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Incorporating #Bitcoin into my business.

I personally hold bitcoin and do believe it's something that can benefit society as a whole. With that in mind I made the decision to accept bitcoin as payment at the business I own starting the first half of '22. I had already bought some bitcoin and placed on the balance sheet, but accepting bitcoin as payment was something else I figured. Checked with my accountant who did some investigation and came back to me with an OK.

Invoices sent by my business contain all the necessary info for making payments in bitcoin, ie conversion from national currency, wallet address, list of exchanges where to buy bitcoin etc. There's even a small discount of 5% if paid in bitcoin to entice clients.

During these 19 months or so, not one single invoice has been paid this way. Not only that, not one client has asked me what this bitcoin thing is all about. This is unfortunate and currently the state of affairs in the country I reside.

Starting today I'm increasing the discount to 20%, maybe that'll make one or two clients curious. If all invoices were to be paid with this higher discount and the price of bitcoin would remain flat at current levels of around $45 k, I'd still be OK financially.

Some background. It's an insignificant business in the grand scheme of things, but it's how I make my living. Started 7 years ago. Sells services, not goods. Pretty high margins currently. Few big well established clients who make up all of the revenue. No mom and pop shops. Clients always pay on time. Generates steady cash flow which has allowed purchases of stocks and bitcoin to put on its balance sheet. Future market outlook OK.

Assets

1) 15% cash for salaries, taxes and purchases of services / software / hardware

2) 85% stocks and bitcoin

Hoping this modified bait will have some effect and this post inspires others to do the same at their businesses even though my attempt hasn't been successful so far. I'm sure there're lots of people in a similar situation to me who could start accepting bitcoin if they wanted to, but who haven't given it enough thought. Why not? Take a stand, accelerate adoption.

In any case, these’re exciting times, lets see what '24 brings us!

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Discussion

Moe OG 2y ago

Appreciate your insights! Your experience incorporating Bitcoin is valuable for businesses like mine considering this move. Thanks for sharing your journey!

anubisSonOfRa 2y ago

Yeah. If the laws and regulations in your country doesn’t hinder it and if you have the possibility to give some discount I think it’s worth a shot. I have a hard time seeing, based on my experience only of course, a flood of invoices being paid at a discount. Even if they were and if that’s not sustainable, just lessen or remove the discount later on.

I’m in a pretty good position as my business can handle 20% at current levels. I wouldn’t do 30% though.

There’s value in accountants, financial controllers etc having to take think about #bitcoin.

With that being said, it assumes you have the Bitcoin storage figured out, preferably with cold storage.

anubisSonOfRa 11mo ago

'24 was a fantastic year in many ways, but when it comes to collecting payments in the form of #Bitcoin nothing changed where I'm at. The 20% discount didn't attract anyone to pay that way. Still keeping it though.

The company chugged along with no big surprises. Future market outlook not as good as last year due to I might lose a client. I don't have many so it'll hurt, but I'm good in any case.

Keeping fingers crossed for my business and bitcoin in '25!

anubisSonOfRa 6d ago

Another year has passed.

Not much changed in '25 regarding my business. It chugged along another year with no interest from anyone to pay in Bitcoin and thus getting a 20% discount. Honestly I haven't tried to push it either except for what's stated on the invoices.

The business made some purchases of both Bitcoin and stocks which was placed on the balance sheet as a long term hold. Balance sheet is pretty solid.

Market outlook OK. Been thinking a bit about how AI will affect the business. In some shape or form it will.

Lets see what '26 brings us!