Success Story: An Established Business Is Now Accepting Bitcoin \ stacker news ~bitcoin

pull down to refresh

Success Story: An Established Business Is Now Accepting Bitcoin

4547 sats \ 49 comments \ @siggy47 11 Dec bitcoin

I described my conversation with an old friend and contract manufacturer who wanted his business to accept bitcoin in this post:

#793566

I am happy to say that as of last night both his wholesale and retail sites now accept bitcoin. Due to his specific business and use case, he thinks bitcoin will quickly represent a significant percentage of his revenues.

This transition all happened within a week. I thought sharing some of my thoughts and impressions might be useful for other stackers.

Long term personal and professional relationship.

We have known each other for 35 years. He is a friend and business associate. Despite talking to him about it for years, I did not orange pill him. He eventually found bitcoin on his own. It was a typical gradual NGU story coupled with debanking in his industry that is gradually making bitcoin a necessity.

We talked for hours, and together we got excited about his opportunity. He looked to me as an expert, but I was painfully aware of my technical limitations in trying to help a business set up a bitcoin merchant system.

Still, I enjoyed our conversations. It was particularly gratifying to watch another person dive down the rabbit hole. He became obsessed. He was staying up all night, learning as much as he could, and enjoying every minute of it. We went to a local meetup, where he met newbies like himself and some OGs who gave him good advice.

Enter @DarthCoin

I knew my limitations in trying to give my friend advice, so I put him in contact with @DarthCoin. Now, I know there are some stackers who have real problems with Darth. When I first discovered SN, we had a few run ins right from the start. He is an ornery old bastard. We still have our disputes. But, he is committed to bitcoin. He is generous with both his sats and his time to people who need either.

In this case, he made himself available to my friend, answered all his questions, and sent him in the right direction.

Just One Business

I wonder how many stories like this are happening throughout the world? I hope a lot. I always preach price doesn't matter, but I'm not fooling myself in thinking that this bull run doesn't play a role. Of course my friend will need to convert some of his bitcoin to fiat to keep the lights on, but he's already trying to figure out how to operate on a bitcoin standard.

It has been a good week.

view all related items

848 sats \ 4 replies \ @DarthCoin 11 Dec

I wonder how many stories like this are happening throughout the world?

Quite many, but not all are made public, like you did.

It has been a good week

Yeah I know that feeling, when finally a good old friend is listening your advice about Bitcoin and finally did the important step: going down the rabbit hole. You feel like you did a huge good thing for the entire world and you are in peace with yourself.

my friend will need to convert some of his bitcoin to fiat to keep the lights on,

That is not a problem at all as long his mind is focused on how to reduce that dependency of fiat.

he's already trying to figure out how to operate on a bitcoin standard.

That's damn good ! Very few new merchants think like that. Wonderful use case for Bitcoin.

I knew my limitations in trying to give my friend advice

Please do not keep yourself out. Yes we all have limitations, but teaching others is how we make our own knowledge stronger and more valuable. Because from the questions you and him asked previously it bring up some quite challenging aspects:

what exactly is the business financial flow and how can be adapted to bitcoin
how they want to use Bitcoin especially after receive it
what technical knowledge they have and infrastructure
short terms plans and long terms plans

As I said here many times: when you onboard somebody new, especially a business (not a simple individual), first thing you must listen carefully what they want / need and not blindly suggest the first solution that comes into your mind. Not all solutions can be suitable for that use case.

Wonderful story you will have to tell to your grandkids Siggy!

53 sats \ 2 replies \ @Cje95 11 Dec

Awww this might be the nicest comment I have ever seen from Darth!!! Look at you warming up to people buddy <3

80 sats \ 1 reply \ @DarthCoin 11 Dec

You still don't know me...

7 sats \ 0 replies \ @Cje95 11 Dec

Doesnt mean I dont care and love ya bud!

21 sats \ 0 replies \ @OgFOMK 11 Dec

he's already trying to figure out how to operate on a bitcoin standard.

That's damn good ! Very few new merchants think like that. Wonderful use case for Bitcoin.

My wife used to work for Holiday Inn. They had standards for measurable success in food service. Especially breakfast. It was easy to give good service when you understand the standards.

The epiphany with money is that there is no standard for any Fiat money. None. So you can easily gravitate toward the Bitcoin standard if you are willing to recognize that you were operating in a bullshit standard.

96 sats \ 0 replies \ @Undisciplined 11 Dec

This should be considered soft orange-pilling.

Jonathan Haidt talks about how the most powerful persuasion is being someone people like and respect. That will lead to them being willing and interested in trying out the things that you vouch for.

You didn't know it, but you started serving up this orange pill 35 years ago.

63 sats \ 0 replies \ @AG 11 Dec

Good use case for the ~AGORA!

53 sats \ 1 reply \ @OgFOMK 11 Dec

Aha! That's the problem with @DarthCoin he shows you things you can do practically and for those of us who want to be helpless and weak it makes it difficult.

20 sats \ 0 replies \ @DarthCoin 11 Dec

I am the one that can see the practical way that others can't see it at first sight.

100 sats \ 0 replies \ @siggy47 OP 14 Dec

I'm happy to say that @Kratomworld told me he just received his first LN payment!

74 sats \ 1 reply \ @0xbitcoiner 11 Dec

I love the enthusiasm with which you talk about bitcoin. Thanks for your service in bringing more business to bitcoin!

65 sats \ 0 replies \ @DarthCoin 11 Dec

without Bitcoin we are all fucked...

53 sats \ 9 replies \ @Satosora 11 Dec

Did he make a successful bitcoin transaction yet?

30 sats \ 8 replies \ @siggy47 OP 11 Dec

Just tests last I heard. I'll post here when he has his first real one.

53 sats \ 7 replies \ @Satosora 11 Dec

Haha, you should ask him to create an account on here. He might become like minded.

230 sats \ 6 replies \ @siggy47 OP 11 Dec

I will ask him. He has never been much of a social media guy. I think he might have a linked in account, but that's about it.

53 sats \ 2 replies \ @Satosora 11 Dec

As he uses bitcoin more, he might want to learn more about it. Just a chance.

31 sats \ 1 reply \ @siggy47 OP 11 Dec

Yes. I think it's possible. He definitely is hungry to learn. He's already asking about utxos and coin control.

53 sats \ 0 replies \ @Satosora 11 Dec

That is always the first step. You cant give people that appetite. They have to want it for themselves.

43 sats \ 2 replies \ @OgFOMK 11 Dec

You, maybe have something here. A Stacker Professionals LinkedIn area. All the vanity and none of the fluff.

I have mixed feelings about this.

Like I used Orange Pill App for a week and then deleted it because it freaked me out.

But also, Steve Wozniak told me on Google+ about 12 years ago or longer, when I pointed out that he was sharing his location. He said, "They already know where you are anyway."

He's more visible and valuable.

Big Balls needed.

10 sats \ 1 reply \ @siggy47 OP 11 Dec

Google + I haven't thought about that in a while.

43 sats \ 0 replies \ @OgFOMK 11 Dec

It's funny when I see is still part of business or other profiles.

53 sats \ 1 reply \ @grayruby 11 Dec

Awesome. Congrats Siggy. I know you have been working at this for a while now.

40 sats \ 0 replies \ @siggy47 OP 11 Dec

My role was just cheerleading. It's great sharing your excitement with a friend whose journey is just beginning.

53 sats \ 0 replies \ @Fiat_Revelation 11 Dec

Great work! Perfect example to show that on boarding > orange pilling. I've pored over many of Darth's guides myself. He's a good teacher.

53 sats \ 0 replies \ @Aardvark 11 Dec

That's an amazing story. I hope that I'm in the position to help a business accept bitcoin one day.

53 sats \ 0 replies \ @Imyourfed 11 Dec

Excellent work! Kudos to both you and DC for helping him.

53 sats \ 2 replies \ @globalmerchant 11 Dec

Should we try and support his business is there a website ? Thank you, Rich globalmerchant.io

10 sats \ 0 replies \ @Kratomworld 14 Dec

That would be awesome my website is www.lihteacompany.com we sell Kratom

10 sats \ 0 replies \ @siggy47 OP 11 Dec

That's a good idea. I will talk to him about it. The next step is to get him on SN

53 sats \ 6 replies \ @Lux 11 Dec

Good job both of you. If it's not a secret, what is his btc setup for the business?

283 sats \ 3 replies \ @DarthCoin 11 Dec

The last time I spoke with him was this. Keep in mind that they have ZERO BTC so they have to start from nothing accumulating slowly enough liquidity. Using 2 stages solution:

quick solution now to just start and test
later improve by using a self-hosted BTCPay or LNbits, a proper LN node with good liquidity too

Using now a quick solution, testing, to see how it goes, using Zaprite as "payment processor" for his WP Woocommerce site. He wants to keep that e-shop untouched just add BTC payments over LN and also for bigger amounts using onchain. Zaprite is connected to his own Sparrow wallet, for onchain payments and with CoinOS for LN payments. Then Zaprite through their Woocommerce plugin is charging the invoices on the webshop. From CoinOS he will withdraw into his onchain wallet until will have a good enough liquidity to start a full LN node with decent LN channels.
Meanwhile is accumulating, will setup a self-hosted BTCPay or LNbits (not decided yet) and prepare it for the switch. Both BTCpay and LNbits have a Woocomerce plugin so will be easy to migrate.

Is just a matter of preparations.

74 sats \ 2 replies \ @Lux 11 Dec

Gracias senor.

Sharing this to my group so we can all learn.

153 sats \ 1 reply \ @DarthCoin 11 Dec

This is the way ! It's important to analyze each option available, pro/cons, short/long term, for each use case. Do not think from your own POV, something that worked for you personally it doesn't mean it will work the same for others. Listen their needs first. I think this business will be a success, they have the right mindset.

31 sats \ 0 replies \ @Lux 11 Dec

they have the right mindset

and the best advisors

110 sats \ 0 replies \ @siggy47 OP 11 Dec

I don't know the details, but he is using zaprite.

0 sats \ 0 replies \ @thebitcoinbadger 14 Dec

Zaprite is $25 per month. There are MANY other solutions. See bitcoinbadger.net for reviews and live demo of all the options :-)

43 sats \ 1 reply \ @Bitcoiner1 12 Dec

Very interesting post.

Just wandering, if in these case the business will have some savings in Fiat for the short term payments they need to do or are they in 100% BTC?

How much of their savings are now in BTC?

THANKS!

0 sats \ 0 replies \ @siggy47 OP 12 Dec

The business will definitely have partial fiat and partial bitcoin savings. They have zero bitcoin now.

43 sats \ 0 replies \ @DesertDave 12 Dec

This is good to hear..

20 sats \ 8 replies \ @jasonb 11 Dec

Well wait. What's the business? Can you tell us or is it a security concern or something for him? You said it's online, so if its something I use, I'd love to patronize your friend.

103 sats \ 7 replies \ @DarthCoin 11 Dec

When the right time will come I think he will say it. For now, let's consider it more like a private business.

For sure is not that some kind of business that sells t-shirts online :)

71 sats \ 1 reply \ @OgFOMK 11 Dec

When we get an airline, train, steel mill or raw material vendor selling fur Bitcoin then things will really heat up.

10 sats \ 0 replies \ @DarthCoin 11 Dec

No worry, they're coming, only that are not so public in announcing it...

10 sats \ 0 replies \ @jasonb 11 Dec

Cool, I can imagine some scenarios where this would be the case for sure.

21 sats \ 3 replies \ @OgFOMK 11 Dec

I worked for a guy in 2020 and this year and I told him I'm 2020 buy one Bitcoin for 16,000 USD and you can pay my weekly salary without ever buying another one for a year.

He still was arguing with me this year about it.

10 sats \ 2 replies \ @DarthCoin 11 Dec

You should try another approach with him, not the one about fiat price appreciation.. Maybe this story #692855 will help you to find that "point" where your guy is interested into, that will make him take the decision to jump onboard.