Texas bitcoins a Growing Community Maybe? Austin Merchants Interviewed

We’ve heard of lots of restaurants, bars, and stores deciding to accept bitcoin, but how has the process gone for them? Providing a local look in the thriving Austin bitcoin scene, guest writer Albert Palacci interviews some of the early adopters to learn about their experiences and advice to others about accepting bitcoins.

In the past month we have been contacting several local services in the area of Austin, Texas to ask them for feedback about the cryptocurrency bitcoin and how well is this type of payment appreciated among different kind of services.

Now, as you may know the first bitcoin ATM was opened in Austin, Texas so we can say that Austin definitely has a community that is aware and open to this new kind of payment method. With the help of Coinmap, we were able to local many establishments that accept bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to gather their feedback and how well the digital currency is appreciate in Austin.

Alex Badalyan from Demandfood- Austin food delivery service

Q: Why did you decide to accept bitcoins?

A: “Chad Whitaker and I (the founders) first heard about Bitcoin a few years back. The more we began to learn about the decentralized currency, the more we fell in love with the idea. We believe in a future where currency is deflationary - not inflationary. We’re just doing our part in making that happen sooner. “

Q: What has the user response been?

A: “People have been loving it. We’ve had a great number of people purchase meals using Bitcoin and continue to do so. As a merchant, we’ve been extremely satisfied because there are practically no fees compared to our credit card transactions. We hope more people become educated on its utility.”

Q: Any advice to other merchants thinking about accepting bitcoins?

A: “The easiness of integrating Bitcoin into our website/company was probably the biggest surprise. It literally took us one day to begin accepting bitcoins on our website - and that was with us programming it into our core. Coinbase and other merchant services make it even easier for businesses to begin accepting Bitcoin right away. The cost vs benefit ratio is far beyond worth it.”

Arlo J. Pignotti from AJProcessing - Austin transcription firm

Q: Why did you decide to accept bitcoins?

A: “There are many reasons I accept Bitcoins.

1. Currencies created by banks and governments are inflationary. They, not the consumer or merchant, benefit by printing new money, making the current money in circulation worth less over time. It is a secret tax that few people are aware of. Though this concept seems to have become more mainstream recently. So Bitcoin can only inflate so much since it has a limit to what can be put in circulation.
2. Accepting alternative currencies are a networking tool. Consumers and merchants that want to spend Bitcoin are more likely to do business with me, because I am one of the few, or only, individuals/companies in my field accepting Bitcoin.
3. In a world where everything is tracked, by authority and criminals, privacy is more important than ever. So I like the anonymity aspect of Bitcoin as well.
4. Virtually no fees are involved in transferring Bitcoin.
5. I like partaking in the latest revolutionary technology. Just the act of accepting it and spending it, helps Bitcoin come into existence. If enough people do this, it will reach a tipping point to be used widely.”

Q: What has the user response been?

A: “In my business, we only average about 100 clients each year. I’ve had one client pay me in Bitcoin in the year I have been accepting Bitcoin, but they are a repeat client, so already it’s been worth it. They seem appreciative that I use Bitcoin as a medium of exchange. I hope to accept Bitcoin from more clients in the future as it takes off.”

Q: Any advice to other merchants thinking about accepting bitcoins?

A: “My advice to other merchants is to consider the benefits I have listed above. The more people who spend Bitcoin with you, the more people will be accepting Bitcoin as well as it becomes more popular. There are already more than enough businesses accepting Bitcoin where I spend my money, so I no longer have to worry about being “stuck” with it. Besides, I think it’s good to have some savings in alternative currencies as well. The way the US dollar is treated, I don’t see how it can hold its value much longer. Even the steady rate of inflation we currently have is enough to make alternatives worth their while.

As for taxes, I advise paying all taxes on income from alternative currencies so you can be out in the open to promote them without legal issues. Avoiding the government’s inflation tax and the banks fees is enough in savings for me. I still pay all local sales taxes and federal income taxes.”

Ryan Dixon from Brave New Book Store - Austin bookstore since 2006

Q: Why you decided to accept bitcoins?

A: “We decided to start accepting bitcoin because it's less expensive than running credit or debit card transactions through a payment processor. Additionally, we gain new business from those wishing to spend bitcoin. In fact most merchants who begin accepting bitcoin see an average of a 10% increase in sales just through this move alone. Additionally we accept bitcoin because the current economic model is one that is unviable, and ultimately destined to collapse. When you give someone the power to print and money, eventually that power is abused. We want to get away from that model and into a model that is provably fair for everyone.”

Q: What has the user response been?

A: “The response has been great. Not only do we now see an increase in sales from accepting bitcoin, but we also see interest in events being hosted at our store that are related to bitcoin. Brave New Books is now the host of the Austin Bitcoin Meet-up every Sunday from 7pm-10pm. There are great bunch of people that attend these meet-ups.”

Q: Any advice to other merchants thinking about accepting bitcoins?

A: “If you're thinking about accepting bitcoin, hurry up and get on it! There are great merchant services, systems out there to help you get set up accepting bitcoin. My advice however, would be to hold onto any bitcoin you receive rather than converting them back into dollars because it is widely believed that the value per unit will only increase dramatically over the next 3-5 years.”

As you can see most of the response about the bitcoin payment system is great. People are really enjoying this new and different approach to handle their assets and actually use it. More and more businesses are realizing the positive sides of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and more and more customers are starting to use them.

After all, there is nothing wrong to have a lot of different points of views so you can decide what is best for you either for your life, for your health or your financial state the principle is the same, so feel free to start exploring this new type of payment method and if you are near Austin, Texas you can surely find out the benefits of bitcoins, from buying a book to ordering your meal the choice is yours.

Author Bio: Albert Palacci is passionate about digital marketing and digital currencies, he is writing for several online magazines and websites, also you can check his personal blog and you can find more about him on his Twitter profile or Academia profile.