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Accepting Crypto as a Business (First Tattoo Studio in Malta)

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by Fox, Jan 9, 2018.

  1. Fox
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    Fox Moderator Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Hey everyone,

    I help out my brother a little with the online stuff for his tattoo studio here in Malta (Corazón Tattoo Studio | Malta). We decided to go ahead and start accepting Bitcoin and Ethereum for payment.

    The buzz has been great so far and I think we will have a large press story running soon. As far as we know we are the first such business to do so on the island. As well as getting some great media attention it is also a great way to get new business since there are a ton of online businesses based here.

    Since a lot of us here are investing into crypto I wonder are you guys also starting to accept it as payment for your own products and services? If done right it could also make you stand out a bit before everyone else rushes in (depending on the niche).

    If so please share.



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  2. ernesto50
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    ernesto50 New Contributor

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    Smart strategy!

    I also accept cryptos as a form of payment. Currently accepting Bitcoin, BitcoinCash, Litecoin and Dash but I sell digital products (fundamental research about cryptocurrencies). Setting it up for a wordpress site was fairly straight forward, but it's definitely not yet "1-click-setup".

    Today I've read that Stripe stopped accepting Bitcoin Ending Bitcoin Support and it was fairly easy to support it with their plugin/setup. But I'm fairly sure that they will introduce another currency soon (Stellar Lumens is a very likely choice, as they are invested in them already and stellar is very fast with low transaction fees)
     
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  3. Johnny Bravo
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    Johnny Bravo Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    My 18 gazillion dollar business-to-be is within this field which makes me an expert! :hilarious:

    Here's my $0.02 on the matter.

    First off, Ethereum is NOT a cryptocurrency. I have never and will never accept payment in the form of ETH. (I own a boatload of it, but that's another matter entirely.) Secondly, Bitcoin has sadly fallen off the track of where it was headed and is probably under the control of a bunch of idiots who don't know their head from a hole in the ground. I'd go ahead and accept Bitcoin, but I personally never purchase anything with it other than other coins/tokens.

    As @ernesto50 mentioned above, BitcoinCash and Litecoin are much better alternatives to Bitcoin. Significantly lower fees, faster transaction verification, and pretty good market acceptance. I will also plus one his recommendation of Dash. Dash is used around the globe as a currency. Dash is literally being used today as what Bitcoin was intended to be used for when it was first created.

    Stellar Lumens is poised to be highly utilized as well. I would also toss in Monero and Zcash.

    The market rapidly changes, but I fully agree with your desire to establish yourself at the tip of the spear.
     
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  4. Private Witt
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    Private Witt Contributor Read Millionaire Fastlane Speedway Pass

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    Congrats on accepting crypto!

    I first got into BTC in 2012 when at like 125 as an online poker player. I punted away a fortune at one time but happy to say Im okay with my crypto history and still use as a payroll source to pay Internet marketers and other traders I do business with.
     
  5. jmusic
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    jmusic Meep. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Some of the more well-known coins are relatively trivial to convert to local currency too. Just takes an account at Coinbase.
     
  6. steelandchrome
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    steelandchrome Author of The Retail Leader Book. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    When I get my first product up for sale I will absolutely accept crypto ;) I don't think it would be a significant portion of income but I think there are people that may not have bought before that would do so just for the novelty of paying with crypto and validating the use case.
    (See Reddit posts every day asking for places they can spend and making a big deal about it after they do)
     
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