Topic: Selling milk tea for Bitcoin - page 6. (Read 1024 times)
This is indeed a high risk, but a great initiative to start bitcoin adoption in your area so far. I haven't seen any moving cards with bitcoin QR or crypto on it, though, you have mentioned that your mom's wallet was already verified, this does mean that regulation in your area regarding cryptocurrency is quite good because they allow freedom of people to conduct business with crypto. I appreciate this and might try this out sometimes, but for now, I'll stick with selling prepaid loads to my friends.
Anyhow the initiative of bitcoin acceptance into small scale business is really good and a much required one focusing the future. Right now the lightening network is under development, maybe the full layered development will make each and every small value transactions get confirmed faster. Already there were few coffee Shops accepting bitcoin around the globe, maybe the one from Op will create good awareness in his locality.
You know why? Coz’ no matter how I suggest something to my dad that would be a game-changer
Unless you're selling milk tea at a big crypto event, and even then... hmm.. it's not really a game-changer. There are a few issues here:
- Not many people have BTC.
- Most of the people who have BTC are hodlers, so they won't buy.
- The people who don't hold, either buy other coins and trade them, lose the money, or cash out and they probably won't have time to buy milk tea in the meantime.
It may be a nice idea, but not practical. One thing you could do is make a local crypto group and advertise to them, maybe a few will buy eventually.
I do wonder what the goal is with the coins that people will be spending at your stall. Hold? Convert to fiat?
Business has its operating cost and others. You can spend bitcoin for that costs. Also, it will not be wise for anyone to spend investment from pocket each time and hold the Bitcoin. They must have to convert it into fiat, otherwise, even they have significant turnover, they will have to bear loss at some point. It's better if they only hold a certain percentage of their profit into Bitcoin.OP, I don't know how much you will be able to sell your milk tea through BTC, but it's a good step of course.
quite an interesting business idea, you sell milk tea and want to introduce bitcoin to the public. Promoting those who pay with bitcoin is also a good idea, but don't let you stop payments in the traditional (fiat) way, this prevents you from going bankrupt (maybe only a few or even no one wants to pay with bitcoin), because we all know that prices bitcoin is volatile, can change at any time, and has a transaction fee that is not cheap.
Coins.PH. It's regulated by the Bangko Sentral ng Pilipinas (BSP), and upgrading to Business account is necessary to increase monthly limits in cashing-in of up to 5 million pesos.
Considering, you're putting inside the mall then you surely need a business permit. Btw, did you franchise it?
Seriously, even on some streets I see some milk tea carts and some just put it on a table then have some groovy music, then that's it.
Anyway, I suggest you do some special promo for bitcoin paying peeps and with that they'll use it more often than paying in fiat.
It’s our own business, not franchising other’s businesses. Of course, my parents are now settling the business permits and other requirements needed before running the business.
Yes I am gonna brainstorm that which would attract customers to start downloading the Bitcoin app, load it with BTC and use it as payment method for milk tea.
Not sure if this will actually do good for your business since it looks like bitcoin isn't decently adopted in your city, but hey. Nothing really wrong with trying things out. Who knows there might be some total bitcoin bull out in your neighborhood that becomes a regular customer solely due to you accepting bitcoin payments. You can try playing around with Lightning too if enough people pay with bitcoin. 
P.S. To the other readers, milk tea = bubble/boba tea.
P.S. To the other readers, milk tea = bubble/boba tea.
Yes, either way you could back out anytime you want as the payment with Bitcoin is just an option. But man, this a great place to start experimenting as because it is a small business though if things turn out bad it doesn't much affect anybody as the problem will just revolve around your family itself. Anyway, I wanna know the result of this experiment, man. Might as well share this business journey.
Yes I’m gonna make a test run first and evaluate if it works or not. It’s all about trying something new or out-of-the-box.
Coins.PH. It's regulated by the Bangko Sentral ng Pilipinas (BSP), and upgrading to Business account is necessary to increase monthly limits in cashing-in of up to 5 million pesos.
Considering, you're putting inside the mall then you surely need a business permit. Btw, did you franchise it?
Seriously, even on some streets I see some milk tea carts and some just put it on a table then have some groovy music, then that's it.
Anyway, I suggest you do some special promo for bitcoin paying peeps and with that they'll use it more often than paying in fiat.
Not sure if this will actually do good for your business since it looks like bitcoin isn't decently adopted in your city, but hey. Nothing really wrong with trying things out. Who knows there might be some total bitcoin bull out in your neighborhood that becomes a regular customer solely due to you accepting bitcoin payments. You can try playing around with Lightning too if enough people pay with bitcoin.
P.S. To the other readers, milk tea = bubble/boba tea.
P.S. To the other readers, milk tea = bubble/boba tea.
Yes, either way you could back out anytime you want as the payment with Bitcoin is just an option. But man, this a great place to start experimenting as because it is a small business though if things turn out bad it doesn't much affect anybody as the problem will just revolve around your family itself. Anyway, I wanna know the result of this experiment, man. Might as well share this business journey.
My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.
You can help him with the things he can't do. The fact that he is a business minded person is a good sign already. What your family need is just experience and help for some business minded persons too regarding to the business you will create. There are some videos online too that can help you and your business.In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.
This will be hard unless there are some people in your place who are using Bitcoin too as another mode of payment. It will be better if you will put your stall into a place where most people are spending their time like parks or malls etc.I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
As I said, you are spreading awareness about Bitcoin. Better put it on a place where most people are there like parks and malls. Having promos when using Bitcoin too is good and don't remove it so that more and more people will use Bitcoin to buy your products. Good luck on your business 
The only problem with my dad so far is that in most of his life, he is career-oriented. We tried businesses before (e.g., cafeteria, chicken rotisserie, internet and gaming cafe, resto and coffee shop) and all have failed. You know why? Coz’ no matter how I suggest something to my dad that would be a game-changer, he’s so close-minded and stick to what he believes.
I just hope that this time, he learns his lesson and should swallow his pride when I suggest something to him. Opening about putting Bitcoin QR code is already a baby step.
Great idea it could attract more people into crypto just explain to your curious customer how it works.
I also think that you should name your business into something that could be connected into crypto and something catchy.
I also think that you should name your business into something that could be connected into crypto and something catchy.
We already have a name, and it’s LGBT. Joke! LGB Tea (Let’s Go Buy Tea). My sister’s idea.
I had a discussion with my parents earlier, saying that they want to start operating our milk tea food cart. We had the cart ready, materials for making the milk tea and so on. Instead of waiting for June or July until the new school building opens, we decided to put our business in a mall rather than the school sooner than later.
My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.
In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.
I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.
I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
Great idea it could attract more people into crypto just explain to your curious customer how it works.My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.
In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.
I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.
I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
I also think that you should name your business into something that could be connected into crypto and something catchy to attract customers.
My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.
You can help him with the things he can't do. The fact that he is a business minded person is a good sign already. What your family need is just experience and help for some business minded persons too regarding to the business you will create. There are some videos online too that can help you and your business.In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.
This will be hard unless there are some people in your place who are using Bitcoin too as another mode of payment. It will be better if you will put your stall into a place where most people are spending their time like parks or malls etc.I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
As I said, you are spreading awareness about Bitcoin. Better put it on a place where most people are there like parks and malls. Having promos when using Bitcoin too is good and don't remove it so that more and more people will use Bitcoin to buy your products. Good luck on your business If your target customer is student then Bitcoin is not suitable because Bitcoin is not popular for student. Moreover transaction fee per a milk tea cup is pretty high.
Of course my first customers would be my small crypto community. They’ll be the ones to spread awareness about our milk tea business and take selfies with the BTC QR code displayed. Others would be curious and follow, especially that they like promos and loyalty rewards.
If you are a business or a large store, then you can use bitcoin to accept payments. But you are now looking to start a milk tea business, which is like any other cafe. And for this type of business, it's best to use cash to receive payments because it is faster and a lot cheaper than bitcoin. Your idea is good but don't make things confusing. If you use bitcoin to accept payments then I think no one will accept and buy your milk tea
Will accept both fiat and Bitcoin. The only thing is that to start adopting Bitcoin payments, I had to implement promos for milk tea customers. Lots of brainstorming needed lol.
If he use bitcoin as a mode of payment in his milktea business eventually his business will more likely unsuccessful because not all the people are into cryptocurrency they much prefer using fiat than crypto and also there non users of cryptocurrency who doesnt have any idea about bitcoin so how will you able to use bitcoin in your business when right from the start you know that it would be unsuccessful.
This is why it’s better to test the waters first. How can I know if it’s not successful if I don’t make a test run? I just know what to do in order for them to convinced to download the crypto app, load some BTCs and use it to pay for milk tea.
I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
I am hoping that your cryptocurrency experiment would be bearing some fruits. We know that a big problem with Bitcoin is that many (maybe the majority I guess) are more into speculative holding, so they are not going to let go of their stash that easily not unless they really have to. Maybe you can provide something (a special promo maybe) so that you can entice some Bitcoin holders to use the coin to pay their milk tea with it. However, I do admire your inclination to be a very innovative entrepreneur who is always open to new things.
I had a discussion with my parents earlier, saying that they want to start operating our milk tea food cart. We had the cart ready, materials for making the milk tea and so on. Instead of waiting for June or July until the new school building opens, we decided to put our business in a mall rather than the school sooner than later.
My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.
In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.
I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.
I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
If your target customer is student then Bitcoin is not suitable because Bitcoin is not popular for student. Moreover transaction fee per a milk tea cup is pretty high. My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.
In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.
I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.
I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
I am hoping that your cryptocurrency experiment would be bearing some fruits. We know that a big problem with Bitcoin is that many (maybe the majority I guess) are more into speculative holding, so they are not going to let go of their stash that easily not unless they really have to. Maybe you can provide something (a special promo maybe) so that you can entice some Bitcoin holders to use the coin to pay their milk tea with it. However, I do admire your inclination to be a very innovative entrepreneur who is always open to new things.
I had a discussion with my parents earlier, saying that they want to start operating our milk tea food cart. We had the cart ready, materials for making the milk tea and so on. Instead of waiting for June or July until the new school building opens, we decided to put our business in a mall rather than the school sooner than later.
My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.
In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.
I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.
I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
If you are a business or a large store, then you can use bitcoin to accept payments. But you are now looking to start a milk tea business, which is like any other cafe. And for this type of business, it's best to use cash to receive payments because it is faster and a lot cheaper than bitcoin. Your idea is good but don't make things confusing. If you use bitcoin to accept payments then I think no one will accept and buy your milk tea My dad was a traditional business style guy. He kept failing because of not being creative and innovative, and sometimes ignoring my suggestions and advice. However, this time, since I am into crypto and blockchain industry, he was thinking about displaying a Bitcoin QR code.
In the city that I lived, there were no businesses yet who accept Bitcoin payments. They do have QR codes, but mostly from a centralized provider and not crypto-related.
I already have my mom's Bitcoin wallet verified, and may need to upgrade it to a Business account as it needs business permit and other requirements necessary. It'll be used for the business anyways.
I think this is going to be a worthwhile experiment, and a great way to start letting people aware about Bitcoin. Maybe I should put some creative promos for those who will buy milk tea using Bitcoin. What do you guys think?
Are you going to sell it for Bitcoin exclusively or there will be option for fiat payments too? If both types of currency are supported, you're not taking any big risks, so even if Bitcoin payments will be rare, it won't break your business. If you want to increase the chance of getting Bitcoin payments, you should target tourists and advertise your business on the Internet while point out that you support Bitcoin - make sure that your business is added to various Bitcoin shop maps, for example.
he should use a payment service that is supported in their country with 0% FEE.
like the example of China payment using WeChat, but the presence of conventional banks is not eliminated by the presence of WeChat.
That would be the thing he needs before he start his business. Luckily, in our country (the same country as OP), we have a wallet supported in our country that can bring zero transaction fee. like the example of China payment using WeChat, but the presence of conventional banks is not eliminated by the presence of WeChat.
I think it is possible if you are using your local wallet, as you said, Coins.ph can be use to complete the transaction, that way, your transaction won't take too long if they are also using the same wallet. The transaction will just take a few seconds or minutes even if it is done with bitcoin.
I will be using the local PHP balance since it is also a Bitcoin address (but stable type) for Coins.ph, but still it’s a great way for customers to be aware about this app, Bitcoin, etc.
When they use the app, transaction fees are 0% (unless they are using a different kind of Bitcoin wallet).
Hopefully this is a good start for everybody who has the option to use their money in virtual ways, as bitcoin does. The convenience and fast transactions will be the most efficient strategy to handle your funds on physical goods. Not just with milk tea or any other beverages, but also with restaurant and fast-food chains which you can use your mobile phone scanned through barcodes and Bitcoin transactions will be the modern edge technology of payment.
Most of us are still behind how powerful Bitcoin and blockchain technology was. This is the future. I admit that people are still preferring more on fiat than QR code payments, and I can do something about it by starting this massive adoption campaign here in the city. QR code payments are now starting to spread across malls, kiosks, etc., but not crypto.
i dont think people will take time to spend their bitcoin just for a milk tea but that one might work if you are going to put some promos or discount which might attract them.
Of course, that’s why I am planning for some promos. And also I’ll open up to them about loyalty rewards. That would make them come back even more to buy milk tea using Bitcoin.
i dont think people will take time to spend their bitcoin just for a milk tea but that one might work if you are going to put some promos or discount which might attract them.
Jump to: