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Author Topic: How can we encourage local businesses to accept BTC?  (Read 137033 times)
Almeida
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June 19, 2017, 07:55:53 AM
 #1201

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
 #1202

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
 #1203

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
 #1204

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
 #1205

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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Almeida
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June 21, 2017, 01:28:58 AM
 #1206

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
 #1207

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
 #1208

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
 #1209

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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June 21, 2017, 12:33:24 PM
 #1210

I am looking to help move BTC forward into our economy more and would like to get some suggestions on how we can get more retailers to accept BTC as a payment.  The best part about accepting BTC is that they do not have any threat of charge-back from the customer.  I am just looking for some more input before I start approaching some of these local retailers.
We could reach retailers individually and explain them about benefits of bitcoin.We must show them how easily transactions are carried out in bitcoins and how bitcoin payment could be made through scanning the QR code.Unlike paypal,we must explain them that transactions made in bitcoins are irreversible.We must gain their trust by giving them details about latest developments such as Japan legalizing bitcoins,China,Russia regulating bitcoins and even india to legalize bitcoins.

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June 21, 2017, 07:01:52 PM
 #1211

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.

I read somewhere that 80% of nodes already signaled for segwit, but I think is bull. How to know the current status of acceptability?

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June 21, 2017, 07:09:57 PM
 #1212

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.

I read somewhere that 80% of nodes already signaled for segwit, but I think is bull. How to know the current status of acceptability?

Ok, here:

https://coin.dance/blocks

over 80% supporting segwit2x, segwit+2mb block size.

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June 22, 2017, 08:20:11 AM
 #1213

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.

I read somewhere that 80% of nodes already signaled for segwit, but I think is bull. How to know the current status of acceptability?

Ok, here:

https://coin.dance/blocks

over 80% supporting segwit2x, segwit+2mb block size.

I just checked the link, the 85% was for the blocks mined today. Not for the mining networks that support Segwit. You can also check on their actual website, http://segwit.co/. We don't need all the other details anyway. 33.3% as I type this post. We're so far from 95% and it would be a long journey. How I cope to the increasing transaction fee is by getting more bitcoins through trading, buying and selling stuffs (on facebook groups). We have no other choice but to pay the transaction fee, anyway, while waiting for the SegWit to get activated (even though I really doubt it).

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June 22, 2017, 08:34:37 AM
 #1214

I just checked the link, the 85% was for the blocks mined today. Not for the mining networks that support Segwit. You can also check on their actual website, http://segwit.co/. We don't need all the other details anyway. 33.3% as I type this post. We're so far from 95% and it would be a long journey. How I cope to the increasing transaction fee is by getting more bitcoins through trading, buying and selling stuffs (on facebook groups). We have no other choice but to pay the transaction fee, anyway, while waiting for the SegWit to get activated (even though I really doubt it).

Will they be victims of their own greed? If the network sucks more and more as more and more regular people join the revolution, it will fail and they will have nothing but castles of sand.

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June 22, 2017, 09:40:09 AM
 #1215

I am looking to help move BTC forward into our economy more and would like to get some suggestions on how we can get more retailers to accept BTC as a payment.  The best part about accepting BTC is that they do not have any threat of charge-back from the customer.  I am just looking for some more input before I start approaching some of these local retailers.
try to invest in some Eload retailers using your bitcoins and also introduce first bitcoins in your retailers and also in your buyers,, we can encourage them to use bitcoin but not in fast way we can encourage them in step by step so that they will not difficult to understand.

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June 22, 2017, 03:24:16 PM
 #1216

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.
but there are also big businessmen who are doing business of electronics, sports items and so many other thing you can go to them and can explin bitcoin to them in a good way. hope that will give good time to you.

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June 22, 2017, 08:07:01 PM
 #1217

try to invest in some Eload retailers using your bitcoins and also introduce first bitcoins in your retailers and also in your buyers,, we can encourage them to use bitcoin but not in fast way we can encourage them in step by step so that they will not difficult to understand.

Don't expect that it will be fast for those local businesses to understand and think that bitcoin can be profitable and helpful for their business. As there are some that will stay for cash to cash basis, credit card and PayPal payments. But of course there are people that are open minded when it comes to the upgrade of technology and willing to understand it, your idea is good.

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June 22, 2017, 09:01:14 PM
 #1218

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.
but there are also big businessmen who are doing business of electronics, sports items and so many other thing you can go to them and can explin bitcoin to them in a good way. hope that will give good time to you.

Yes there is a lot of those businessmen who deals with that kinds of invesrments you've mentioned, but the probleme is how it iw to be implemented. One ways to implement this is you should be developing a seminars for these people who engaged on a particular business. It can be consumers, owners and other people who planned a future business ahead. The aim is to attract those people regarding the profit that they may gain if they will accept bitcoin as payment of their businesses, more importantly is the time consumed of transactions; and it's a cashless type of spending. Let them register an online wallet in order for them to have assurance on the earnings they will.be having soon bitcoiners will transact in a test run to those businessmen.

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June 23, 2017, 02:22:12 PM
 #1219

try to invest in some Eload retailers using your bitcoins and also introduce first bitcoins in your retailers and also in your buyers,, we can encourage them to use bitcoin but not in fast way we can encourage them in step by step so that they will not difficult to understand.

Don't expect that it will be fast for those local businesses to understand and think that bitcoin can be profitable and helpful for their business. As there are some that will stay for cash to cash basis, credit card and PayPal payments. But of course there are people that are open minded when it comes to the upgrade of technology and willing to understand it, your idea is good.
yes it can be time consuming but we nee to take a step, because if we will start work  on them right now ta time will come when they  will become able to learn about bitcoin and then they will haply start using bitcoin in their business.



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June 23, 2017, 07:09:44 PM
 #1220

there is a lot of those businessmen who deals with that kinds of invesrments you've mentioned, but the probleme is how it iw to be implemented. One ways to implement this is you should be developing a seminars for these people who engaged on a particular business. It can be consumers, owners and other people who planned a future business ahead. The aim is to attract those people regarding the profit that they may gain if they will accept bitcoin as payment of their businesses, more importantly is the time consumed of transactions; and it's a cashless type of spending. Let them register an online wallet in order for them to have assurance on the earnings they will.be having soon bitcoiners will transact in a test run to those businessmen.
Yes such businessmen need to introduce bitcoin in their area, they need to arrange seminar and other such programs through which they can collect people.

As soon as people will get knowledge about bitcoin and as soon as they will start using bitcoin for purchasing stuff the merchants will become more confident and will allow people to use bitcoin for shopping, but it think to educate people about bitcoin it is a time consuming activity and not so easy.



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