T-Shirt Forums banner

1 - 20 of 49 Posts

·
Registered
Joined
·
11 Posts
Discussion Starter · #1 · (Edited)
First things first, here's the survey: https://fs25.formsite.com/uscutter/form6/index.html ... it's 6 yes or no style questions... takes 0.26 seconds.

I'm trying to get data for why my company (uscutter) should SERIOUSLY consider accepting Bitcoin payments. This is NOT an advertisement or a promotion, nor is this an agenda being led by anyone other than me as an individual. I made sure the survey is well branded to reinforce the authenticity of the company association. The survey is relevant to the forum because USCutter is part of the apparel design/decor industry.

About me (briefly): I have been involved with both bitcoin and USCutter since about 2010. USCutter has been serving the apparel design/decor industry since it's inception in 2008. I've never posted on this forum until today but have been very active on the USCutter forum. I am an active currency trader, I design my own clothes (and wear them). My favorite BTC charting site is tradingview.com. My favorite heat transfer material is Jotopaper (inkjet light); I enjoy long walks on the beach and playing Cards Against Humanity- totally tanked.

Thanks for your time.
 

·
Registered
Joined
·
11 Posts
Discussion Starter · #3 ·
I would say that small business more than anyone are better prepared for bitcoin. Granted, my opinion is totally biased, but don't take my word for it...

Why We Accept Bitcoin - Forbes

Also, using a service like coinbase (which we would likely do) you can transact in bitoin while immediately converting the transaction to dollars- on the fly. This means you hold zero BTC, while enabling you to have access to all the customers willing an eager to pay with BTC.
 

·
Banned
Joined
·
517 Posts
If you guys have extra time, that could be a pretty cool project, I'd definitely do it and share you experiences! If not, probably not a big deal since it's not a widespread concept yet. I'd guess 99% of your customers don't own bitcoins either :p
 

·
Registered
Joined
·
2,478 Posts
I've been accepting bitcoin since 2012. My first shirt sold online for 1.5 bitcoin, ha!

Last year, we did about 9% volume in bitcoin. 2014 is up to 11%.

I love it. Opened up the world to me, and no charge backs.
 

·
Registered
Joined
·
11 Posts
Discussion Starter · #9 ·
Thats pretty awesome. Beyond just already being involved with BTC, I'm looking at it from the perspective that (for now at-least) people buying with BTC are not taking away from an existing revenue stream. It's not like adding Amazon payments when you already have paypal and credit card methods. If you want to share that bit of insight on your experience, I *just* posted the survey on the USCutter facebook page. You can comment on it and link to your website.
 

·
Registered
Joined
·
8,082 Posts
Today or I guess yesterday, IRS issued regulations regarding bitcoins. Taxes will be due on the dollar value at the time of transaction. The paper did not quote the regulation. .... Just a blurb about the news release.
 

·
Registered
Joined
·
30 Posts
The IRS was bound to step in sooner or later, everyone knew that but the big question is can they really enforce it? There is no ID behind the wallet addresses and even pools are hidden behind anonymity. Only big business like Tiger Direct and Amazon would be able to comply by making their users comply, but the small business and home users are not going to bother and the IRS can't trace it unless they somehow have the power to stop the internet.
 

·
Registered
Joined
·
167 Posts
With the IRS treating BC like property now you will be subject to higher taxes when reporting and also if you pay your employees with it they will tax it again as a payroll tax was my understanding of it.

I can not see uncle sam sitting by and not getting their cut. They will step in and implement some way to track this eventually in my opinion. I guess my point is just be careful and have all of your t's dotted and i's crossed ;)
 

·
Registered
Joined
·
80 Posts
Hello,

If I where you I diden't eaven would think of accepting Bitcoins payements... Bitcoins have been hacked and a huge amounth of their "Bitcoins" have been stolen not so long away --> Huge Bitcoins drop down.

Don't take the risk to do ur bussines with "monopoly monney" ;)
 

·
Registered
Joined
·
31 Posts
Crazy that you guys are even talking about it. Meaning; my son and his friends talk bitcoin and crypto all of the time; especially in gaming. It's beyond me, but I do find it interesting that it was brought up here too. I honestly don't understand bitcoins or crypto, but I guess I should be more open minded into learning more about it.

Might be a stupid question, but are there businesses that are on the up and up, that actually accept these, that are NOT on the deep web??
 

·
Registered
Joined
·
31 Posts
.....actually, I think for now, I'll stick with normal currency. Bit coins work for the kids in the gaming community pretty well, and clearly for some others not into gaming; but personally, it doesn't pay my electric bill and house payment. I understand I can turn it around or sell, but I don't feel like messing with all of that right now.
 

·
Registered
Joined
·
30 Posts
More than just large online merchants such as Overstock, TigerDirect, etc are accepting bitcoin. There are many directories to look for real world stores that accept bitcoin as well. Remember the guy who bought a lamborghini from the lamborghini dealership in Newport Beach? Or the couple that traveled the world using only bitcoin to pay for everything during their journey? Even DOGE coin has pooled enough DOGE coins to fund the purchase of their own Nascar stock car. I guess I have always played online games where people find real world value in virtual commodity so I see bitcoin as the same thing, I mean come on people have made over 200k USD in selling virtual real estate so as long as people find the value in it then there is real money to be made. Also I doubt companies are holding onto the coins to sell when the value increases, they're likely selling as they are received. Also keep in mind early bitcoin adapters have so many coins to spend that they have nothing else to do but to spend it at bitcoin accepted merchants. I guess crypto currency is just more accepted by the younger generation that is tired of the current system. But the big perk of bitcoin is that the transactions fees are minuscule and there's no such thing as chargebacks so buyers can't scam you.
 

·
Registered
Joined
·
11 Posts
Discussion Starter · #18 ·
Crazy that you guys are even talking about it. Meaning; my son and his friends talk bitcoin and crypto all of the time; especially in gaming. It's beyond me, but I do find it interesting that it was brought up here too. I honestly don't understand bitcoins or crypto, but I guess I should be more open minded into learning more about it.

Might be a stupid question, but are there businesses that are on the up and up, that actually accept these, that are NOT on the deep web??
More than you can count anymore really. Here are some that are using an exchange service like we would probably do in the beginning: https://coinbase.com/clients If you're not familiar with what bitcoin is exactly the first link on the survey takes you straight to a video on it.

The "no brainer" here for me is that a small business can open itself to bitcoin transactions with out ever having to hold bitcoin. Transactions are immediately converted to USD and transfered to your bank account.
 

·
Registered
Joined
·
59 Posts
My business is considering accepting Bitcoin and alt cryptocurrencies such as Litecoin and Dogecoin. Honestly, there's not that much to lose from it. If you use an exchange like Coinbase or Moolah, it gets converted to USD instantly. Fees are never fun, but if it brings more business, it can be worth it, and the fees are really minimal. It also seems really good for standing out from competitors.
 

·
Registered
Joined
·
31 Posts
For those of you who are already accepting bitcoins, what bitcoin client is most used? Not wallet (well, I'd need to know a wallet that doesn't suck so much memory space too :rolleyes:) but, for now, what client is most used?

Just curious. Seems to be 4 really popular ones; Bitoin-QT, MultiBit, Electrum, or Blockchain.

Thanks gang :D I honestly don't even know why I came back to this today :confused: except for the simple fact that I was quoted earlier, I'm not sure that I would have been back.

I'm "supposed" to be staying on track with other business learning, and finding a great supplier for sport shirts. Darn it! I have the attention span of a hamster!! lol
 
1 - 20 of 49 Posts
Top