Topic: Would you use crypto-currency to buy appliances? - page 2. (Read 1847 times)

Let's face it, crypto-currency is gaining too much momentum to be considered a "fad"...  With that in mind, the company that I work for is looking to be an innovator in our field and add Bitcoin as an acceptable payment method! 

Our primary customers are in the commercial restaurant/commercial kitchen industry, but I am curious to see how individuals "in the know" feel about using Bitcoin or other crypto-currencies to pay for kitchen appliances.  Our basic model is that all pricing would be in $USD and if refunds are required, the amount refunded would be in $USD or the market equivalent of Bitcoin on the day the refund is processed.

We would be the first company in our "space" to accept BTC and we will be watched under a microscope by our competitors.  We want to ensure that we have all of our ducks in a row before launching this initiative, but we feel that accepting BTC will open up unexplored territory for our business.  Our target audience will be forward thinking, early adopting entrepreneurs who are looking to strike while the BTC iron is glowing red-hot!  According to http://bitcoinrestaurants.net/, more and more restaurants are accepting BTC so it only makes sense that they would prefer to spend BTC directly from their "wallet" to save to hassle of converting to $USD.  Market research suggests that www.overstock.com accepts over 60 different types of crypto-currency which accounts for .2% (>$2 million) of their total revenue so this seems like a viable move for us.

Long story short, it isn't a matter of "if" we plan on accepting BTC, but a matter of "when".  Please feel free to offer any thoughts, suggestions, comments, feedback, etc. that may help us usurp any potential future pain points.  This is a very exciting time and I am anxious to see how you feel about this project and what your replies have to offer!     

Thank you in advance for your time and responses!

The Idea is very good but their are some issues which have to be cleared like, you told that refund will be in USD or equivalent on that value of bitcoins so it means that if the buyer buy with you when the price of bitcoin was $6000 and when he is returning the material due to some problem so you will give him refund in USD or equivalent to it and the price of bitcoin that time is only $4000 so then automatically the buyer is in loss, so whether the buyer accept it or not. but i think it will create a bad image to the project. Next is what about the delivery charges like are you going to support whole world or particular to your location only.

I think that if you gave me an incentive to use my crypto then i would use it..Maybe 10% off, or whatever you would have to pay in credit card transactions fees split that with me

This is a very interesting problem that I haven't considered.  In fact there could be legal implications of not refunding an appropriate amount.

Currently this is very serious concern for many and they are not taking risk with bitcoins otherwise its going to be rock around the world very quickly hope we have some good solution for this also in near future and then we can use this without any serious trouble around the world for any thing

This is a good move to target Bitcoin holders.

However I have a concern, how do you handle the risk of refunding Bitcoin in USD? The BTC/USD rate will surely move from the date of sale to date of refund.

Example
Date of sale 15 Oct 2017: 1 BTC = USD  6000
Date of refund 25 Oct 2017: 1 BTC = USD 6500

In the above example, you receive 1 BTC for a USD 6000 sale. But you are refunding USD 6500 for 1 BTC. On the other hand, if BTC weaken against USD, the customer will be suffering losses of USD 500.

I think that if you gave me an incentive to use my crypto then i would use it..Maybe 10% off, or whatever you would have to pay in credit card transactions fees split that with me