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Author Topic: How can we encourage local businesses to accept BTC?  (Read 184176 times)
choppork
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January 27, 2017, 01:23:54 PM
 #881

They still think that bitcoin is a ponzi scheme and are not willing to accept it into the business no matter what.

This is why it is getting harder nowadays to attract those people who are running a business to accept bitcoins. Since there are a lot of people who are scamming online we can't remove to their minds that they are also suspecting bitcoin to be a scam related coin which is really not. We need to change their thinking about bitcoin.

Of course bitcoin is definitely a scam related coin. Even fiat is a scam related coin. Every single currency have been used for scams or other shady activities.

The people that think bitcoin is a huge ponzi scam should do their own research because they obviously have no idea of what bitcoin is.

The scams online shouldn't discourage local businesses at all since they are sure that they're not going to be scammed since the payment is not reversible. The local business owner doesn't have to send first. He should require to send payment first before he gives the item.

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January 27, 2017, 03:58:18 PM
 #882

Well firstly show them how they can gain easy profit on it and how to use this crypto-currency Smiley
You can tell them how quick and easy is bitcoin to tranfer and send money without any information required not like paypal.


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January 27, 2017, 09:19:12 PM
 #883

Well it's hard to change their minds when most news either about bitcoin's price or ransomware demands.

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January 27, 2017, 09:27:01 PM
 #884


They still think that bitcoin is a ponzi scheme and are not willing to accept it into the business no matter what.

This is why it is getting harder nowadays to attract those people who are running a business to accept bitcoins. Since there are a lot of people who are scamming online we can't remove to their minds that they are also suspecting bitcoin to be a scam related coin which is really not. We need to change their thinking about bitcoin.
If they will be real merchants and they will know about business then they will not consider bitcoin as ponzi but they will know about the concept of demand and value and they will know that the value of a currency increases and decreases with demand so they will accept it.


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January 28, 2017, 05:49:57 AM
 #885

I think it depends on the marketing strategy, whatever we do good marketing strategy if they will accept it gladly include the problem of payment accept bitcoin.

Whatever strategy you use to make local merchants like bitcoin, it won't work if they are not interested in it. If you force it, probably  you would look suspicious to them. It would be nice to just let them naturally know bitcoin. Introduce it to everyone but never expect that they will all like bitcoin. The best thing is you did what you think could make them like bitcoin.  Smiley

In fact the local businesses even think that we are trying to lure them into some money laundering scheme. Many people's first exposure to bitcoin was ransomware and uTorrent coin mining malwares, drug dealers, Silk route incidents.

They still think that bitcoin is a ponzi scheme and are not willing to accept it into the business no matter what.
Thats true businessman looks a how they can make money on their business so we need a representative from Bitcoin that can talk to them to accept Bitcoin to they didn't think that Bitcoin is only a ponzi scheme.
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January 28, 2017, 06:30:03 AM
 #886

to encourage local businesses to use bitcoin, bitcoin I think you should explain to them, the same as is done by people before, such as in the documentary, the rise of bitcoin. if you do not want that, you just need to show an example to build a business that accepts bitcoin and fiat.

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January 28, 2017, 08:06:27 AM
 #887

to encourage local businesses to use bitcoin, bitcoin I think you should explain to them, the same as is done by people before, such as in the documentary, the rise of bitcoin. if you do not want that, you just need to show an example to build a business that accepts bitcoin and fiat.

It a must to encourage them, let them know what bitcoin is and explain things that they don't know about it. But this is not an easy task.

As a lot of people are still doubtful for it mainly the businessmen and it is really going to be a tough one on encouraging them using bitcoin.

Showing them a proof can help to encourage them but locally they must be bitcoiners that are nearby to his business.

As business that needs to have profit so if there are no bitcoiners near him, his business that accepts bitcoin will be forgotten.

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January 28, 2017, 10:42:20 AM
 #888

It's not that easy guys.

Yes, the online merchants can accept BTC, but most of the offline merchants can't because of several reasons.

First - the invoicing system is not supported by BTC in most countries which have a fiscal cash register (cash register connected to the tax system from the goverment), which means that you can't issue an invoice for BTC-s, e.g. you're avoiding the taxes and your business is ilegal.
Second - the book keeping systems do not accept BTC, which means you have to transfer your BTC to your currency to actually go through the papers
Third - the workers do not accept BTC, mostly because of security (credit cards, loans, payment information, credit score), so, again, you need to transfer it to your currency and pay out the salaries
Fourth - it's in the merchants best interest to keep his money on the bank account, in case a problem occures, he can always go for a loan or a smaller late payment

I still have problems explaining my book keeper and the goverment what PayPal invoices are, and only god knows how it would be if I would want to explain her BTC.

I personally didn't come up with a solution for a legal offline business, but feel free to add your opinion.

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January 28, 2017, 10:54:45 AM
 #889

Well it's hard to change their minds when most news either about bitcoin's price or ransomware demands.

Even in my place there is not a local businesses know about bitcoin so i think they didn't have any bad or good thinking ababout bitcoin. In this situation may be a good chance to explain that bitcoin is good currency and has many advantages, said that business will take many benefits by using bitcoin as well.

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January 28, 2017, 11:58:08 AM
 #890

It is not easy for a merchant or for a big business to start accepting bitcoin because of the the finance procedures.

There should be lots of new employees that should be good "crypto-finance" and do the things that are needed within the company.

Larvas has mentioned some good reasons why it is hard for companies to accept bitcoin and collaborate with banks or other things that are needed.


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dhampir-D
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January 28, 2017, 12:08:54 PM
 #891

The best way to make merchants feel motivated to accept the cryptocurrency is to make them realize that there are people using Bitcoin and supporting it. That means, this is something that will depend on the users, the more users using Bitcoin and requesting that the currency be adopted by the merchants, the more this will catch their attention, and they will have more incentive to provide the payment option for Bitcoin.

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January 29, 2017, 05:43:32 PM
 #892

If majority of the people will used the bitcoin in transaction. We can assure and prove to other people that bitcoin is really the fastest way to transact especially in buisness. Not just that ,the value of  bitcoin can increase dramatically in less than a minute. It just need proper managing .

First question is why would people use bitcoin in transaction? Bitcoin is not fastest way, and bitcoin price has nothing with selling goods, they have their own price and that price doesn`t depend from bitcoin. Second question is what you think what kind of managing do we need?
Local business need legality and stability, what is someone sell all store for bitcoins and the next day bitcoin price drops significantly, merchant will lose a lot, and he will lose business cause he will not be able to order new stuff. I think local businesses need stability, they will not risk their money and wealth just like that.
Merchants don't need to keep bitcoin if they don't wish to expose themselves to the volatility of the market they could always sell their coins immediately after getting a purchase.
Yes, in theory that should work but I also think that it also depends a lot on the size of the merchants and the volume they handle, to cite an example, let's suppose that a large merchant sells ten thousand usb  when price BTC is on $900, if the price falls that same day $50 then he will suffer a loss according to the number he has sold and paid him  with BTC, and it's what you mention he should have sold immediately, but what if his sales were made in 20 hours almost all day, talking about an online store for example, the seller can not be changing his BTC  every moment,so it could have to wait for at least one day to make the change, but do not know if the price will go up or down, it went up more than $900, He will be happy and will do the exchange, but what happens in the opposite case, that is to say that the price goes down, He will have to wait until the price recovers in the best of cases or sell at a loss which would be very bad for the business, and here you start to see why not many businesses still accept it as payment.
I think by the time merchants are doing thousands of dollars a day in transaction in bitcoin then bitcoin will have enough volume to accept those trades without flinching too much, besides if you traded that bitcoin during the course of the day instead of dumping them all at once then your loss if any will be minimal.
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January 29, 2017, 11:39:27 PM
 #893

The best way to make merchants feel motivated to accept the cryptocurrency is to make them realize that there are people using Bitcoin and supporting it. That means, this is something that will depend on the users, the more users using Bitcoin and requesting that the currency be adopted by the merchants, the more this will catch their attention, and they will have more incentive to provide the payment option for Bitcoin.

Yes merchants always care for their customers and their say so for example if 80% of their customers demands it then they will

consider it and accept it as a payment. But right now that even online shops like amazon or ebay won't accept it we have a much

lower chance on local stores to accept bitcoin. When bitcoin hits its peak of popularity local stores will always be the second one to

accept it cause not everyone can access the internet.

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January 30, 2017, 09:52:07 AM
 #894

Well firstly show them how they can gain easy profit on it and how to use this crypto-currency Smiley
You can tell them how quick and easy is bitcoin to tranfer and send money without any information required not like paypal.

It will be not that easy, the value of Bitcoin is very volatile, so its not guaranteed that he will be in profit. Moreover its tough in many region to change their mindset. Local small shop owners will not likely take this risk. And yes its much easier and safe to transact, but still its risky and the time taken to complete it sometime is much longer.

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January 31, 2017, 04:00:21 PM
 #895

Well firstly show them how they can gain easy profit on it and how to use this crypto-currency Smiley
You can tell them how quick and easy is bitcoin to tranfer and send money without any information required not like paypal.

It will be not that easy, the value of Bitcoin is very volatile, so its not guaranteed that he will be in profit. Moreover its tough in many region to change their mindset. Local small shop owners will not likely take this risk. And yes its much easier and safe to transact, but still its risky and the time taken to complete it sometime is much longer.
The more people using bitcoin, the stable the prices will be. Therfore, we must do something to encourage them using Bitcoin. If there are billion of people use it, I doubt that no one can easily affect the bitcoin prices and more people will use it as a currency


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January 31, 2017, 04:17:00 PM
 #896

Well firstly show them how they can gain easy profit on it and how to use this crypto-currency Smiley
You can tell them how quick and easy is bitcoin to tranfer and send money without any information required not like paypal.

It will be not that easy, the value of Bitcoin is very volatile, so its not guaranteed that he will be in profit. Moreover its tough in many region to change their mindset. Local small shop owners will not likely take this risk. And yes its much easier and safe to transact, but still its risky and the time taken to complete it sometime is much longer.
The more people using bitcoin, the stable the prices will be. Therfore, we must do something to encourage them using Bitcoin. If there are billion of people use it, I doubt that no one can easily affect the bitcoin prices and more people will use it as a currency

Goverment support also affect bitcoin popularity on each country. When more people use bitcoin, bitcoin value will stable just like other currency
For some country , bitcoin become something criminal so they forbid bitcoin usage
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January 31, 2017, 09:27:29 PM
 #897

Local businesses should actually find it easy to adopt bitcoin on the security side of things as holding fiat in their safes or tills attracts robbers unlike a bitcoin wallet which would be safer for them and might encourage their customers to use btc  for secure  cashless transactions.
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January 31, 2017, 10:24:12 PM
 #898

Local businesses should actually find it easy to adopt bitcoin on the security side of things as holding fiat in their safes or tills attracts robbers unlike a bitcoin wallet which would be safer for them and might encourage their customers to use btc  for secure  cashless transactions.
Why do you think that bitcoin is safe for business? Every goverment has their revenue service and in my country it requires bank account. Every detail of transaction is recorded in bank and money is protected under bank, also if there will be wrong transaction, we can to solve problem with bank and in bitcoin's situation, you need cold storage, high protect of private keys and if there will be wrong transaction, you can't get it back. Also price of bitcoin is changing very quickly and that's main reason why local businesses aren't accepting bitcoin.

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February 01, 2017, 05:36:22 AM
 #899

Local businesses should actually find it easy to adopt bitcoin on the security side of things as holding fiat in their safes or tills attracts robbers unlike a bitcoin wallet which would be safer for them and might encourage their customers to use btc  for secure  cashless transactions.

Correct. They don't need to have the account logged in on their computer at all since they can just look the address on Blockchain to see if the payment of the customer has already received. Right now, robbers aren't interested in bitcoin wallets yet since they don't understand it yet just like most people. But when it come to the time were they are using bitcoins too, the only bitcoin wallet that can be robbed in a store would be those that are logged in on the phones of the people inside that particular store.

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February 01, 2017, 05:46:11 AM
 #900

Local businesses should actually find it easy to adopt bitcoin on the security side of things as holding fiat in their safes or tills attracts robbers unlike a bitcoin wallet which would be safer for them and might encourage their customers to use btc  for secure  cashless transactions.

How come that there are hacked wallets? I think fiat is still safer when it comes to security of your money. Robbers won't rob you if they see you on busy streets. They attack when you are alone and helpless. If you are holding a bitcoin and you walk on the street and the robber has an idea about bitcoin, then if they rob you, they'll definitely get your bitcoin.

Anyway, to encourage them, don't push them to dislike bitcoin. What I mean is explain it few times only and don't be an annoyance. That's all.

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