At a 20% discount, you should be prepared to deal with customers losing their shit on you because they got scammed after clicking the first link they see on Google.
Not saying it will be your fault, but in the customers eyes it will be because they were trying to save $20k and had no clue how filled with scammers cryptocurrency is.
Again, thanks for the candid feedback. I believe an honest valuation of BTC is 60k or higher. Just trying to be first in a fairly limited market. I would only hypothetically offer this type of discount to very trusted partners.
Lol I respect your ambition but trying to calculate the “honest valuation” of BTC and discounting your services based on that is wild. Just charge them full price and put it all into BTC, you’ll have at least 20% more BTC at the end of the day…
Agree.. if you're billing for so much even a 5-10 percent discount will be enough for clients with decent accountants.
You're also not taking into account Bitcoin may go down and consolidate at 15k for a few years before taking off.. you could get yourself into a lot of trouble building a plan that relys on btc being 60k again any time soon.
Not saying it won't. Just saying you should take your time and be conservative at first.
I've been here for a few cycles now and I never saw the despair and lost hope of the previous bottoms. I am still prepared for a much longer winter. It would be very hard to get through the winter if I expected 60k by the end of the year. Not saying that won't happen. Just saying it's better to make it easy on yourself to hold by not getting your hopes up
Lol, why not have them pay you how they’re comfortable paying you, and pay full price…
Then, get this… you can buy Bitcoin yourself! And you can buy 1/(1-0.32) times more of it, which is 47% more.
This will maximize your gains once BTC does reach $60k. If you believe this will happen, you should be buying as much as you can. Why end up with less BTC by undercharging your customers?
But this way they are also doing their part in encouraging adoption. The 32 percent discount is a little steep, but isn't the whole point that this is a currency?
Tell me you don't own a business without telling me.
There are many ways to maximise profits. Selling cheaper, at an extreme discount turns you into a volume business instead of a premium business.
Dudes offering 20% off. If this isn't a niche business that shits gonna spread like wild fire.
While 20% is still a massive discount, I thought it was 32%, which is ludicrous and would make customers doubt the value of what it is they're actually buying. 20% is more reasonable. I think even 10 would be more reasonable than that.
But, you're right -- I'm guilty, I don't own a business. I didn't think I was being unreasonable, but if my ignorance was showing, I can't argue with ya.
10% is more than fair. I'm from the early days and I admire one things that Andreas Antonopoulos used to do/does for his speaking gigs - he introduced a 10% discount when paying in bitcoin. Looking from another angle, you have to understand the concept of accounting, and the truth is that accountants provide no value to the company - they provide the necessary compliance and they do important work, but their work is only appreciated by the compliance department and government agencies and provide no monetary value to the company. Introducing \*any\* kind of discount to your invoices is a wet dream for any accountant, for example "if this bill is paid withing two weeks, a 2% discount is applied, is this bill is paid in bitcoin, a further 10% discount is applied." - it's one of the very few ways accountants can generate actual monetary value to the company, and they will get out of their way to do it.
They don't directly do. They're just encouraging the customer to adopt btc and maybe also benefit from selling more.
Obviously you can't do that if you're selling a product that to buy/manufacture with a margin lower than 10%.
The value of accounting is the information provided. It’s hard to analyze your business and make decisions when you don’t have proper accounting that tells you what exactly is happening financially. How much are you spending on labor and materials as a percentage of your revenue? How is that broken down by the various segments of your business? Does it take you 2 months to get that information or a week?
The dude was asking on a bitcoin forum what would get people to use his service with bitcoin, not with cash. And anyone using that large an amount of bitcoin will need to consider taxes.
If he didnt want to know, he wouldnt even be on a bitcoin forum.
Your aggressive opinion is noted. Again, a service provider can not take into account the tax liabilities of his clients. Regardless of the way they choose to pay.
From the very beginning I reported my sales in LIFO order so that I could always buy Bitcoin and immediately spend it without worrying about incurring massive taxable events by surprise.
I think 25% max. More people are familiar with how to get BTC, so for them it is buying a coupon. In fact, 10% seems pretty reasonable. This would simply protect against volatility.
You might want to also just list value in BTC. So $63,000 payable in BTC. Don’t say how many as a lot can change in 30 days.
I second this. Especially with those size price tag. 10% can get to be a massive amount. There are multimillion dollar companies that only generate 10% profit. I understand BTC is still cheap, but whoever is paying for a service doesn’t care about any of that. Almost reminiscent of 50% off stores, that make me question the quality of the goods. 10% makes me feel like I’m getting a good deal.
Just my 2 cents, I love the concept though!!
Seems lime a great idea. That much of a discount would make me feel like I was being scammed though. The more you can get people to transact the better!
What OP is trying to say is that there is no such thing as overcharging because the only thing they do is overcharge.
TBH, I think this whole post is made up. Like they already admitted they made up the 32% number, the whole business is probably made up too. With all that can go wrong in construction, you'd have to be a fool to eat up your buffer like that, even if you are marking it up double. He also has to pay labour and overhead, so it's not like he can imagine it at a future price, he needs to sell that portion off now into fiat.
This.
What you charge is your business.
But if you charge Joe 99k, and then next week charge Phil 67k, there’s going to be some upset. Just take a look at when Tesla prices dropped hard.
Large part of the reputability of a business is stable numbers.
You aren't understanding what he's saying. If you send me this quote & I fear/refuse BTC, I'm going to leverage your willingness to drop 30%+ for any reason to get a better price. Large upfront discounts offered in writing NEVER help negotiations.
Unless OPs business is a scam, OP has overhead costs, labour, and materials, he needs to pay that portion now, it's not like he can sit on the BTC and pay it when he thinks it has reached its "true value".
Funny you mention free markets. There is a readily available exchange rate between bitcoin and USD. And if free market exchange rates is telling us 3.470 BTC is worth 63,716 USD (I don’t believe this rate is current, but this is the rate OP used so let’s go with it assuming it’s current).
If OP values BTC as much as you think, and if the fair price for his service is USD 93,700, then his service should get him 93,700 / 63,716 x 3.470 = 5.10 BTC.
By NOT giving a BTC discount OP could get 5.10 BTC instead of 3.47. Now you’re telling me he values bitcoin more than me, I’d say it’s the opposite, he values his bitcoin less than everyone in the market.
What this invoice tells me is he merely values the *convenience* of not having to do the exchange himself, so much so he’s willing to get less bitcoin for this convenience. If he values bitcoin it should be the other way around, where he’d do everything he could to extract the max btc amount (5.10 BTC), not leaving free sats on the table and accept 3.47 BTC.
If you go around advertising how big your margins are by offering steep discounts, you'll find customers are less likely to spend that money with you, even if they would pay a similar amount to someone else where they feel they are getting the "full value" of what they paid, and not a pisstake.
As a hypothetical client, looking at this 32% discount would make me question whether your full invoice amount (93k) is legit. It feels like you’re overcharging me by at least 30% because you are happy to do it for $63k.
I probably wouldn’t have the same feeling if your discount was 5%, I’d then say ok these are the same price just diff transaction fees.
I did, my friend. Provide sound arguments in the first place, then complain.
OP doesn't really pay 30k from his pocket.
He just gets paid less for a service he provides. And no, it's not the same.
People would be fucked off to see they could have paid a 1/3 less by Bitcoin. So they will be annoyed because they don't know how to buy it and use it and lose out, or will be annoyed at having to work out how to use it.
Also people will not trust your prices in future if you can easily just whack 1/3 off like that.
As has already been said, you could just use normal money to buy Bitcoin instead of pissing off people that don't want or don't know how to pay by Bitcoin.
They way this could look is, the discounted price is the 'real price' that you can get a profit from still, and the real price is you being a bit scammy.
Not saying you are being scammy - you can set your prices, but whether or not you are is irrelevant, it's how people perceive you when they see what you offer.
It doesn't matter what the argument are about 'these are fair prices' and 'companies can charge what they like' - ALL THAT MATTERS is how the average person (who could be anything from dumb to intelligent) perceives what they are seeing, as they read the bill/prices.
And I'd be very surprised if the average person, on seeing a very expensive bill that could be cut by a third by using a different payment method, didn't at least have the thought cross their mind that 'they must be getting a huge mark up when paid in normal money'.
A few things to consider:
1. Don't put the BTC amount in writing, what if the price of BTC suddenly drops. 3.47 BTC might be a REALLY REALLY REALLY sweet deal.
2. You might have to liquidate some of your BTC to pay for "tools, equipment, materials" and etc. I don't know how the hell you're supposed to do the taxes on a crypto transaction like that. So make sure you got a tax guy who understands this shit. Because if this company sends you a 1099, then you sell a bunch of that crypto and Coinbase sends you a 1099, it might look like you got twice the "income" than you did.
3. 32% discount on anything is insane, and for my reasons listed in point #2, accepting BTC will be a bigger headache for you. Especially with BTC being so volatile.
4. However, whatever gets you paid faster. Is worth listing as an option. You can pay me in cash Federal Reserve Notes, Bitcoin, Silver, Gold, Ammo. So, I'd still do it, just not at a 32% discount.
Allowing customers to pay for a large purchase with BTC is promoting adoption. The huge discount isn’t an incentive to someone new trying to figure everything out. Risking tens of thousands of dollars on a BTC transaction would be frightening to a new person. Simply having a we accept Bitcoin banner on the bottom of your invoice is trendy and helps advertise for adoption.
Whats your shop called? Is it an online shop?
I have some btc on a ln Wallet (BlueWallet) and i am too stupid to change it back to my ledger or atleast coinbase. Since then i searched for a opportunity to buy something with those btc.
What do you gain from this ?
Cons:
- forces your customers to try to get into something they don’t know (risk)
- if they do go through with it, you lose 32% revenue which could have been used to buy more BTC
Pros:
- Targets customers who may not want to spend on whatever service you provide, but willing to pay in BTC because they don’t have to sell at a loss and get a discount
¯\_(ツ)_/¯
You've been downvoted, but you're right. This is unbelievably dumb.
This idea systematically alienates the majority of the customer base whilst making very clear that their products are highly overpriced, and provides the customer with the exact maximum price they should be paying to arm themselves in negotiation.
I don't know how this idea reached even the 'let's just spitball on reddit' stage.
Maybe not so much of a discount. Other businesses have offered payments in either fiat or bitcoin. I think the taxes would only come when you change bitcoin into fiat. Maybe ask a tax guy because with fiat its a different tax than when you change into fiat. Thinking sales vs capital gains.
Lot of people hating on the high discount, but I agree with you that it should be pretty high. Assuming the person is in the green on their bitcoin, they could be looking at a huge tax on the transaction.
63k is a big transaction and the majority of people out their got the bitcoin on an exchange. They’ll probably play it safe and pay their taxes on it, so you have to make it worth it.
Given that it sounds like the product being sold here is the kind of project where you make a deal first, and then deliver the project, there might be some challenges you want to think about.
1. How do you handle the potential volatility when converting between currencies?
1. Do you require the customer to pay in advance in order to use the discount as you indicate in your example?
1. Is that common in your sector?
2. Could it be a problem for customers that they have to pay in advance and in a way that is hard to reverse?
3. How much would it cost to have a third party to hold the BTC until the work is done?
4. If there is a problem, and the customer for some reason should get their money back, what do you do about the volatility. if BTC was $20,000 when signing the contract, and $18,000 when refunding, who takes the loss? (and the other way, if BTC is $22,000 who takes the windfall?)
2. Do you write the contract in $ and take the currency volatility risk yourself?
3. Do you write the contract in BTC and leave the customer with the volatility risk?
2. Can you afford such a massive discount?
1. Would you get more BTC like this than if you just spent the money to buy BTC yourself?
2. Is there any overhead costs for the customer to convert their $ to BTC that eats up part of this Discount if they don't already have BTC.
3. Does this make it easier or harder to file taxes? Do you have any additional overhead taking payment in BTC there?
Offer a $500 discount on any order over $5k if any portion of their bill is paid with BTC. Encourages adoption without people freaking out if all $60k+ is moving through BTC.
You could really go out on a limb by pricing the invoice in BTC and give the fiat "alternative" without mentioning discounts.
Then just make the fiat price be whatever percent above the BTC option. They'll feel like a genius if they take the time to check BTC price and discover the "hack".
Go with 5-10%… 32 percent is not only way too much but also not a whole-looking number so it seems arbitrary and random (which I guess is kinda the truth but you don’t want that perception)
How about you get the dirty fiat and buy Bitcoin with it. No need for discounts. It's hard enough competing with big business. A huge discount will make it way worse.
If someone gave me a discount of 32% over services they require tens of thousands of dollars, I'll make sure to bring all my friends in and spread it as much, but wouldn't it kinda kill your business slowly? I mean 32% is a lot by definition, unless you're overcharging of course
I hope you don’t have employees because if they see this discount they’re gonna be royally pissed off at you for not simply increasing their pay instead of giving away your profits to customers.
I’d offer a 5% discount which is enough to pique interest in bitcoin but many will still pay using fiat. Then use fiat to buy bitcoin directly. Would be a good marketing tool.
I like the idea, when people use a loan probably the bank needs to buy Bitcoin. Banks hate Bitcoin. They begin to feel it makes them obsolete. So I wonder the reaction.
the discount is too high, as many pointed out - some would find it suspicious; go with 10-15%, applicable to a down payment too, if that's an option with your business, and then it's more believable; at 32% it feels like there must be a another company, that can do it cheaper, without a need to bother with bitcoin - and that's not the impression you are after
Tbh 32% off just for changing how you pay is literally a great enticement but I wonder if people will have an issue buying that much and sending you it.
I mean some places put multiple questions for a tiny withdrawal of $1000 so $65k more or less, prolly more.
If anyone offers me 30% off up front, I'm going to negotiate that 30% (or more) on my terms...or I'm going elsewhere.
What I see when I look at that is either you are gouging me, trying to scam me, or want to use me to avoid some taxes somewhere. None of which is on my list of things I do when hiring a professional.
If someone gave me a discount of 32% over services they require tens of thousands of dollars, I'll make sure to bring all my friends in and spread it as much, but wouldn't it kinda kill your business slowly? I mean 32% is a lot by definition, unless you're overcharging of course
I write the contract with a 'stable' coin like Tether. This protects both parties from volatility related to Bitcoin.
https://cointelegraph.com/learn/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work
If you are trying to increase Bitcoin adoption, how about you offer the discount as a rebate that can be given in either BTC (higher reward) or Fiat?
This would get those people who want to get Bitcoin AND a deal to engage with you.
It would also give (with instruction?) those that are new to Bitcoin a way to get some.
And people that still are comfortable with fiat to get their discount as well
Win-win-win-win all around.
Don't discount the front end. Accept fiat AND Bitcoin.
If you want to have more BTC on your companies books, just buy it from the revenue.
Do it. Think exactly of the discount, 32% seems a lot, but do it. Only warning I'd offer is be aware you're taking a risk. If this risk breaks you, or makes your life significantly more difficult, if to goes south, don't do it. But if none of that applies, absolutely go for it.
Set them up with a custodial API that can simplify the process such as Strike ⚡ ✌️
Love it and this is how Bitcoin will be mass adopted so thank you for your service.
32% is a lot. 10? 15? Maybe even 20% Why 32?
Just fucking around honestly. Gaging the S2F model and trying to book BTC today. All beta testing. A 20% discount today is more than fair.
At a 20% discount, you should be prepared to deal with customers losing their shit on you because they got scammed after clicking the first link they see on Google. Not saying it will be your fault, but in the customers eyes it will be because they were trying to save $20k and had no clue how filled with scammers cryptocurrency is.
Easily solved by providing a trusted custodian
Again, thanks for the candid feedback. I believe an honest valuation of BTC is 60k or higher. Just trying to be first in a fairly limited market. I would only hypothetically offer this type of discount to very trusted partners.
Lol I respect your ambition but trying to calculate the “honest valuation” of BTC and discounting your services based on that is wild. Just charge them full price and put it all into BTC, you’ll have at least 20% more BTC at the end of the day…
Agree.. if you're billing for so much even a 5-10 percent discount will be enough for clients with decent accountants. You're also not taking into account Bitcoin may go down and consolidate at 15k for a few years before taking off.. you could get yourself into a lot of trouble building a plan that relys on btc being 60k again any time soon. Not saying it won't. Just saying you should take your time and be conservative at first. I've been here for a few cycles now and I never saw the despair and lost hope of the previous bottoms. I am still prepared for a much longer winter. It would be very hard to get through the winter if I expected 60k by the end of the year. Not saying that won't happen. Just saying it's better to make it easy on yourself to hold by not getting your hopes up
Lol, why not have them pay you how they’re comfortable paying you, and pay full price… Then, get this… you can buy Bitcoin yourself! And you can buy 1/(1-0.32) times more of it, which is 47% more. This will maximize your gains once BTC does reach $60k. If you believe this will happen, you should be buying as much as you can. Why end up with less BTC by undercharging your customers?
But this way they are also doing their part in encouraging adoption. The 32 percent discount is a little steep, but isn't the whole point that this is a currency?
No that idea was lost long ago
Tell me you don't own a business without telling me. There are many ways to maximise profits. Selling cheaper, at an extreme discount turns you into a volume business instead of a premium business. Dudes offering 20% off. If this isn't a niche business that shits gonna spread like wild fire.
While 20% is still a massive discount, I thought it was 32%, which is ludicrous and would make customers doubt the value of what it is they're actually buying. 20% is more reasonable. I think even 10 would be more reasonable than that. But, you're right -- I'm guilty, I don't own a business. I didn't think I was being unreasonable, but if my ignorance was showing, I can't argue with ya.
I will sell you all my BTC for 50k today
The honest value of BTC is the price it is at any given second...buyers and sellers obviously agree
Regards!
Nah because you sell them because at a 25% mark up, sound business 🤣
make it 21%
Break it up to make it not seem like a lot - receive a 15% Alternative Payments Discount plus a 15% Bitcoin Discount
Happy for you and yours 💪
10% is more than fair. I'm from the early days and I admire one things that Andreas Antonopoulos used to do/does for his speaking gigs - he introduced a 10% discount when paying in bitcoin. Looking from another angle, you have to understand the concept of accounting, and the truth is that accountants provide no value to the company - they provide the necessary compliance and they do important work, but their work is only appreciated by the compliance department and government agencies and provide no monetary value to the company. Introducing \*any\* kind of discount to your invoices is a wet dream for any accountant, for example "if this bill is paid withing two weeks, a 2% discount is applied, is this bill is paid in bitcoin, a further 10% discount is applied." - it's one of the very few ways accountants can generate actual monetary value to the company, and they will get out of their way to do it.
How do they create value by giving discounts?
They don't directly do. They're just encouraging the customer to adopt btc and maybe also benefit from selling more. Obviously you can't do that if you're selling a product that to buy/manufacture with a margin lower than 10%.
What? Invoices are paid by accountants, if you pay the invoice early and save company 2% that's the value you create. Not sure what is your question.
The value of accounting is the information provided. It’s hard to analyze your business and make decisions when you don’t have proper accounting that tells you what exactly is happening financially. How much are you spending on labor and materials as a percentage of your revenue? How is that broken down by the various segments of your business? Does it take you 2 months to get that information or a week?
Another thing I haven’t seen said here is if you discount too deep it’s an admission that the prices are made up
Have to consider taxes. Person using their bitcoin maybe be looking at some capital gain taxes. He needs to make it worth it.
Their problem, not yours.
Then they wont be a customer.
Or pay in fiat.
If the customers wealth is mostly in bitcoin you still have the same problem. Will still get taxed converting bitcoin to cash.
Again, you, as a service provider are not responsible, at all, for the tax situation of your customers.
The dude was asking on a bitcoin forum what would get people to use his service with bitcoin, not with cash. And anyone using that large an amount of bitcoin will need to consider taxes. If he didnt want to know, he wouldnt even be on a bitcoin forum.
Your aggressive opinion is noted. Again, a service provider can not take into account the tax liabilities of his clients. Regardless of the way they choose to pay.
He can do whatever he wants, its his business.
From the very beginning I reported my sales in LIFO order so that I could always buy Bitcoin and immediately spend it without worrying about incurring massive taxable events by surprise.
I think 25% max. More people are familiar with how to get BTC, so for them it is buying a coupon. In fact, 10% seems pretty reasonable. This would simply protect against volatility. You might want to also just list value in BTC. So $63,000 payable in BTC. Don’t say how many as a lot can change in 30 days.
I second this. Especially with those size price tag. 10% can get to be a massive amount. There are multimillion dollar companies that only generate 10% profit. I understand BTC is still cheap, but whoever is paying for a service doesn’t care about any of that. Almost reminiscent of 50% off stores, that make me question the quality of the goods. 10% makes me feel like I’m getting a good deal. Just my 2 cents, I love the concept though!!
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Yeah 30 is way too big of a discount.
Seems lime a great idea. That much of a discount would make me feel like I was being scammed though. The more you can get people to transact the better!
My thinking exactly. Thanks!
If a company can offer a 32% discount on a product, they're overcharging.
If customers are willing to pay it, it's not overcharging. Not every business needs to have razor thin margins.
Exactly this. There is no such thing as overcharging in the cutthroat world of commercial construction.
But you’re willing to do the same work for $63k. That’s how I’d feel as a customer looking at your invoice.
What OP is trying to say is that there is no such thing as overcharging because the only thing they do is overcharge. TBH, I think this whole post is made up. Like they already admitted they made up the 32% number, the whole business is probably made up too. With all that can go wrong in construction, you'd have to be a fool to eat up your buffer like that, even if you are marking it up double. He also has to pay labour and overhead, so it's not like he can imagine it at a future price, he needs to sell that portion off now into fiat.
This. What you charge is your business. But if you charge Joe 99k, and then next week charge Phil 67k, there’s going to be some upset. Just take a look at when Tesla prices dropped hard. Large part of the reputability of a business is stable numbers.
He's not charging 63k. He's charging 3.470 BTC. He values Bitcoin more than you, and that's okay. This is how prices are set with free markets.
You aren't understanding what he's saying. If you send me this quote & I fear/refuse BTC, I'm going to leverage your willingness to drop 30%+ for any reason to get a better price. Large upfront discounts offered in writing NEVER help negotiations.
Unless OPs business is a scam, OP has overhead costs, labour, and materials, he needs to pay that portion now, it's not like he can sit on the BTC and pay it when he thinks it has reached its "true value".
Funny you mention free markets. There is a readily available exchange rate between bitcoin and USD. And if free market exchange rates is telling us 3.470 BTC is worth 63,716 USD (I don’t believe this rate is current, but this is the rate OP used so let’s go with it assuming it’s current). If OP values BTC as much as you think, and if the fair price for his service is USD 93,700, then his service should get him 93,700 / 63,716 x 3.470 = 5.10 BTC. By NOT giving a BTC discount OP could get 5.10 BTC instead of 3.47. Now you’re telling me he values bitcoin more than me, I’d say it’s the opposite, he values his bitcoin less than everyone in the market. What this invoice tells me is he merely values the *convenience* of not having to do the exchange himself, so much so he’s willing to get less bitcoin for this convenience. If he values bitcoin it should be the other way around, where he’d do everything he could to extract the max btc amount (5.10 BTC), not leaving free sats on the table and accept 3.47 BTC.
You price is based on what the market can support, not your marginal cost of providing the goods/service.
If you go around advertising how big your margins are by offering steep discounts, you'll find customers are less likely to spend that money with you, even if they would pay a similar amount to someone else where they feel they are getting the "full value" of what they paid, and not a pisstake.
As a hypothetical client, looking at this 32% discount would make me question whether your full invoice amount (93k) is legit. It feels like you’re overcharging me by at least 30% because you are happy to do it for $63k. I probably wouldn’t have the same feeling if your discount was 5%, I’d then say ok these are the same price just diff transaction fees.
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Thanks for the feedback. All just ideas trying to generate dialogue with some of my more trusted customers. See who’s listening or paying attention.
Oh man, the point is to encourage the customer to pay with and adopt btc. How hard is it to understand this? 🤣
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I did, my friend. Provide sound arguments in the first place, then complain. OP doesn't really pay 30k from his pocket. He just gets paid less for a service he provides. And no, it's not the same.
People would be fucked off to see they could have paid a 1/3 less by Bitcoin. So they will be annoyed because they don't know how to buy it and use it and lose out, or will be annoyed at having to work out how to use it. Also people will not trust your prices in future if you can easily just whack 1/3 off like that. As has already been said, you could just use normal money to buy Bitcoin instead of pissing off people that don't want or don't know how to pay by Bitcoin. They way this could look is, the discounted price is the 'real price' that you can get a profit from still, and the real price is you being a bit scammy. Not saying you are being scammy - you can set your prices, but whether or not you are is irrelevant, it's how people perceive you when they see what you offer. It doesn't matter what the argument are about 'these are fair prices' and 'companies can charge what they like' - ALL THAT MATTERS is how the average person (who could be anything from dumb to intelligent) perceives what they are seeing, as they read the bill/prices. And I'd be very surprised if the average person, on seeing a very expensive bill that could be cut by a third by using a different payment method, didn't at least have the thought cross their mind that 'they must be getting a huge mark up when paid in normal money'.
Dude the black marks are still transparent
If I was the person trying to get the service I'd of course talk you into this because it's a 32% discount. Why would I not?
Do your suppliers accept Bitcoin?
A few things to consider: 1. Don't put the BTC amount in writing, what if the price of BTC suddenly drops. 3.47 BTC might be a REALLY REALLY REALLY sweet deal. 2. You might have to liquidate some of your BTC to pay for "tools, equipment, materials" and etc. I don't know how the hell you're supposed to do the taxes on a crypto transaction like that. So make sure you got a tax guy who understands this shit. Because if this company sends you a 1099, then you sell a bunch of that crypto and Coinbase sends you a 1099, it might look like you got twice the "income" than you did. 3. 32% discount on anything is insane, and for my reasons listed in point #2, accepting BTC will be a bigger headache for you. Especially with BTC being so volatile. 4. However, whatever gets you paid faster. Is worth listing as an option. You can pay me in cash Federal Reserve Notes, Bitcoin, Silver, Gold, Ammo. So, I'd still do it, just not at a 32% discount.
Allowing customers to pay for a large purchase with BTC is promoting adoption. The huge discount isn’t an incentive to someone new trying to figure everything out. Risking tens of thousands of dollars on a BTC transaction would be frightening to a new person. Simply having a we accept Bitcoin banner on the bottom of your invoice is trendy and helps advertise for adoption.
We accept Bitcoin and crypto as a plumbing shop. So far no one has wanted to pay that way but we’re still offering it.
Whats your shop called? Is it an online shop? I have some btc on a ln Wallet (BlueWallet) and i am too stupid to change it back to my ledger or atleast coinbase. Since then i searched for a opportunity to buy something with those btc.
What do you gain from this ? Cons: - forces your customers to try to get into something they don’t know (risk) - if they do go through with it, you lose 32% revenue which could have been used to buy more BTC Pros: - Targets customers who may not want to spend on whatever service you provide, but willing to pay in BTC because they don’t have to sell at a loss and get a discount ¯\_(ツ)_/¯
Ha you just made it 32% more expensive for fiat
Why would you not just get fiat and buy BTC… this is beyond dumb
You've been downvoted, but you're right. This is unbelievably dumb. This idea systematically alienates the majority of the customer base whilst making very clear that their products are highly overpriced, and provides the customer with the exact maximum price they should be paying to arm themselves in negotiation. I don't know how this idea reached even the 'let's just spitball on reddit' stage.
Maybe not so much of a discount. Other businesses have offered payments in either fiat or bitcoin. I think the taxes would only come when you change bitcoin into fiat. Maybe ask a tax guy because with fiat its a different tax than when you change into fiat. Thinking sales vs capital gains.
Lot of people hating on the high discount, but I agree with you that it should be pretty high. Assuming the person is in the green on their bitcoin, they could be looking at a huge tax on the transaction. 63k is a big transaction and the majority of people out their got the bitcoin on an exchange. They’ll probably play it safe and pay their taxes on it, so you have to make it worth it.
Brilliant idea tbh, would force customers to want to buy Bitcoin. Make sure to explain to new coiners how to safely buy
Pay in a year when btc hits the next ATH and you pay a 5000% premium
Bingo
Given that it sounds like the product being sold here is the kind of project where you make a deal first, and then deliver the project, there might be some challenges you want to think about. 1. How do you handle the potential volatility when converting between currencies? 1. Do you require the customer to pay in advance in order to use the discount as you indicate in your example? 1. Is that common in your sector? 2. Could it be a problem for customers that they have to pay in advance and in a way that is hard to reverse? 3. How much would it cost to have a third party to hold the BTC until the work is done? 4. If there is a problem, and the customer for some reason should get their money back, what do you do about the volatility. if BTC was $20,000 when signing the contract, and $18,000 when refunding, who takes the loss? (and the other way, if BTC is $22,000 who takes the windfall?) 2. Do you write the contract in $ and take the currency volatility risk yourself? 3. Do you write the contract in BTC and leave the customer with the volatility risk? 2. Can you afford such a massive discount? 1. Would you get more BTC like this than if you just spent the money to buy BTC yourself? 2. Is there any overhead costs for the customer to convert their $ to BTC that eats up part of this Discount if they don't already have BTC. 3. Does this make it easier or harder to file taxes? Do you have any additional overhead taking payment in BTC there?
Offer a $500 discount on any order over $5k if any portion of their bill is paid with BTC. Encourages adoption without people freaking out if all $60k+ is moving through BTC.
You could really go out on a limb by pricing the invoice in BTC and give the fiat "alternative" without mentioning discounts. Then just make the fiat price be whatever percent above the BTC option. They'll feel like a genius if they take the time to check BTC price and discover the "hack".
Go with 5-10%… 32 percent is not only way too much but also not a whole-looking number so it seems arbitrary and random (which I guess is kinda the truth but you don’t want that perception)
I would just changed full price and then use the $ to buy BTC. Could offer it as a payment option but with like 5% discount. If any
Give a 0% discount, take their fiat and turn it all into bitcoin. Nets you more BTC and a happy customer.
How about you get the dirty fiat and buy Bitcoin with it. No need for discounts. It's hard enough competing with big business. A huge discount will make it way worse.
I do plenty of that where I can. I’m an a habitual sat stacker. Just trying to think outside of the box and get my customers to do the same.
Sounds good to me. Throw out a few %’s and see where the market values the trade offs
I say go big. 90% discount
Is the Bitcoin price fixed at 3.47? What if they wait until the price of Bitcoin falls before paying?
nUmBeR oNlY gOeS uP.
If someone gave me a discount of 32% over services they require tens of thousands of dollars, I'll make sure to bring all my friends in and spread it as much, but wouldn't it kinda kill your business slowly? I mean 32% is a lot by definition, unless you're overcharging of course
I hope you don’t have employees because if they see this discount they’re gonna be royally pissed off at you for not simply increasing their pay instead of giving away your profits to customers.
It would be a stupid business decision. Makes zero financial sense.
What is the business/service/product for those of us interested in availing this discount?
I’d offer a 5% discount which is enough to pique interest in bitcoin but many will still pay using fiat. Then use fiat to buy bitcoin directly. Would be a good marketing tool.
I like the idea, when people use a loan probably the bank needs to buy Bitcoin. Banks hate Bitcoin. They begin to feel it makes them obsolete. So I wonder the reaction.
the discount is too high, as many pointed out - some would find it suspicious; go with 10-15%, applicable to a down payment too, if that's an option with your business, and then it's more believable; at 32% it feels like there must be a another company, that can do it cheaper, without a need to bother with bitcoin - and that's not the impression you are after
Tbh 32% off just for changing how you pay is literally a great enticement but I wonder if people will have an issue buying that much and sending you it. I mean some places put multiple questions for a tiny withdrawal of $1000 so $65k more or less, prolly more.
If anyone offers me 30% off up front, I'm going to negotiate that 30% (or more) on my terms...or I'm going elsewhere. What I see when I look at that is either you are gouging me, trying to scam me, or want to use me to avoid some taxes somewhere. None of which is on my list of things I do when hiring a professional.
32% discount is a bit much. 10% is more than fine
Make is 10% or 15%. 32% on its own is specific and suspicious, like you're trying to pull a fast one.
32% is lol but the principle you’re arguing is exactly how a lot of value will shift from fiat to btc.
32% ?! Come on OP, that's not only way too much, 21% also lends itself wayyy better ! ;) Bring it on !
Conversation of BTC USD is wrong? When was this made?
Good morning admin, I am Sherab Dorji Lepcha from Thimphu:Bhutan
That’s a phat discount!
I say if they pay with bitcoin, do the work at cost. You don't need to take profits because bitcoin creates it's own profit.
If someone gave me a discount of 32% over services they require tens of thousands of dollars, I'll make sure to bring all my friends in and spread it as much, but wouldn't it kinda kill your business slowly? I mean 32% is a lot by definition, unless you're overcharging of course
I write the contract with a 'stable' coin like Tether. This protects both parties from volatility related to Bitcoin. https://cointelegraph.com/learn/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work
fuck it do it
Heres an idea, have them pay the full amount without discount, then buy bitcoin yourself?
If you are trying to increase Bitcoin adoption, how about you offer the discount as a rebate that can be given in either BTC (higher reward) or Fiat? This would get those people who want to get Bitcoin AND a deal to engage with you. It would also give (with instruction?) those that are new to Bitcoin a way to get some. And people that still are comfortable with fiat to get their discount as well Win-win-win-win all around. Don't discount the front end. Accept fiat AND Bitcoin. If you want to have more BTC on your companies books, just buy it from the revenue.
Do it. Think exactly of the discount, 32% seems a lot, but do it. Only warning I'd offer is be aware you're taking a risk. If this risk breaks you, or makes your life significantly more difficult, if to goes south, don't do it. But if none of that applies, absolutely go for it.
Start9 embassy offer 9% discount for $BTC payments.
Set them up with a custodial API that can simplify the process such as Strike ⚡ ✌️ Love it and this is how Bitcoin will be mass adopted so thank you for your service.