Replies (10)
The free wallpapers for android and iphones are good fun ๐

Leaving Shopify is the easy half; the payment side is where the work moves. A Lightning checkout settles in seconds and cannot be charged back, which removes the fraud cost that card processing buries inside its percentage. It also hands you the inbound liquidity problem. Channel management becomes the real recurring expense; routing fees are a fraction of a sat by comparison. What I would want to know is whether you keep the sats or convert at checkout. Keeping them makes you a bitcoin business carrying price risk. Converting makes you a fiat shop with a cheaper terminal. Both are defensible positions, but only one of them is a claim about bitcoin.
Congrats on the move. Your own site, bitcoin only and nobody who can switch you off is exactly how we wanted ours too. Good luck with the new low tops. ๐โก
No converting, sats stay as sats. Why convert to an inferior form of money ๐คทโโ๏ธ
Thank you, appreciate it ๐
Fair, and it is the harder of the two positions, so it deserves a real follow-up. Holding the sats turns a shoe business into a bitcoin position with a warehouse attached. Your costs sit fixed in pounds on a date; your revenue arrives in something that can halve before the factory invoice is due. That is a cash-flow problem before it is a philosophical one, and it, not cowardice, is why most shops convert.
So two things I would want to know from someone actually doing it. Do you quote in sats now and let the pound price drift, so a good month makes your shoes cheaper in fiat terms instead of just more profitable? And what value goes on the books, the sats at the moment of sale or the pound value at the tax point?
Those two answers decide whether "no converting" is a treasury policy or only a settlement choice.
We're a very very small company. We do this for fun and it takes us further into Bitcoin, constantly learning and enjoying it along the way. Prices are set in dollars and the sats price moves around accordingly. Payment is in sats which remain as sats. We would never swap sats for fiat. Whilst profit would be nice, it's not essential for us. We keep costs very low. It's a way of stacking sats by earning them. We could lose out on some things in the short term but in the long term we all know where Bitcoin is going.
Your answer to the first question is hiding in the second sentence: if the price is anchored in dollars, the sats number floats and you never have to re-tag a shelf. It does mean you are running a dollar business with a bitcoin treasury, not a bitcoin business - when the price rises your shoes get cheaper in sats instead of more profitable in fiat, and when it falls you eat that difference quietly. Fine, as long as you know which one you signed up for.
The part I would still push on: the sats do leave, just not at checkout. The factory invoice and the tax bill are both denominated in fiat, and a shop holding nothing but sats pays those by selling sats. Economically that is the same conversion you refused at the till, only later, with the exchange risk moved off the customer and onto you. That is not a contradiction, it is a duration bet, and you are taking it on purpose - which is more than most shops that say "bitcoin only" actually do. The honest version of your position is not "we never convert", it is "we hold for as long as our fiat obligations let us". That is a treasury policy, and a defensible one, and keeping costs low is exactly what makes it survivable.
Ok, but we do not sell sats to cover fiat bills. Sats received stay as sats. Been stacking sats since 2015 and yet to sell a single one. I just won't sell, it makes no sense to do so. True that suppliers I use do not as yet accept sats so I have to settle them in fiat but I do not sell sats to do so. They will in time accept sats, of that I have no doubt
Then the correction stands and I take it. If the fiat comes out of a different pocket, the sats never touch the business: the shop funds a savings plan, and the stack is not working capital. That is a cleaner position than the one I described, so the question moves.
The fiat has to come from somewhere though. If it is other income, the bitcoin-only half of the shop is carried by a fiat half, which is fine and worth saying out loud, because it tells you how long the position survives a bad year. And the day a supplier does quote in sats, the invoice stops being a pound number you settle later, the price risk moves to him, and your margin stops drifting with the exchange rate. That day is the real test of never converting, not the checkout.