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Author Topic: How can we encourage local businesses to accept BTC?  (Read 184073 times)
Gaff
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June 16, 2017, 01:37:58 PM
 #1181

Honestly, I have no clue on encouraging local businesses to accept BTC yet, if it's a nee kind of business and it's not popular one, and if the businessman takes the risk,of course BTC can really help that business to expand. However taxes are still involve in businesses. Probably taxes are not that high and only if the negotiators are willing to listen and accept BTC openly without hesitation that is to be encouraged not just one local business but also to everybody's sake in industries.

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June 17, 2017, 08:03:00 AM
 #1182

Bitcoin nowadays is making its way to stardom , It is widely recognize now and those people who invested on it even before the program started already earned a lot of money. It was just like last year when this was introduced to me by a friend I didn't know how to use it I so busy listening to him by that time. Me and my girlfriend now is trying to invest to this kind of work. I am looking forward for us to earn money as well for we are trying to get married this year. Local business should accept this kind of transaction for they will also benefit from it. If given a chance I would to introduce this to our office management maybe sooner or later they will accept my proposal.

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June 17, 2017, 09:07:55 AM
 #1183

There's a startup called Colu that is trying to do just that.

I think the act about a team issuing digital Barbadian dollar is a partnership between Colu and another team.

Be the person you want to coin.
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June 17, 2017, 09:17:47 AM
 #1184

If you tell them the advantages about bitcoin that would be the best way to encourage them to accepr BTC. Hoping soon local business would accept btc.

And they will ask you, what are the most popular and basic advantages of bitcoin when they are going to accept it? You can say that if they have customers offshore they can tell their customers to send their payments by means of bitcoin. And by that way, that is going to make their transactions fast and convenient.

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June 17, 2017, 10:13:44 AM
 #1185

If you tell them the advantages about bitcoin that would be the best way to encourage them to accepr BTC. Hoping soon local business would accept btc.

And they will ask you, what are the most popular and basic advantages of bitcoin when they are going to accept it? You can say that if they have customers offshore they can tell their customers to send their payments by means of bitcoin. And by that way, that is going to make their transactions fast and convenient.

Please tell me you're being sarcastic. Gone are the days when bitcoin has fast transactions and low fees. You're not going to buy 3$ worth of coffee and then spend 2 more dollars for the transaction fee in bitcoins. And even with this amount of transaction fee, you'd still have to wait a couple of hours before the transactions comes through. Plus, it's not convenient since the store owner has to wait before he can ever get those coins. We're still not at the point when a store looks cool when it says "Bitcoin accepted here." since we're so far away from mass adoption.

Fiat is still the best when it comes to microtransactions. No transaction fee. Instant confirmations. That's fiat for you.

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June 17, 2017, 10:26:59 AM
 #1186

If you tell them the advantages about bitcoin that would be the best way to encourage them to accepr BTC. Hoping soon local business would accept btc.

And they will ask you, what are the most popular and basic advantages of bitcoin when they are going to accept it? You can say that if they have customers offshore they can tell their customers to send their payments by means of bitcoin. And by that way, that is going to make their transactions fast and convenient.

Please tell me you're being sarcastic. Gone are the days when bitcoin has fast transactions and low fees. You're not going to buy 3$ worth of coffee and then spend 2 more dollars for the transaction fee in bitcoins. And even with this amount of transaction fee, you'd still have to wait a couple of hours before the transactions comes through. Plus, it's not convenient since the store owner has to wait before he can ever get those coins. We're still not at the point when a store looks cool when it says "Bitcoin accepted here." since we're so far away from mass adoption.

Fiat is still the best when it comes to microtransactions. No transaction fee. Instant confirmations. That's fiat for you.
I agree on Fatanut on this one Bitcoin transactions in shops will actually make you pay more on what you are buying. And let us look at the Sellers side honestly do they even care about the advantages? why not tell them that Bitcoin is also volatile and accepting it might risk their earnings. But it always come to the point that are there any customers willing to spend their Bitcoin? We always need to look if there is a demand for Bitcoin payments before implementing such thing.

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June 18, 2017, 09:34:37 PM
 #1187

If you tell them the advantages about bitcoin that would be the best way to encourage them to accepr BTC. Hoping soon local business would accept btc.

And they will ask you, what are the most popular and basic advantages of bitcoin when they are going to accept it? You can say that if they have customers offshore they can tell their customers to send their payments by means of bitcoin. And by that way, that is going to make their transactions fast and convenient.

Please tell me you're being sarcastic. Gone are the days when bitcoin has fast transactions and low fees. You're not going to buy 3$ worth of coffee and then spend 2 more dollars for the transaction fee in bitcoins. And even with this amount of transaction fee, you'd still have to wait a couple of hours before the transactions comes through. Plus, it's not convenient since the store owner has to wait before he can ever get those coins. We're still not at the point when a store looks cool when it says "Bitcoin accepted here." since we're so far away from mass adoption.

Fiat is still the best when it comes to microtransactions. No transaction fee. Instant confirmations. That's fiat for you.

Still it is cheaper for the business to accept BTC fees-wise, since they pay 3 to 5% to credit card companies for the "privilege" to use their service - putting 400+ satoshi/B is far cheaper. Oh, did I mention they also need to buy the credit card machines?
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June 18, 2017, 10:53:34 PM
 #1188

they pay 3 to 5% to credit card companies for the "privilege" to use their service

Terminal Fees?
The BTC payment require hardware and Internet access, who will pay it?


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June 19, 2017, 02:57:06 AM
 #1189

they pay 3 to 5% to credit card companies for the "privilege" to use their service

Terminal Fees?
The BTC payment require hardware and Internet access, who will pay it?

That's easily diluted in the total cost of having a computer for all the rest of tasks anyone needs. And that's beyond the point, anyone can hold a wallet in cellphones, and the merchant can use cold storage. I'm not sure what you tried to say though, if you are talking about the miners, the fees they charge obviously cover their computational and electricity costs.
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June 19, 2017, 06:34:18 AM
 #1190

If you tell them the advantages about bitcoin that would be the best way to encourage them to accepr BTC. Hoping soon local business would accept btc.

And they will ask you, what are the most popular and basic advantages of bitcoin when they are going to accept it? You can say that if they have customers offshore they can tell their customers to send their payments by means of bitcoin. And by that way, that is going to make their transactions fast and convenient.

Please tell me you're being sarcastic. Gone are the days when bitcoin has fast transactions and low fees. You're not going to buy 3$ worth of coffee and then spend 2 more dollars for the transaction fee in bitcoins. And even with this amount of transaction fee, you'd still have to wait a couple of hours before the transactions comes through. Plus, it's not convenient since the store owner has to wait before he can ever get those coins. We're still not at the point when a store looks cool when it says "Bitcoin accepted here." since we're so far away from mass adoption.

Fiat is still the best when it comes to microtransactions. No transaction fee. Instant confirmations. That's fiat for you.

Still it is cheaper for the business to accept BTC fees-wise, since they pay 3 to 5% to credit card companies for the "privilege" to use their service - putting 400+ satoshi/B is far cheaper. Oh, did I mention they also need to buy the credit card machines?

3-5% is still a large difference than almost 100% transaction fees for bitcoin's microtransactions. You can never hide the fact that bitcoin users would know that when they are going to do a microtransaction, the transaction fee is almost equal to the amount that they are sending. You're just going to waste your time setting up all these "we accept bitcoin" things since most bitcoin users wouldn't use that service anyway if they are being practical.

Lol. Credit card machines? You can literally just plug in a credit card scanner to your phone in order to have a card transaction.

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June 19, 2017, 06:51:12 AM
 #1191

This would be very risky since it is not that easy to understand, using bitcoin is not just about making your own account and start visiting forums. To encourage local businesses to accept BTC you should give them broad explaination. discuss to them the pros and cons of using BTC. You should guarantee to them that their money wont get in to waste

Msg me if you want me to put anything here.
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June 19, 2017, 07:55:53 AM
 #1192

3-5% is still a large difference than almost 100% transaction fees for bitcoin's microtransactions. You can never hide the fact that bitcoin users would know that when they are going to do a microtransaction, the transaction fee is almost equal to the amount that they are sending. You're just going to waste your time setting up all these "we accept bitcoin" things since most bitcoin users wouldn't use that service anyway if they are being practical.

Lol. Credit card machines? You can literally just plug in a credit card scanner to your phone in order to have a card transaction.

400 satoshi cost 1 cent of dollar currently.

EDIT: big bull I said, forgot to add the bytes

size of transaction=in * 146 + out * 33 + 10 gives 189 bytes minimum, with BTC = 2500 USD this would make a minimum of 1.89 USD. If the creditcard charges 3%, the BTC is better for payments over 63 USD.
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June 19, 2017, 02:28:44 PM
 #1193

Encouraging local business is the best way to earn good, but these days little by little the popularity along with usage has been increasing. So if not profited at the moment surely the business with bitcoin acceptance will get a good profit in the future.

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June 19, 2017, 02:54:41 PM
 #1194

Interesting. I know it is an old question, but I think it still need the real answer that can be applied in the real business model.
I have a travel agent that selling tour packages and hotel booking in islands in my country. And I am trying to implement that "bitcoin accepted here" in the website. One thing that still questionable is why the customers should pay with bitcoin if they can easily pay with their currency.
And I know the answer after all research. Customers should have discounts when they will to pay with btc.

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June 20, 2017, 08:31:09 AM
 #1195

3-5% is still a large difference than almost 100% transaction fees for bitcoin's microtransactions. You can never hide the fact that bitcoin users would know that when they are going to do a microtransaction, the transaction fee is almost equal to the amount that they are sending. You're just going to waste your time setting up all these "we accept bitcoin" things since most bitcoin users wouldn't use that service anyway if they are being practical.

Lol. Credit card machines? You can literally just plug in a credit card scanner to your phone in order to have a card transaction.

400 satoshi cost 1 cent of dollar currently.

EDIT: big bull I said, forgot to add the bytes

size of transaction=in * 146 + out * 33 + 10 gives 189 bytes minimum, with BTC = 2500 USD this would make a minimum of 1.89 USD. If the creditcard charges 3%, the BTC is better for payments over 63 USD.


But most local businesses are selling simple stuffs like coffee, fruits, vegetables, donuts, etc. Those stuffs don't go higher than 63$. Nice computation, by the way, but that just gives us a conclusion that bitcoin is only good to use for huge purchases. As the time goes by, the transaction fee is going higher and higher. I was surprised last night seeing that a small transaction costs 0.002BTC for transaction fee. As time goes by, that 63$ for btc being a better payment method goes higher and higher. It might be 63$ today but it can be 70$ next week, and so on.


And I know the answer after all research. Customers should have discounts when they will to pay with btc.

Sure discounts attract customers. But as a local business owner, are you prepared to charge less to people just because they are using bitcoins? You're lowering your profit with this choice.

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June 20, 2017, 08:51:23 AM
 #1196

Encouraging local business is the best way to earn good, but these days little by little the popularity along with usage has been increasing. So if not profited at the moment surely the business with bitcoin acceptance will get a good profit in the future.

It's not just only about earning but it's all about the adoption and encouraging new investors in the market.

Once you made a big business near you started to consider bitcoin and adopts it. The whole market is the one to benefit from it.

And you must present it to him in a nice manner and explain things out everything about bitcoin.

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June 21, 2017, 01:28:58 AM
 #1197

EDIT: big bull I said, forgot to add the bytes

size of transaction=in * 146 + out * 33 + 10 gives 189 bytes minimum, with BTC = 2500 USD this would make a minimum of 1.89 USD. If the creditcard charges 3%, the BTC is better for payments over 63 USD.

But most local businesses are selling simple stuffs like coffee, fruits, vegetables, donuts, etc. Those stuffs don't go higher than 63$. Nice computation, by the way, but that just gives us a conclusion that bitcoin is only good to use for huge purchases. As the time goes by, the transaction fee is going higher and higher. I was surprised last night seeing that a small transaction costs 0.002BTC for transaction fee. As time goes by, that 63$ for btc being a better payment method goes higher and higher. It might be 63$ today but it can be 70$ next week, and so on.

Yep. With SegWit and hopefully LN this will diminish. In any case, the fees are pushing the price up, at some point it becomes so expensive that people wont make all the volume of transactions needed to keep miners in profitable margin. This will force fees down. It is like any market with competition.
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June 21, 2017, 04:59:05 AM
 #1198

I don't think that we should do anything actually! When you try and force something up on somebody, that doesn't work well as imagined!

We need to keep improving on our technology and on our applications and all these people, merchants, etc, will come towards us eventually when they see and hear about all the benefits that Bitcoin can give to them! 

Yes I agree on you.
There's no way we encourage them. They just close the doors for you like they don't even bother at all especially the old ones.
Its not bad to dream of the future of btc but this thing is sick. Its unrealistic.
Unless government legalize it so it will have a mass adoption.

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batang_bitcoin
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June 21, 2017, 06:04:48 AM
 #1199

This would be very risky since it is not that easy to understand, using bitcoin is not just about making your own account and start visiting forums. To encourage local businesses to accept BTC you should give them broad explaination. discuss to them the pros and cons of using BTC. You should guarantee to them that their money wont get in to waste
I don't find it very risky because you will only explain plainly what bitcoin is to them. It's like a process, from easiest or familiar things into deeper ones. I advice to you that you shouldn't guarantee to them that their money will be wasted because of the movement of bitcoin's price worst comes worst if they have a weak feeling.

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June 21, 2017, 11:32:06 AM
 #1200

EDIT: big bull I said, forgot to add the bytes

size of transaction=in * 146 + out * 33 + 10 gives 189 bytes minimum, with BTC = 2500 USD this would make a minimum of 1.89 USD. If the creditcard charges 3%, the BTC is better for payments over 63 USD.

But most local businesses are selling simple stuffs like coffee, fruits, vegetables, donuts, etc. Those stuffs don't go higher than 63$. Nice computation, by the way, but that just gives us a conclusion that bitcoin is only good to use for huge purchases. As the time goes by, the transaction fee is going higher and higher. I was surprised last night seeing that a small transaction costs 0.002BTC for transaction fee. As time goes by, that 63$ for btc being a better payment method goes higher and higher. It might be 63$ today but it can be 70$ next week, and so on.

Yep. With SegWit and hopefully LN this will diminish. In any case, the fees are pushing the price up, at some point it becomes so expensive that people wont make all the volume of transactions needed to keep miners in profitable margin. This will force fees down. It is like any market with competition.

Apparently that "at some point" will be far from now. People are starting to become wiser on their transactions. They buy all at once instead of buying today, then buying again tomorrow. People will just cope with the transaction fee because they have no other choice. We can't force SegWit even with UASF. We would always have to transact even with the rising transaction fees.

Segwit and LN will really solve all these microtransaction problems and will help local businesses to accept bitcoins but will SegWit ever be activated? I don't really think so because it requires 95% of the miners and most miners don't want SegWit. LN is believed as just an idea for now and that we don't have the technology to implement it.

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