Bitcoin Standard Trading: Profits, People and Passion for Good Food

Bitcoin Standard Trading: Profits, People and Passion for Good Food – Mail Bonus

Tahini’s Canadian Restaurant serves Middle Eastern-inspired food with a Bitcoin-inspired twist.

Since August 2020, when the price of Bitcoin (BTC) was below $ 20,000, the group has operated on the Bitcoin standard, with whatever profit it returns to BTC.

Tahini’s Twitter account has since argued that Bitcoin is the “most Islamic” thing Muslims can do with their wealth and their group educational their customers on healthy money. It’s even become a bear market mom, as Michael Saylor famously said he could apply to work night shifts at Tahini’s during the January price correction:

Cointelegraph spoke with Ali Hamam, co-founder and marketing director of Tahini’s, to understand why, how and the unintended consequences of operating under the Bitcoin standard. Hamam was the driving force behind the Bitcoin adoption in the Middle East chain.

Hamam (top left) and Bitcoin ATMs in Tahini’s patent. Source: Twitter

Hamam first heard about Bitcoin in 2016 or 2017, but dismissed the innovation as a Ponzi scheme, or “rat poison,” as its negative pressure disturbed it. It took the COVID-19 pandemic and its real consequences for Hamam’s Bitcoin light bulb to take place.

“In March 2020, we were hit by the closure and the fear. Our sales in restaurants decreased by 70% per week. And yet there was more money flowing in with our employees, our Canadian brothers. Everyone just had more money. “

Inspired by the writings of Robert Breedlove – Bitcoin influencer and entrepreneur – he came up with sound money in the form of BTC. Hamam said he and his company needed to find a better way to store valuables. “Money will be worthless,” he said.

“It clicked for me that this is a revolution and an invention that is once in polygamy. The idea of ​​real fixed money is something we have never seen in history. “

Hamam was hooked. He went all in, eating books focusing on Bitcoin, podcasts and in some cases he did not sleep as he was educated and fell deeper into the rabbit hole.

“It grew into a lifestyle where it’s like, okay, this is something I should integrate into every single part of my life, from my children’s education funds to my business.

Armed with newly acquired knowledge, Hamam met with his business partners at Tahini’s to come up with the idea of ​​running the company on a Bitcoin standard. The rationale behind having a “Bitcoin standard” – a concept popularized by Saifedean Ammous, author of the book of the same name. The Bitcoin standard – is that Bitcoin is not just a better reserve currency than the US dollar, it is actually a better currency.

The author of “The Bitcoin Standard,” Saifedean Ammous (left), eats with Hamam. Source: Twitter

As a result, the company should formulate a path with a profit in Bitcoin in mind. For Tahini’s, this means having working capital of approximately six months’ cost on hand. According to Haman:

“Anything in excess of this figure is considered a treasury and we are sweeping into Bitcoin. So, some months we will buy a little more aggressively – when the price drops – and then the months after that we will slow down a bit. But it depends a bit on how much the company makes.

Hamam told skeptics: “We always try to control it in such a way that we never have to sell Bitcoin. That’s the key. “Hamam claimed that although he gave BTC to family and friends, he never sold it.

Tahini’s is working to establish the infrastructure needed to accept Bitcoin as a payment, but the process is challenging – not because of regulations or payment processors, but because the patent wants to keep Bitcoin as it accepts. “Even if you are going to accept Bitcoin, work it out in such a way that you never have to sell it,” Hamam explained.

The inevitable promotional blow that comes from jumping on the “Bitcoin accepted here” is attractive, Hamam said, but “If you are selling your Bitcoin right after you get it, you are not really getting Bitcoin, in my opinion. ”

Hamam mentioned the Strike Lightning Network integration as an attractive proposal, as it would eliminate the high fees charged by Mastercard, but it is still “fairly early” to explore payment options when it comes to increasing business.

Finally, in developed economies like Canada with relatively high confidence in institutions, Bitcoin is primarily a savings tool. Similarly, Tahini’s is not considering paying wages in BTC, as the concession does not want to impose the cryptocurrency on its staff.

But that has not stopped Hamam from convincing Canada’s Conservative leader Pierre Poilievre to buy shawarma with Bitcoin on the Lightning Network after Hamam “pulled him orange”. This was the first Bitcoin transaction made at Tahini’s, carried out by an increasingly supportive Bitcoin politician.

On a personal level, Hamam and more devout Bitcoiners raise questions among executives such as, “Have you heard of Bitcoin?” “Did you know you can buy a fraction of Bitcoin?” And even “Maybe you should think about putting a few dollars in your Bitcoin retirement plan.”

It is inevitable that the orange pill is much more successful when it comes to tears. If the price is falling, it is a little more demanding. When China introduced cryptocurrencies, for example, some of Hamam’s management team became “a little too small”. In fact, the 300% profit reported by Cointelegraph earlier this year has begun to disappear.

Hamam said his conviction was enough to steer the ship and calm the nerves of his colleagues. Running a restaurant on the Bitcoin standard comes with a side of enthusiasm. While Hamam sings the praises of the first cryptocurrency, there is also a community of passionate BTC enthusiasts who support Tahini’s investment decision and continue to provide support:

“The love I have for the Bitcoin community is – I can not even describe it. People who have never even tried our food.

Connected: KPMG in Canada adds BTC and ETH to its treasury

However, Hamam said the Bitcoin community has not had a direct impact on sales, as it is still a tiny, albeit noisy, community around the world.

Nevertheless, the company kept its head above water during the 2021 market turmoil and aims to expand to over 25 concessions by 2022. Hamam is determined in its decision to put its profits in Bitcoin – even in the face of turbulent economic backgrounds:

“You will still get the same benefits that everyone else would get, or Michael Saylor would get, or Elon Musk would get.

The company has “aligned itself with the role of Bitcoin” but of course served “great food” to anyone. More and more companies could follow suit and operate on a Bitcoin standard, while Hamam joked that it could be a Middle Eastern law tearing up the cryptocurrency that will soon be granted a concession.