10. What are the biggest challenges you face in running a business that accept Bitcoin as payment method?
“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”
CBDC will fix this problem. This is why bitcoin is not very suitable in this capacity now.
E-naira is a CBDC and people are not using it. I was told that no customer has paid with E-naira. Maybe because E-naira is not an appreciating asset and many people do not hodl it. Bitcoin and usdt are more popular in this region.
It would be nice to see more interviews like that, and perhaps some more information about businesses that accept Bitcoin. For example, what percentage of transactions are done in Bitcoin (and other mentioned currencies) vs fiat?
This question arose for me too. Will we demand that @SatoPrincess continue the interview?
I would also like to know from the owner of this store how the tax authorities (or other government agencies) react to the fact that he accepts payment in USDT and Bitcoin?
That’s a good question. I will add this on my next interview. Taxes in Nigeria is calculated differently than in other countries. Small scale businesses have an advantage over large businesses when it comes to tax rates.