Open Forum

Bitcoin may be worth accepting

  • 1.  Bitcoin may be worth accepting

    Posted 20 days ago
    Not sure if any coin laundry accepts Bitcoin, but I am thinking about it. Electronic currency is looking like the future of money. My family uses Paypal and Venom to send money back and forth for different things. Bitcoin allows the same transfers without someone having control of your funds and access to your bank account.

    What do you all think?


  • 2.  RE: Bitcoin may be worth accepting

    Posted 20 days ago
    David,

    Let's see if I understand.   You are actually considering  vending your equipment with bitcoin which today is worth 20% of its value one year ago.  I am anxious to hear how that works out for you in a year or so.

    ------------------------------
    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
    ------------------------------



  • 3.  RE: Bitcoin may be worth accepting

    Posted 20 days ago
    BitCoin is a scheme related to one by a guy named Ponzi,
    And used to the great downfall of many, many greedy people by another guy named Madoff.
    It sounds good to people who don't truly understand finance, and even better to those who do, that want to take advantage of those ones who don't.
    Madoff made off with Billions, Bitcoin will lose people 100's of times more When (not if, When) it all comes crashing in on itself.
    Stay away, Stay Far Away.


    ------------------------------
    DAVID CHAMLEE
    Service Technician since 1986
    and sometimes Laundromat Owner
    CCR
    Santa Barbara, CA
    ------------------------------



  • 4.  RE: Bitcoin may be worth accepting

    Posted 20 days ago
    David,

    Yes, to quote a former poster, "Run away as fast as you can ... even if your pants fall down."

    Governments that actually DO create currencies are not going to allow individuals to create cyber currency to compete with their money.

    ------------------------------
    Larry Adamski
    Muskegon Laundromat
    Spring Lake MI
    ------------------------------



  • 5.  RE: Bitcoin may be worth accepting

    Posted 19 days ago

    You're using incorrect terminology.  You are correct about Paypal and electronic remission of money being the future, but what you're talking about is termed, "micropayments".  Yes, micropayments are coming to our industry, someday, somehow, as the banks kick and scream and tear at their hair to maintain monopolistic profit margins on transactions that for them have effectively zero marginal cost.

    I have a "pretty good" (terrible, but better than others) credit card agreement, where I pay $.20 plus 3% for each credit card transaction, plus a modest monthly fee.  That's stupid expensive and simply doesn't work for paying for individual machine vends.

    Maybe Applepay and Paypal will come up with a micropayment scheme that isn't simple usary, but the customers have to adopt it.  Many of my customers don't even have credit cards, let alone iPhones.

    Bitcoin isn't what you think it is.  There is almost zero liquidity.  You can buy in with cash fairly quickly, but getting cash out is much more of a challenge.  There is zero way to use Bitcoin to pay for something instantaneously, like a machine vend.  It takes days to transfer money out of a broker at a minimum.

    So if you want to do electronic payment, you either need to buy a third-party card setup where you become your own banker with stored value, giving up a percentage of your gross to the dudes who manufactured it (no thanks) or pay $.20 plus 3%, almost $.40 on a $5.75 vend to your bank that brokers Visa transactions (no thanks).

    It's coming, but I don't see it on the horizon yet, even though I know it will show up.  It's not here yet.  Customers hate card stores in my area, and I am not using "hate" lightly. They want to do their laundry, not bank with you.





    ------------------------------
    Luigi
    ------------------------------



  • 6.  RE: Bitcoin may be worth accepting

    Posted 16 days ago
    Edited by Thomas Healy 16 days ago
    We accept visa, mastercard, discover, Amex, apple pay, google pay and cash... for our machines, wash N fold, and dry cleaning business... with all those options... I would say that about 60-70% of my business is still the cash / coin... when the non-cash options take over... I will consider other forms of payment... for now... that seems enough options... As Luigi pointed out, the vig on the non-cash options is significant (merchant services gets their percentage off the top) and not sure what the cost for Bitcoin would be when everything is said and done... after all... it would then need to be converted which as I understand it is still a trick to accomplish...

    In fairness, I do know a little about Bitcoin but frankly don't know enough about bitcoin if it is  to be used as a financial exchange at my laundry yet... also, while some of my customers might be at a station in their life where they dabble in it... i  simply doubt most of my customers currently really have any association with Bitcoin and it would likely be such a minor aspect of my business that I doubt it would be worth setting up at this point.

    Perhaps there is some advertising gimmick angle that would make it worth it... but short of that aspect... I don't think the return on effort would make it worth it...

    ------------------------------
    Thom
    Store Owner/ Employee
    NJ
    ------------------------------



  • 7.  RE: Bitcoin may be worth accepting

    Posted 10 days ago
    Worth accepting as a store of value with perpetual inflation that exists.  10 years ago, Netflix was mainly a DVD company and there was no ipad.  The technology is only going to get better and faster.


  • 8.  RE: Bitcoin may be worth accepting

    Posted 10 days ago
    Edited by John H 10 days ago
    David,

    It is a risky investment. NYC police just removed all the Bitcoin ATM here in the city. The receiving end of the BTM company was suspected to involve in money laundering.

    ------------------------------
    John H (John)
    Laundromat Owner
    NYC
    ------------------------------