Qoin accounts for almost one third of Green Dragon Alchemy’s revenue after only eight months in business, according to co-owner Josime Desbiens.
The Sunshine Coast man is a keen cryptocurrency investor and part owner of the hemp oil business.
Over the past decade, he had accumulated a “fair few thousand” Barter dollars through another business. So Josime paid attention when his father mentioned he was considering trading Barter dollars for the digital currency Qoin.
Josime spoke with a Qoin representative and decided this was a good option for him too. He registered in May 2020. In those early days, he received 1,000 Qoin for signing up and converted about $5,000 worth of Barter dollars to 8,400 Qoin.
Impressed with his Qoin experiences, Josime registered Green Dragon Alchemy when it was established in July.
“I see it as a very stable cryptocurrency so something that accrues value slowly but surely,” he says.
Birth of a business venture
Josime has worked in a diverse range of businesses. He learned about the hemp industry through his role in Quality Assurance and Quality Control with TORUS Constructions Australia. The newly-emerging company focuses on creating sustainable homes. He says his research on hempcrete made him aware of the potential for using hemp in numerous industries, from health and textiles to insulation and building.
Josime and a partner began selling Full Spectrum Hemp Oil through Green Dragon Alchemy.
Full Spectrum Hemp Oil is an infusion of the whole hemp plant (rather than the seed), with an olive oil carrier oil. The hemp is sourced from Australian growers licensed through the Department of Primary Industries. Products are sold at markets or online, and there are plans to expand the range and retail avenues.
Benefits of the Qoin community
Josime markets hemp oil products through the Qoin community Facebook page and says he attracts several new customers each time he advertises. Qoin now accounts for 30% of business revenue.
He has linked with merchants who accept the digital currency for shirts with business logos, and marketing and signage services. In addition, he has discovered an accountant to help him navigate the tax implications of using Qoin.
On the home front, Qoin has paid for an air conditioning unit, bed, dishwasher, fridge, beer and wine, meals and handyman services.
‘Smart’ move to cryptocurrency
Josime uses multiple forms of cryptocurrency stored on platforms that offer interest. He believes that “smart people” are moving their money into cryptocurrency.
“It’s that independence, security,” he says. “It can never be hyperinflated, it can never be blocked by government or a company or whatever. It’s truly the people’s money.”
Qoin merchants should learn how to manage digital currency effectively, Josime says. Instead of simply cashing it out, he encourages people to make the most of the trading-bartering system, and put a stake aside for longer-term growth.