doesn't appear so.

[molsewid]

Now I want to interview random store owners that accept crypto. Lol.

Anyway, it's fun to see someone having the time of their lives with all the freedom with the current fiat system. I think what is lacking with the store owner is this forum. It's good that you introduced it to him. It's like having education but missing parts in the curriculum if you aren't reading stuff here.

Got me interested too to talk to random store (not that big store) near me so I can also know which store I could walk through in case I'm running out of cash and needed something to buy because like in today's case the gas fee was set so high. Here in my country the government didn't announced any bans of crypto neither announced it as legal tender but who knows if those store owners who knows this digital platforms were only waited to have one of their customer asks like the same question. So far, here in my country I haven't seen any business establishments posting a cards saying "bitcoin payments accepted here" but I do hope one day I could one find one.

[crwth]

Got me interested too to talk to random store (not that big store) near me so I can also know which store I could walk through in case I'm running out of cash and needed something to buy because like in today's case the gas fee was set so high.

There's no gas fee in BTC. Are you talking about ETH? It's not wise to transact in ETH. It's really expensive now.

Here in my country the government didn't announced any bans of crypto neither announced it as legal tender but who knows if those store owners who knows this digital platforms were only waited to have one of their customer asks like the same question. So far, here in my country I haven't seen any business establishments posting a cards saying "bitcoin payments accepted here" but I do hope one day I could one find one.

Maybe there are actual stores there but just not announcing it. Maybe if you have a store near you that you are a frequent buyer, maybe you can suggest it or ask if they can utilize it and create their personal wallet etc. Why not set up your own?

[Kakmakr]

I had a similar experience with a tyre fitment centre in my city. I had a worn tyre that had to be replaced and I walked into the shop and there it was "Bitcoin Accepted here" sticker on the counter. I then ordered 2 tyres and I paid with my mobile wallet, but things did not go as planned... because the merchant struggled with "BitPay" and with his accounting system.

The payment with Bitcoin took longer than the fitment and balancing of the 2 tyres.    The transaction was successful, but a few weeks after that, the merchant phoned me and asked me if I can come back and if I can pay with cash, because BitPay had issues validating their wallet and they limited or blocked their account. (He has since stopped accepting Bitcoin as a payment option)

So, until we find a way to eliminate the 3rd party intermediaries (centralized services) ... Merchant adoption of Bitcoin as a payment option will be stalled.... hopefully the Lightning Network will solve these issues. 

[slaman29]

The pain point for merchants, as he answered in his question about risk-free is how he stores value.

Store owner is actually just a middle point between the retailers he buys from and anyone who runs a store knows he gets his items all stocked from credit. So let's say every month he has a credit from the retailers on food etc at $1000. Which at the end of the month he has to pay back $1000 plus whatever interest.

But if he accepts Bitcoin he has to constantly be aware of his line of credit and repayments. A bad crash can wipe out a business, hence their desire to protect in stablecoin, not the assets, but the value.