Damus
West Major profile picture
West Major
@westmajor
Question for any business owners out there making a physical product - do you guys have to pay suppliers with cash? None of ours take bitcoin. And if so, how do you balance wanting to grow your business (which requires making more product and thus needing cash) with holding bitcoin? This is something I’m still wrestling with. I’d love to keep and hold what little bitcoin I have… but I have to make more shirts to keep growing the business. Down the road, when my business is bigger, and we’re able to distribute profit and/or have cash we don’t need for growth (hopefully 😂) I could see that being much easier. But at my stage now, we’re still trying to grow. Not for some vanity reason but to survive. Curious if anyone out there has some thoughts or strategies around this?
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Liberty Farmer · 51w
None of my suppliers take Bitcoin. And I have zero reason to waste cash on a tracked transaction. Check or CC.
Arotags · 51w
Same as others have answered. I don’t find it plausible to circulate the Bitcoin earned from sales for new inventory, at least at this point in time. Some ways I will consider recirculating it would be for software services, marketing, etc.
John · 50w
If Bitcoin is to be adopted as a medium of exchange, along with store of value and unit of account, then we need to use it as such. Important is that you take in more bitcoin that you spend, aka create value so you are gaining in reserves... I know the tax issue comes up, but zooming out there is a ...
karo · 50w
I sell physical product for Bitcoin, specifically handmade blankets and hats. I only get paid in Bitcoin. I do not do sales in any other currency. I work at a small scale so I don't have the leverage with my vendors to ask them to accept Bitcoin. I pay for my supplies and shipping in USD. When I ne...
Holly Lane Chocolate · 50w
We posted a similar question yesterday! Nice to know we aren’t the only ones trying to figure this out with physical products. We get cocoa beans from small, rural producers in various countries, but none of them accept bitcoin (yet)… and great cocoa suppliers with ethical standards, organic cer...