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0 sats \ 5 replies \ @grayruby 11 Jul 2023 \ parent \ on: Does anyone do something hands-on / physical for a living? meta
What do you think about the idea of a home services business that leverages accepting Bitcoin to offer lower prices as a competitive advantage?
Thank god for bitcoin indeed.
I think as a business owner, you can choose to accept bitcoin anytime you want. All you need to do is let your customers know.
I have been telling my clients that I accept bitcoin for a discount for several months now. I do full price plus taxes (5% on top) if payment by cheque or e-transfer (a Canadian retail level bank to bank money transfer service), full price with no taxes if payment by cash, and a 5%-10% discount if payment by bitcoin. I find that contractors / construction companies usually like to go for the cheque option, because they can claim the expense for tax deduction and it’s easier accounting. Home owners usually like the cash route because they don’t want to pay the 5% tax. I have yet to receive bitcoin though, even with the discount, but at least it sparks conversations. Also, I like to think that I’m helping push the circular economy; even if no one uses it yet, at least I let people know the option is there.
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Glad to see someone is actually doing this. Yes, businesses would be a hard sell but you would think some individual homeowners would take you up on paying in bitcoin. Maybe offer at 10% discount.
I was thinking about doing some home services odd jobs and trying to get paid in Bitcoin. Offering a 15% discount for paying in bitcoin. Seems like a lot but I would rather have the bitcoin than fiat anyways and sure I could just buy it with the cash they give me but I like the idea of bringing more people into the ecosystem and as you point out creating a circular economy.
My wife likes to give cash tips to the guys at walmart that load our online grocery orders but I told them when I come to pick up the orders I will only tip them in bitcoin, so both guys downloaded WoS and I give them 10,000 sats. Pay my kids for chores in sats too.
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Offering too deep a discount just for the sake of accepting bitcoin is counter productive IMO. As much as you want to push for the circular economy, you also want to make sure you are, if not maximally profitable, at least be optimally profitable. If you can generate more value and accumulate more wealth as savings in bitcoin, I think it’s better to do so than offering steep discounts just to accept bitcoin. That said, it’s probably a different number for different people and different businesses, but I just feel 15% is too much discount.
To put it simply, take note from Ayn Rand, look out for your own and your family’s own self interest first. Bitcoin is just an idea and a tool. If the idea of bitcoin is truly great and the utility of this tool is an irresistible upgrade, people will adopt it over time. Bitcoin does not need our sacrifice to help it succeed; and our so called sacrifice certainly will not do much to help bitcoin succeed. Instead, use bitcoin in our own selfish ways to make our lives better; if every bitcoiner does that, it will naturally make bitcoin stronger. Bitcoin is backed by the actions of every bitcoin developer / miner / hodler / node runner, and when these people become stronger, so does bitcoin.
Sorry for the long winded reply. I guess what I’m trying to say is, stay humble, bitcoin doesn’t need heroes. Doing what is best for yourself is doing what is best for bitcoin. Stay humble and stack sats my friend.
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I hear what you are saying. I am also fascinated by the idea of leveraging a bitcoin discount as a competitive advantage. If we both have landscaping businesses and both charge $100 but I say I will do it for $85 in Bitcoin can I win more business than you?
Say I have a 30-40% profit margin on a $100 service. I still cover all my costs easily, make less profit but thus pay less taxes, and hopefully pick up more business because I am less expensive.
I don't think we are at that point yet, as many are still skeptical of bitcoin, but I think this will work in the not too distant future.
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Do what makes the most economic sense for your business, and test it against the market. The market is indeed magical and will let you know if your idea is a good or bad idea.
I do agree this is still a fiat world. At least for my business, I must accept fiat to survive. But I also foresee, or at least I hope, in the not too distant future I can refuse to accept fiat and run my business accepting bitcoin only.
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