What is Qoin and how can it be used for business?

Update: I came to the (reluctant) decision on 30 June 2023 to longer accept full or part Qoin payment in my business. I still support the concept in theory, however it bought in so much new business, it took too much time away from my existing clients. I’m now sitting on a mountain of Qoin, which hasn’t depreciated, however it takes a bit of work to spend it…

Fred Porter – Agent Digital

I’m always looking for new ways to grow my business. 2021 has been a good year so far, with Australia reopening for entertainment and activities, my business has thrived with new projects and more people to help me get it all done.

A friend asked me last week about what I could recommend they could do, to drive more sales of of a particular product. In moments like this, I tend to go straight for paid and unpaid strategies on Facebook and Google – that’s what we do – but it occurred to me there was one simple thing I added to my business this year that’s bringing in some decent extra revenue every month, and it’s not cash, its Qoin.

Before I get into this, let me start by staying I am not a financial adviser, and this information is simply my own experience and opinions. You should always seek independent financial advice before getting into anything new (I did) and also remember there are no magic bullets – if you or your business are already under financial strain, this may not be for you. Talk to your accountant first, and if you want more information – why not talk to other people in the Qoin community who are in a similar line of business to yourself?

What is Qoin?

Qoin is a digital currently, launched last year in Australia by the people who started Bartercard. I never used Bartercard myself, but I did work for a number of small businesses and I remember they used to pay for my hire car and hotel rooms using this back in the day. Regardless of your opinion of Bartercard, Qoin piqued my interest because I knew the people that set this up where good at what they did and have a strong network of businesses around Australia, especially on the Gold Coast where I live today. This made me feel confident that there where real people behind Qoin and that it was a legitimate form of digital currency.

Is it Cryptocurrency?

Not really. Qoin shares some similarities with cryptocurrencies like Bitcoin or Etherum, it has a monetary value and this value can rise (or fall) with market conditions. You have an encrypted digital wallet on your smart phone that can be used to buy Qoin (using traditional money) or pay for goods or services using your Qoin.

However, Qoin was never really designed for everyday people to use to buy and sell, and trade online. It is setup for businesses to trade which each other – and that is the really exciting part that has opened up so many new doors for me in my business.

How do you make money on Qoin?

The best use I have found for Qoin is selling of my unused inventory each month, to a captive market of other business owners each month who are eager to buy. 

Let me explain – in my business I provide services such as building and maintaining websites, managing paid advertising campaigns and search engine optimisation (to name just a few). We can handle a certain amount of work in any month, and currently we’re only working at about 60% capacity. Thats not a bad thing, it means I have extra time for my existing clients and some spare inventory. Naturally I’m always looking to get a few more clients on board, and I found I could create packages out of this and offer them up for sale to the Qoin community. Within a few days I had a whole lot of new business enquires, and a limited amount of packages on offer.

Selling these services in Qoin was super easy – all I did was post in the private Facebook group that I had so many packages available and their monetary value. Each month, when I release these packages, they’re snapped up straight away by business owners who need this service, and prefer to spend Qoin because they’re also accepting Qoin as a form of payment in their business. Super easy lead generation and sales. And almost a no-brainer, as these packages were just sitting there, and could have gone unsold by the end of the month.

What can you buy with Qoin?

That’s the fun part! There is so much stuff I can get for the Qoin I now earn in my business, stuff that I would usually be paying cash for. Don’t get me wrong – I still need cash money in my life – you can’t pay off your credit card, your mortgage, your wages, your tax or your rent with Qoin.

But you can connect with other businesses in your local area (or online) and buy what they sell on Qoin – such as food, drinks, accommodation, activities, beauty, clothing, shoes, homewares, trades and services – to name just a few.

My favourite barber on the Gold Coast – Sash at Young Flame Barbershop and Boutique – accepts payment by Qoin so I am always looking sharp, providing I can find the time to get to him. Have you seen his range of cool streetwear along with unique, high-end sneakers?

I am currently renovating my Gold Coast apartment and I was able to send my builder home early and get all the finishings done – from tiling to flooring, including the product and installation – all on Qoin.

Last month I took a trip up far north Queensland. We stopped off at Rusty’s Markets in Cairns and stocked up on gourmet cheeses and antipasto from Olive Tree Fine Foods. I enjoyed a morning of standup paddle boarding on the Mossman River thanks to Windswell Reef and Rainforest Tours and we dined on delicious wood fired pizza and seafood paella at Chilly’s Pizza and Trattoria in Port Douglas – more than once and all paying with 100% Qoin.

Qoin has connected to me a whole new world of local business that I usually wouldn’t know where there. Now I like to support them. I even go out of my way to check the Qoin directory first for a local business that may have what I need, before I dig into my savings.

Can you withdraw Qoin for cash?

Yes and no. Qoin do offer the facilities to withdraw your Qoin as cash, however this is currently very limited and I wouldn’t bother. I get so much better value from leaving my Qoin in its wallet and using it just for business to business transactions when I need stuff.

Should you get into Qoin now or later?

That’s up to you. I can’t tell you what to do, I can only tell you what worked for me and how happy I am with how it has worked out so far. The way I see it, if last year taught us anything, the economy could fall over any moment. If everyone withdrew their money from the bank all at once, we’d be in some serious trouble, and the same applies to Qoin.

What I do know is that I love to try new things and I am excited by the future and what may happen to the value of the Qoin I hold in my wallet as more businesses get on board, both here in Australia and as it takes off around the world.

If you would like to talk to me more about my experience with Qoin, feel free to get in touch.