A Cincinnati-based restaurant chain now accepts bitcoin for its franchise fees

jossiel

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Quote from: Fatunad on February 03, 2022, 07:51:41 PM

Quote from: jossiel on February 03, 2022, 07:08:44 PM

Quote from: Thomas Flaherty

One option would be to immediately convert it to U.S. dollars and deposit it into the bank. Another would be to convert a portion of it and then keep the remainder for potential investment gains.

I think it's the latter which is a better option for them. Since the CDO is a bitcoiner, he knows the risk that he's dealing with upon acceptance of bitcoin for their franchise fee.

But if their franchisee doesn't know anything about bitcoin then it should be fine accepting the payment in full fiat. And then, the first option is gets in which is going to be done by them.

He's already a bitcoin since 2015 and its impossible that he isnt aware about the risks and made out his plans in the past to be realistic after 7 years later and these kind of news in related
with adoption or integration would always be seen as a good news and to those whho do tend to make out some franchise at the same time they are dealing with crypto specially bitcoin
then this would be a good add up and speaking about handling out those bitcoins about influx etc. then they do already know on what to do.

Yes, that's what I am saying that he's aware of the risk.

It's a two business for him. One is the franchise of his restaurant and the next is through the holding of bitcoin which he has planned well. It's great to see real businesses adopting bitcoin.

And at the same time, he's also educating the franchisees that's still lack knowledge about bitcoin.

virasog

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Quote from: 24Kt on February 03, 2022, 06:11:55 PM

Maybe, they will start this in franchise fees but later on, they will start accepting bitcoin in the restaurant itself. Because only few can afford to pay franchise fee as only those interested will of course set-up this restaurant. So they can very well afford to convert their fiat to btc if the owner wants btc payment as franchise fee. But it would be nice to hear if they will accept btc as payment also from regular diner. And if they can explore other cheaper payment methods like LTC or XRP.

I will prefer if they can use the bitcoin lightening network to process the transcations faster rather than opting for XRP or LiteCoin. Bitcoin is widely known everywhere but these altcoins are not so popular specially for the people who are very new to the crypto currency.
These days i am hearing many news on this forum that new companiies are accecpting bitcoin payments and it look like this trend will contiune to grow faster. If you want to increase the sales of your company, better include bitcoin payments in your business.

Poker Player

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As I commented in another similar thread, always glad to see this kind of news, everything that is to expand the use of Bitcoin is good, the only thing that as mentioned, we will have to see how much will be used, predictably few transactions per year, if any. The good news is that even if we don't always see it in the news, there are surely bitcoiners like this one around the world who are starting to accept Bitcoin payments in their small businesses.

bittraffic

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Good to see some companies opening their business for crypto. It's what crypto needs. Retail stores that openly accept Bitcoin, not just franchises.
They didn't start with accepting BTC first from thier customers but for franchisers. I have the impression that they are not confident to go all into Bitcoin. A franchise is nothing but rights, it's not a product per se.

mk4

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Quote from: worle1bm on February 03, 2022, 11:10:33 PM

Sooner or later they will find some ways to manage btc payments also and will accept it from customers directly also as the CDO is himself bitcoiner and can implement this decision but don't know why he is taking long to put this up.

Because there isn't any incentive to rush things as people that would be paying with bitcoin will highly likely be a very very minuscule minority. Especially knowing that we're talking about the United States, people are still mostly going to use Apple Pay etc.

Coin_trader

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The influx on price is not that much notable when it comes to 6-20 transaction fee per year. It will looks like a DCA strategy accumulation since the price will surely different on each franchise payment. Its either the owner will be breakeven, minimal profit or loss since the price is spread so that's the least concern when it comes for implementation of Bitcoin payment for franchise fee. Good thing is investors will be encourage to purchase Bitcoin for there investment which might lead them to have a curiosity about Bitcoin and maybe invest some on crypto.

worle1bm

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We can say that a little step forward for btc acceptance but not complete adoption by the restaurant at this time.So as per calculation they can earn upto $240k in Bitcoin per year with their franchise fees only and at the current rate it's around 7 btc which they can accumulate as fees from this btc payment mode which is good thing.

Sooner or later they will find some ways to manage btc payments also and will accept it from customers directly also as the CDO is himself bitcoiner and can implement this decision but don't know why he is taking long to put this up.

Darker45

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It's news like this that I am interested to hear, not only the acceptance of Bitcoin from their franchisee around the world but also the planned acceptance of Bitcoin in their restaurants. This is the kind of adoption that would propel Bitcoin into the mainstream, not as a store of value or an asset but as a currency, a money anybody could spend.

I hope, Flaherty won't be sticking to his first option, though, as regards what to do with the Bitcoin they will be receiving.

Fatunad

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Quote from: jossiel on February 03, 2022, 07:08:44 PM

Quote from: Thomas Flaherty

One option would be to immediately convert it to U.S. dollars and deposit it into the bank. Another would be to convert a portion of it and then keep the remainder for potential investment gains.

I think it's the latter which is a better option for them. Since the CDO is a bitcoiner, he knows the risk that he's dealing with upon acceptance of bitcoin for their franchise fee.

But if their franchisee doesn't know anything about bitcoin then it should be fine accepting the payment in full fiat. And then, the first option is gets in which is going to be done by them.

He's already a bitcoin since 2015 and its impossible that he isnt aware about the risks and made out his plans in the past to be realistic after 7 years later and these kind of news in related
with adoption or integration would always be seen as a good news and to those whho do tend to make out some franchise at the same time they are dealing with crypto specially bitcoin
then this would be a good add up and speaking about handling out those bitcoins about influx etc. then they do already know on what to do.

Vaskiy

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The decision from the CDO is out of his cryptocurrency adoption. As he has been using bitcoin since 2015, his mind might've begun to think of bitcoin acceptance. Now as a beginning accepting the franchise fee in the form of bitcoin is really good. Probably this will be a direct payment than a transaction through intermediate. These small acceptance of bitcoin here and there helps with the businesses around to accept bitcoin in the long run.

jossiel

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Quote from: Thomas Flaherty

One option would be to immediately convert it to U.S. dollars and deposit it into the bank. Another would be to convert a portion of it and then keep the remainder for potential investment gains.

I think it's the latter which is a better option for them. Since the CDO is a bitcoiner, he knows the risk that he's dealing with upon acceptance of bitcoin for their franchise fee.

But if their franchisee doesn't know anything about bitcoin then it should be fine accepting the payment in full fiat. And then, the first option is gets in which is going to be done by them.

nullama

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Quote from: 24Kt on February 03, 2022, 06:11:55 PM

Maybe, they will start this in franchise fees but later on, they will start accepting bitcoin in the restaurant itself. Because only few can afford to pay franchise fee as only those interested will of course set-up this restaurant. So they can very well afford to convert their fiat to btc if the owner wants btc payment as franchise fee. But it would be nice to hear if they will accept btc as payment also from regular diner. And if they can explore other cheaper payment methods like LTC or XRP.

Yes, that's their plan:

Quote

Chief Development Officer Thomas Flaherty told me it is the first step to one day accepting bitcoin for transactions in the chain's restaurants.

24Kt

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Maybe, they will start this in franchise fees but later on, they will start accepting bitcoin in the restaurant itself. Because only few can afford to pay franchise fee as only those interested will of course set-up this restaurant. So they can very well afford to convert their fiat to btc if the owner wants btc payment as franchise fee. But it would be nice to hear if they will accept btc as payment also from regular diner. And if they can explore other cheaper payment methods like LTC or XRP.

nullama

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Wings and Rings is a sports bar/restaurant that has been operating since 1984. They now have more than 85 locations around the world, and are planning to keep expanding into the future.

Thomas Flaherty, Chief Development Officer of Wings and Rings and Bitcoiner since 2015, has mentioned that they want to start accepting Bitcoin in the restaurant one day. The first step towards that goal happened earlier this year, and it was the ability to accept Bitcoin as payment for their franchise fee, which is currently set at $40,000. Something worth noting is that they are only accepting Bitcoin, not any other cryptocurrency.

They usually get around 6-20 new franchisees every year, but they don't have a clear plan about how to manage the influx of bitcoins into their system:

Quote from: Thomas Flaherty

One option would be to immediately convert it to U.S. dollars and deposit it into the bank. Another would be to convert a portion of it and then keep the remainder for potential investment gains.

Here's the full story.

Topic: A Cincinnati-based restaurant chain now accepts bitcoin for its franchise fees (Read 170 times)