Sapan Shah - Chief Executive & Managing Director - Cahoot ...

IamA Owner of a Bitcoin Accepting Subway in Allentown, PA (Sapan Shah) AMA!

Last month we started accepting Bitcoins at my Subway as the first Subway in America. One month later, we are still selling sandwiches and accepting Bitcoins- It can be done!
Thanks to the support of the reddit community, we were featured on CNBC: http://www.cnbc.com/id/101206903 and on CNN: http://money.cnn.com/gallery/technology/2013/11/25/buy-with-bitcoin/
It would be really awesome to see what questions redditors have and what I can do to guide businesses that want to start accepting Bitcoin.
Thanks! @sapan211
My Proof: http://imgur.com/ihBQa8Z
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IamA with Owner of a Bitcoin Accepting Subway in Allentown, PA (Sapan Shah) (xpost iama)

IamA with Owner of a Bitcoin Accepting Subway in Allentown, PA (Sapan Shah) (xpost iama) submitted by cffff to Bitcoin [link] [comments]

This Subway Franchise Owner Accepts Bitcoins (Sapan Shah of Allentown, Pa.)

This Subway Franchise Owner Accepts Bitcoins (Sapan Shah of Allentown, Pa.) submitted by rockyvy to Bitcoin [link] [comments]

[Table] IamA Owner of a Bitcoin Accepting Subway in Allentown, PA (Sapan Shah) AMA!

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Date: 2013-12-02
Link to submission (Has self-text)
Questions Answers
How has your staff taken to accepting bitcoins? Do the number of decimal places freak out the staff? Do you have a minimum purchase requirement for use of bitcoin? My employees are simply awesome. They have dealt with all of this with a smile on their faces and have actually shown a lot of interest.
They don't have to deal with decimals because I have set it up so all they have to do is input the total dollar amount into a tablet at the register. The app automatically generates the code that the customer scans. It pops up on the screen when they receive the payment.
We don't have a minimum purchase requirement.
Hi. How many bitcoin customers have you had so far? Are you a bitcoin investor as well? I can not disclose exact sale figures or numbers, however I can say it has steadily been growing. We have a couple bitcoin paying customers almost every day.
I am indeed a bitcoin investor myself.
How many times a week does someone ask you what a Bitcoin is? 4 Zillion.
Plain and simple.
I thought bitcoins were worth about 1K each. How would it work if I forked over a bitcoin for a Footlong Tuna Fish sandwich? We calculate the total sale amount (i.e. $10.53) and convert that to the equivalent Bitcoin value (roughly 10.09 mBTC or .01009 BTC). We generate a QR code with an address and the amount. The customer scans that code and sends us instant payment.
You can take a look at preev.com to see what I mean.
Don't sell yourself short, 10.09 milli would be .01009. roughly 10.09 mBTC or .001009 BTC. Would be $1.13. You are correct- I changed it..thank you :)
Do you immediately sell the bitcoins for cash to take away the currency risk or are you keeping the bitcoins in your account? This has been one of the most complicated parts of the process. Since I started accepting Bitcoins, I have switched my Merchant Services Processor 3 times. I am actually looking for a longer term solution. Until I find a more permanent solution that is fully integrated with our bank account, our Bitcoins are remaining as is.
Since this has been relatively new we are still working out all the kinks in the process. I am not worried about the currency risk at all.
How have you been keeping records of sales? I'm planning to accept Bitcoin but am unsure how to do so legally as a business. So you convert to USD and simply keep record of those earnings? Link to en.bitcoin.it
I thought it took like an hour to confirm a bitcoin transaction. I remember reading that it was too slow for most consumer transactions like this. Am I completely misinformed? In our case, we have not had a payment take longer than 2-3 seconds. The merchant services take care of everything on the back end. A transaction has never taken us 1 hour to process.
Would you be able to pay an employee in BTC if they desired? There are no Bitcoin Payroll Services to my knowledge. I'm not sure how feasible this would be.
Is your store a franchise? - what do you do if the value of bitcoin drops? Does the company you go through for scanning take care of that? - what company do you use? - what kind of training did you give your employees? - if i wanted to start getting my local business owners in on this, what do you recommend i show them? Subway is indeed a franchise. We are currently using Coinbase to process our payments and I have personally walked all of my employees through the process.
I have found this page to be the most helpful if you want to show other small business owners: Link to en.bitcoin.it
It was most helpful for me.
Was really excited to see the fact that more brick and mortar stores are accepting bitcoin, of course even more so when it was a more well known chain store (compared to a mom and pop place) Has the news coverage about this given you more business from local bitcoin users? Whats you're current process for accepting bitcoins (how do you go handle payments, exchanges and such)? I hope more businesses will begin accepting Bitcoin!
Ever heard of Coinkite? and if so would you consider using them as a way to accept bitcoins (and Litecoins?) *They're like a wallet service with a credit-card esque terminal where you get a bitcoin debit card and can make payments through that (or the traditional way of QR Codes works too) I did consider Coinkite. They were very nice and responsive, just not the right match for us at this time.
How can I persuade other Subway Owners to accept Bitcoin at their stores? This is a very good question. I think it is entirely up to the owner if they want to start accepting it or not. There is definitely a learning curve involved along with some risk and doubt.
A good start would be educating them about what a Bitcoin is. Even if you ultimately can't persuade them, at least you have taught one more person about Bitcoin.
The second thing maybe to show them some articles or videos about me accepting it. Tell them I have been accepting it for over a month. If they see another franchisee accepting it, they may be more willing to try it out.
Many may be deterred by the initial costs involved. Perhaps eliminating those costs would help to convince many to come on board. You could also try telling them it is non-binding, they don't have to sign a contract and there is no catch. Print out a sign and set it up for them. Tell them to try it out for a week and if they don't like it- ...nevermind, I doubt that will happen.
Can you write a little FAQ for Subway patrons to convince owners in their area to accept bitcoin? Would love a little list of hardware, software, which accounts to create with which companies, etc. Most of the equipment used in Subway's are fairly standard. I have a Nexus 7 next to my register with the POS app on there. They would just need to tweak some settings on the POS.
If you draft up some questions I might be able to help you out with an FAQ
I'm most curious about the things that would encourage or discourage a small business owner who is less knowledgeable/enthusiastic about bitcoin from accepting them. I've thought for a while that there is a need for somebody to create a well-executed, hard to screw-up, system for small businesses to accept bitcoins for in-person transactions. As far as I can tell, nothing like that exists on the market today, and most businesses accepting BTC are mostly rolling their own solution, at a high cost in time for whoever is managing it. Would you buy such a system, if it was available? I set up most of my system by myself. It took a little bit of technical knowledge (and interest). There are people available that can come in and set everything up, I just wanted to keep it simple and easy. I doubt other business owners would want to pay start up costs in addition to take the risk of accepting a new form of tender.
About how much time a week do you spend dealing with Bitcoin processing related issues? What was your worst week? What are the biggest pain points in accepting bitcoins right now? Training staff, integrating with existing POS systems, getting reliable conversions back to USD, something else? I don't spend too much time dealing with Bitcoin Processing related issues too much. They go fairly smoothly.
I'm from Plymouth Meeting, which is really close to Allentown! I think this is awesome, I should come buy something with Bitcoins sometime. Also, what was the most difficult part about integrating Bitcoins into your store? There have been so many challenges from the start. I think the biggest one has been trying to explain to everyone what a Bitcoin is. For example, in order to train my employees, they needed to fundamentally understand what a Bitcoin was. I had to explain it over and over again answering the same doubtful questions.
We would love to have you at our store!
Hey, you run the Subway by Dorney Park? Wow, I used to live right near there, worked at St Luke's in Bethlehem. Nostalgia. Not related to BitCoin, but what do you think of Allentown and LV in general? How long have you been there? Where are you originally from? Yep, Subway Dorneyville. I was born and brought up in Allentown!
Do you have any BTC for yourself? Also, what do you think about altcoins such as Litecoin, Namecoin, ect. I do have BTC myself. I do not have any plans to start accepting any Alt. currency at my store. I think they are very interesting and we may see many more in the future.
Hey there Sapan, I'm located in easton and I was just wondering which subway it is that you run so that I can possibly stop by and say hello?! Absolutely! Link to local.subway.com
I spend a lot of time in Allentown. Where is your store located? I'd love to stop by and buy some subway with bitcoins. Link to local.subway.com
Allentown resident here. Which Subway? Link to local.subway.com
Hey, I go to Lehigh. I'm literally in the building across the street from you. I was also your 2nd bitcoin customer. If I happen to see you, I'll say hi. Do say hi if you see me. I'm always there.
No questions, but thank you from the Dorney Park team for making lunch for us on many occasions! You guys are Awesome. Can't wait till everyone comes back in the Spring.
You're a very smart man according to the fever going on in bitcoin. Thank you, I'm not that smart. Just a man with a Sub...and a Bitcoin.
According to them, you are going to be a millionaire by accepting bitcoin right now. According to me. They all are probably millionaires. I've gotten to meet some of them in my store. Great group of people. on bitcoin.
Last updated: 2013-12-07 04:31 UTC
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HELP! I need someone who can throw together a Bitcoin website for me: Bitcoin-Allentown.org

HELP! I need someone who can throw together a Bitcoin website for me. I live in Allentown, the locale where a Subway has begun accepting Bitcoin, and became a national sensation. The owner, Sapan Shah, has been featured in the Lehigh Valley's newspaper Morning Call, and on the local TV station WFMZ, and has been interviewed on CNBC.
I had an idea. I went to several other Subways in the Lehigh Valley, and also to other restaurants in the same mall as the famous Subway. Many of them could see the unique publicity opportunity available to them at this time, and I think I could set up a meeting where Sapan Shah (I haven't talked to him yet about this) could relate his experience in setting up a merchant account with Coinbase, and training his employees to accept Bitcoin transactions from customers. We could then hand-hold any interested proprietors through the process of signing up with Coinbase.
I could put together a schlocky website myself in Dreamweaver, but I'm hoping there is a Bitcoin enthusiast out there who is a seasoned website designer, and could make an attractive site in just a few hours (also, if there are any other Lehigh Valley Bitcoin aficionados that would like to help please PM me).
What I need is something to which I could point Lehigh Valley merchants, and I would go out and hand out flyers to pique their interest.
The URL is: Bitcoin-Allentown.org
HELP!
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A moeda virtual bitcoin ganha simpatia; isso é bom?

São Paulo - O americano Sapan Shah, de 24 anos, é dono de uma franquia da rede de lanchonetes Subway em Allentown, no estado americano da Pensilvânia. Até novembro, seus clientes pagavam os sanduíches com dinheiro ou cartão. Mas Shah, um entusiasta de tecnologia, decidiu inovar.
Depois de ler notícias de que restaurantes na Rússia já aceitavam a moeda virtual bitcoin como forma de pagamento, resolveu seguir o mesmo caminho. Além de despertar a curiosidade de parte dos 110 000 habitantes de Allentown, Shah ganhou as páginas de dezenas de sites e jornais americanos como o primeiro lojista de uma grande rede a aceitar o bitcoin — uma moeda virtual gerada de um software desenvolvido por um grupo anônimo de programadores.
“Queria algo que pudesse me livrar das altas taxas cobradas pelos cartões”, afirma Shah. O salto de popularidade da moeda veio pouco depois. Em meados de novembro, Ben Bernanke, presidente do Federal Reserve, o banco central americano, deu a primeira declaração oficial sobre o tema.
“As moedas virtuais serão promissoras no longo prazo caso permitam pagamentos rápidos, seguros e eficientes”, escreveu, sem mais detalhes, numa carta enviada ao Senado. No mesmo dia, o valor de um bitcoin subiu 50%, para 785 dólares. No fim de novembro, já valia 1 000 dólares.
A grande diferença entre o bitcoin e o sistema monetário tradicional é a ausência de um banco central que controle a emissão de dinheiro. No caso do bitcoin, isso é feito por um software desenvolvido no fim de 2008 por programadores cuja identidade até hoje não é conhecida.
O software foi programado para automaticamente propor problemas matemáticos pela internet ao longo de anos. Para os que conseguem realizá-los primeiro, o software envia um código que equivale a uma unidade da moeda. Os ganhadores podem guardar o código, usá-lo para fazer uma compra ou trocá-lo por uma moeda tradicional em casas de câmbio.
Quem não tem aptidão matemática pode simplesmente ir a uma dessas casas de câmbio e comprar a moeda. “Nunca houve um dinheiro paralelo tão popular, com operações entre vários países”, diz o inglês Garrick Hileman, professor de história econômica da London School of Economics.
Apesar da expansão inédita, a primeira impressão é que o barulho gerado pela moeda ainda é muito maior do que sua relevância para o sistema financeiro. Em todo o mundo, apenas 12 000 estabelecimentos aceitam os bitcoins — só a região do Brás, em São Paulo, tem 5 000 lojas.
O volume financeiro transacionado por bitcoins hoje é de 12 bilhões de dólares. Para comparar com outras modalidades, o sistema de pagamento online PayPal, que, além de aceitar cartões, tem o próprio modelo de moeda virtual, processou 145 bilhões de dólares em 2012.
“Os bitcoins só vão ser úteis se todo mundo adotá-los, como qualquer moe­da”, diz Rodrigo Azevedo, ex-diretor de Política Monetária do Banco Central. “Por enquanto, é apenas uma moda.” A maior preocupação dos entusiastas do bitcoin hoje é tentar conter o uso da moeda em atividades ilícitas.
Em outubro, o FBI fechou a loja virtual The Silk Road, que vendia drogas e documentos falsos pela internet e recebeu cerca de 1,2 bilhão de dólares somente em ­bitcoins. Em março, os Estados Unidos incluíram administradores e casas de câmbio de moedas virtuais na lista de empresas que devem se registrar no Departamento do Tesouro.
“Focamos a regulação de instituições, e não o usuário, porque esperamos que elas participem da proteção do sistema”, diz Jennifer Calvery, diretora do departamento que cuida de crimes financeiros do Tesouro americano.
Apesar de o bitcoin ser apontado como um sistema financeiro inovador, a ideia de ter um controle descentralizado não é nova. Até o século 17, eram os bancos privados que emitiam moedas. De lá para cá, a evolução da economia e do comércio levou à criação de bancos centrais para evitar os frequentes períodos de instabilidade. O histórico desde então tem sido positivo.
“Durante todo o século 20 e o começo do século 21, tivemos apenas duas crises de grandes proporções, em 1930 e em 2008. O sistema tradicional tem sido, de longe, o mais eficiente”, diz Alexandre Schwartsman, ex-diretor de assuntos internacionais do Banco Central. Sem uma instituição que estabilize os preços, moedas como o bitcoin ficam à mercê da especulação, tornando-se um ativo de alta volatilidade. Foi o que ocorreu em abril, quando o preço do bitcoin caiu pela metade sem motivo aparente.
Por enquanto, isso parece não assustar parte dos investidores. Os irmãos Tyler e Cameron Winklevoss, famosos por acusarem Mark Zuckerberg de ter roubado deles a ideia da rede social Facebook, pediram em julho autorização para criar um fundo negociado em bolsa cujas cotas variam conforme o valor dos bitcoins.
“Queremos que as pessoas comprem bitcoins de maneira tão simples quanto uma ação da ­Apple”, diz Cameron. Outro fundo, com 8,2 milhões sob gestão, foi lançado em setembro no SecondMarket, bolsa americana que negocia ativos de alto risco. Alguns economistas gostam de comparar o bitcoin ao ouro: é algo difícil de conseguir e que está sendo usado como uma reserva de valor alternativa. O problema é que — virtual e sem autoridade monetária — o ouro eletrônico pode virar latão.
EXAME
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Oh My God! (OMG)  Sabin Karki -Beest - YouTube Breaking News: First Subway in US to Accept Bitcoin EIC: I GOT TROLLED!  Stand up Comedy by Sahil Shah - YouTube Sapan Shah - YouTube Dr. Sapan Shah, 10th CD R Primary Candidate 2017-10-20

SAPAN SHAH Entrepreneur, Small Business Owner, Blockchain Enthusiast, DJ Allentown, PA. Articles. CNBC. Meet the Subway franchise owner who accepts bitcoins. CNN. 8 things you can buy with bitcoins right now. The Verge. The Bitcoin bump: stores turn to virtual currency for a marketing boost Entrepreneur This Subway Franchise Owner Accepts Bitcoins . Ventures. sStickers. Your Content Goes Here ... Sapan Shah, a 24-year-old graduate student at Lehigh University, has created a tourist attraction of sorts for bitcoin enthusiasts. Since he began accepting the digital currency at his Allentown ... View Sapan Shah’s profile on LinkedIn, the world's largest professional community. Sapan has 5 jobs listed on their profile. See the complete profile on LinkedIn and discover Sapan’s connections and jobs at similar companies. View Sapan Shah(Sam)’s profile on LinkedIn, the world's largest professional community. Sapan has 4 jobs listed on their profile. See the complete profile on LinkedIn and discover Sapan’s ... The shop owner, Sapan Shah, started accepting the currency three weeks ago. On an average day, maybe three customers use the virtual currency. But he's already made the process seamless -- as long ...

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Oh My God! (OMG) Sabin Karki -Beest - YouTube

24 Year old Subway Owner Sapan Shah on CNBC's Squak on the Street Owner of the Allentown Subway Accepting Bitcoins (Sapan Shah) Nails an interview on CNBC's Squawk on the Street. God teaches a lesson to a "nastik". (DO NOT DRINK AND DRIVE) #beestside #beeskits *Featuring: Sanjay Karki (Son J) Xiring Theeng *Camera: Sanjay Karki (Son J... - Purba Hamro Mechi Dekhi Paschim Mahakali. Mechi Kali Jaha Bhayeni Hami Ta Eutai Nepali Ho... New Nepali Adhunik Song "MECHI MAHAKALI" by Sapan Shrestha Singer : Sapan Shrestha Music : Indra R.P ... youtube.com

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