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Resources for Businesses Who Use BitCoin

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#1 Jesse Lohse

Jesse Lohse

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Posted 07 June 2014 - 06:13 AM

Something I have not seen addressed much if at all around the BTC forums--and something that I think is monumentally important if we want to convince more businesses to accept BTC--is the issue of how to replenish stock and pay for resources with BTC (or converting to fiat in some way that doesn't take a week).

I went to a business not too long ago and was talking up BTC and all the cost savings without the fees and all that, and everything was great until I mentioned the fact that it can take up to a week for the BitCoin to trickle down to fiat and hit the bank.  Now I know there are ways to expedite transactions between individuals through offline mediation and all that, but as far as I know there is nothing to be done about the conversion time to the bank, correct?

So this leaves us, as far as I can tell, with two options:

1)  Start a trust for businesses (in fiat I guess?) for them to exchange their BTC for cash in order to buy what they need.

2)  Start an Amazon-esque warehouse operation or drop-ship service or something to provide the businesses with what they need in a reasonable amount of time.

Living in New Orleans we have no limit of street vendors, small shops, and of course over a thousand restaurants, all who would be prime candidates for BTC adoption.  The fact that New Orleans is a year round international tourist destination doesn't hurt in spreading the word either.  But this is one hurdle that as of yet I have not been able to resolve.

Any ideas?  I will be scoping out the Business Best Practices posts as well seeing if anyone has any ideas.



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