Venturing into the world as a bitcoin owner is a brave move, as there is no guarantee as to whether or not you will gain additional customers in doing so. James Morris & Bob Sayers, owners of Oxford’s Jimbob’s Baguettes, took the plunge in April 2014. But how are they faring a year after they first started to accept Bitcoin payments?
One of the main concerns for a business owner is the number of Bitcoin transactions you will be actively processing in the future. While it is cheap to start accepting Bitcoin payments at any time, you have to wonder whether or not there will be an added benefit to doing so, but, most of all, will you attract new customers or will existing customers switch to this alternative payment method?
In the case of Jimbob’s Baguettes, there have been roughly 75 Bitcoin transactions from April 2014 to April 2015. Not exactly a high number but keeping in mind that this is in an area of the United Kingdom where Bitcoin is not that popular, there is a lot of potential in the years to come. After all, these things do not gain major traction overnight and it usually takes years to build up awareness about any new payment methods your business accepts.
What is an interesting trend is that the people who pay with Bitcoin chose to do so every time they visit Jimbob’s Baguettes. By forming a “dedicated” group of Bitcoin customers, there is no reason to stop accepting Bitcoin payments altogether, even if the number of transactions in a year is lower than you would have liked.
Note from the Author: Paying with Bitcoin at Jimbob’s Baguettes is pretty straightforward. Users can pay with a mobile Bitcoin application on their smartphone or tablet by scanning a QR code.
Keeping the Faith in Digital Currency
Both James Morris and Bob Sayers firmly believe that digital currency will prove to be a major competitor for traditional payment methods such as cash and cards. Bitcoin is still relatively young and has a long road ahead but the digital currency aspect is in the place where it should be right now, by creating cases for use by everyday customers.
As governments around the world are slowly coming to a decision on whether or not to regulate Bitcoin, things can only get better from here on out. Granted, digital currency is a whole new playing field and most “higher up” people have no idea how the technology works, let alone how to regulate it properly.
Then again, it took a while for banks and governments to properly regulate fiat currency payments as well, even though we have been using that form of payment for several centuries. As most countries are open towards dialogues on Bitcoin, they are showing a willingness to learn about it and to understand it.
“Countries are gearing up to understand it. They know they need to understand it and, ideally, to profit from it because it’s not going away. It really can do things the current financial system can’t and it’s nice to be right on the ground floor” James Morris told DigitalMoneyTimes.
Featured image courtesy of HeraldSeries, other images courtesy of Pixabay