At Barbershop, Shave and a Haircut's 0.0034 Bitcoin

At Barbershop, Shave and a Haircut’s 0.0034 Bitcoin

There are a growing number of services that allow and assist merchants to accept cryptocurrency payments, but all you really need is a digital wallet.

That’s what Robin Borokhov, owner East Village Haircutting In New York, when he decided to start accepting bitcoin he reopened his business as the spring 2020 COVID-19 lockdown ended.

But he made little effort to make it happen. All he did was print the “Bitcoin Accepted” sign for the window and open a Coinbase wallet with the US cryptocurrency exchange, Borokhov recalls.

“That was the only marketing I did,” said Borokhov. “I put the sign in the window about two years ago, and then people started talking about it, asking me about it, taking pictures, and saying ‘Wow, this is the first barbershop I’ve seen that takes cryptocurrency, do you take any other cryptocurrency than bitcoin?’” I will say I take any cryptocurrency.”

Although he is now on his social media, Borukhov said that many people who come in say they have seen him accept cryptocurrency in reviews that customers read online.

Just a day before, Borokhov said he was talking about cryptocurrency, and another customer came up and said, “If it wasn’t for this sign, I would never have entered. That’s why I came here because you accept that.”

This matches what PYMNTS found in a 2022 US Crypto Consumer study, which found that 23% of Americans owned or owned cryptocurrency in the past 12 months, and that many of them said they would do their best to do business with a company that accepts payments Cryptocurrencies.

See also: The Data Point: 23% of US Consumers Own Cryptocurrency in 2021

About 27% of those respondents said they “definitely” or “likely” would prefer to deal with merchants that accept cryptocurrency – a number that has risen to more than a third for millennials. Breaking down by income demographic, 27% of cryptocurrency owners say they are “very” or “very” likely to switch to a merchant who takes crypto payments.

Most common

Between this mark and when he sees other people paying with cryptocurrency, he said, conversations he started in his shop made him realize “how much my customers actually hold in crypto — it’s a huge percentage of the younger generation.”

And while New York’s expensive, popular, youth-centric East Village isn’t the most representative of neighborhoods, Borokhov said he estimates that half of his younger clients own cryptocurrency and “80% want to talk about it.” Some are a bit skeptical, he adds, but many are interested.

Moreover, over the past two years, according to Borokhov, people have only come to ask about the bitcoin brand, since the most popular cryptocurrency payments are made in bitcoin and ethereum, which is not surprising.

“It brought in, not many but a large number” of customers, said Borokhov. He added that he doesn’t pay all clients who need a haircut when they come in. “But that makes them go in the door.”

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Unlike many merchants who take crypto payments by working with payment processors that allow people to pay at points of sale with crypto while giving merchants dollars, Borokhov said he keeps the cryptocurrency he gets.

“At the moment I just own it,” he said, “I believe in bitcoin.”

The payment process is fairly simple, Borokhov added, as he compared it to paying with Venmo. “For the younger generation, it’s easier than criticism,” he said. “They just took out their phones, tapped, and tapped, they’re done.”

He said that two customers took their first steps towards cryptocurrency in his store.

“They were setting up their Coinbase account there and then transferring money from their bank account to buy bitcoin to send it to me.”

However, the ultimate issue of bitcoin, ether, and other cryptocurrencies comes into play, he said, noting that crypto payments can involve waiting around five to 10 minutes.

Sometimes they wander off chatting about cryptocurrencies, Borokhov said. Others pay as the haircut begins or even a few minutes before they arrive.

He said others don’t pay, but tip via bitcoin. “Then, I don’t care, they text me in 10, 20, 30 minutes when they get home.”

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https://www.pymnts.com/cryptocurrency/2022/bitcoin-wallet-bumps-bakkt-out-september-crypto-wallet-provider-ranking/partial/

#Barbershop #Shave #Haircuts #Bitcoin

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