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thesavoyard (OP)
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Despite the down market, we've had our best month to date. While my crypto holdings look grim, my business is doing better than ever. If you want to do well for yourself while boosting the market, get in a business that accepts crypto payments.
Shopify has 3 different payment processors that allow you to accept BTC as payment. We need more things we can buy online with crypto in order to accelerate adoption. If you sell things the community wants to buy, this forum would get you a base to start with.
We need more selection of PC parts, not just mining hardware.
You can do drop shipping, but I don't recommend using their system. Alibaba and other Chinese market places allow drop shipping but price and stock fluctuate way too fast. You need to contact directly the brands you want to carry and become an authorized retailer, find out what their rules are and build your business based on that. There are a lot of guides on how to dropship.
If you're a little more wealthy and want to build a viable business, become a distributer. Buy stock of items people want to sell and be the drop shipping provider, turn bulk discounts into profit and have dozens, or even hundreds or small retailers sell for you.
We need less people trying to get rich holding and more people being productive. That's how you become a crypto billionaire.
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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Xester
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March 30, 2018, 04:46:56 AM |
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I do agree with your statement and what keeps bitcoin from being a true cryptocurrency is that it was treated as a holding. But the problem nowadays with bitcoin is that it is not so merchant friendly since when they accept bitcoin and its value fell down they will suffer also from the price drop.
But for merchants if bitcoins value is at dip it is a good time to accept cryptocurrency or bitcoin since if its value goes up you will earn a multiple times of profit from your sales because of btc.
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trecore4
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March 30, 2018, 04:53:02 AM |
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Good thoughts bro but not everyone is capable of doing the business and neither all of them have that much patience in first place. If they were to use business ideas then there could have been condensation of the market and thus we could have seen more demand and supply thing going around us.  You think opening up the store and start getting the orders is as easy as it seems with our discussion? There have been many businesses which were listed in the early start ups but only few pass the test and end up having prime time with it. Accepting bitcoin through the business and setting the business are two different things bro. |
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BTCLovingDude
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a very good point.
i personally like it most when new merchant or services start accepting bitcoin.
one of the things that i always tell others is that if you really want bitcoin to grow you have to start using it as a currency and in order to do that you need to keep asking the places you are already using to start accepting bitcoin so that you can spend it there. these merchants need to see our demand first before they adopt bitcoin.
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Notcalculator
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March 30, 2018, 05:10:59 AM |
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It's not that people dont want to open their business to crypto transactions, it's just that btc isnt as recognized as fiat. The conventional method is to exchange btc to fiat and buy things. So, in short terms, it isnt really profitable. Additionally, it could be a recipe of a potential lawsuit since in most countries, transactions in cryptos isnt recognized.
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thesavoyard (OP)
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March 30, 2018, 05:16:39 AM |
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I do agree with your statement and what keeps bitcoin from being a true cryptocurrency is that it was treated as a holding. But the problem nowadays with bitcoin is that it is not so merchant friendly since when they accept bitcoin and its value fell down they will suffer also from the price drop.
But for merchants if bitcoins value is at dip it is a good time to accept cryptocurrency or bitcoin since if its value goes up you will earn a multiple times of profit from your sales because of btc.
All of you make good points, however, when you accept BTC you receive fiat. Payment processors convert it to fiat for you, it's just like accepting Visa and Mastercard. While it is tough to open an online business, there are a lot of needs by people in this community that go unfulfilled. A lot of people are cash poor but have crypto income from mining ect. You give them the things they need everyday and they will buy from you. Hold a bounty right here to promote your store. It takes time, knowledge, patients, and resources. But if you have the heart to be an entrepreneur, you enter into an untapped market. |
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Crytptomeniac
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March 30, 2018, 08:57:57 AM |
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True. An online store which accepts bitcoin will help increase adoption rate as if people see something they like and want to get it, they would want to get bitcoin so they can pay for the item.
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jseverson
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March 30, 2018, 12:17:46 PM |
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All of you make good points, however, when you accept BTC you receive fiat. Payment processors convert it to fiat for you, it's just like accepting Visa and Mastercard.
That's not always the case. Bitpay lets you choose if you want to receive your payment in Bitcoin or a currency of your choice after they take their cut. You could even receive a combination of the two. Rather than opening an online store, which isn't an option for most users, just encourage them to spend in Bitcoin and ask various shops if they accept it. It would be great if you could open an online store, of course, but I simply don't think it's for everyone. Everyone here should be able to spend in Bitcoin, in contrast. |
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onurgozupek
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March 31, 2018, 09:00:35 PM |
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Accepting crypto currencies is a good choice for both merchants and buyers. Merchants will have chance to save crypto currencies and merchants will be able to spend their crypto funds. But it will be a game changer when merchants set the prices directly in cryptos without looking the fiat currency pairs.
A: How much is that t-shirt?
B: 0.005Bitcoin
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simpleholmes
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March 31, 2018, 09:06:12 PM |
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only if as people would stick to our promises when things are good as well as bad than anything would be possible also the idea behind this is very good but in a slightest bad thing they do change their approach toward a business and you may left all alone, but without trying we can`t know after all.
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mktpromp
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April 01, 2018, 06:55:58 AM |
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I really like and agree with you. I also think that it is benevolent when a business start to accept any crypto currency as payment method. I do believe that bitcoin would go up by starting to use it as wide spread and accepted currency that can be used anywhere, anytime.
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bct9t
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April 01, 2018, 02:59:14 PM |
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What an interesting opinion! It's appreciating when marchents does trading with bitcoin. Besides, I agree that an online shop with bitcoin will help to incease its trading rate.
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BelieveInBTC
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April 01, 2018, 05:16:06 PM |
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The biggest problem is that in many countries it is not clear how to pay tax for transactions made in cryptocurrencies if you don't cash out right after you receive your coins. However, it should change soon because governments are slowly taking Bitcoin more seriously because more and more people want to use it. There are some shops which already accept Bitcoin as a payment but I have no idea how they deal with taxes later. It might cause some trouble for people who have never heard of cryptocurrencies before.
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thesavoyard (OP)
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April 02, 2018, 07:53:08 PM |
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The biggest problem is that in many countries it is not clear how to pay tax for transactions made in cryptocurrencies if you don't cash out right after you receive your coins. However, it should change soon because governments are slowly taking Bitcoin more seriously because more and more people want to use it. There are some shops which already accept Bitcoin as a payment but I have no idea how they deal with taxes later. It might cause some trouble for people who have never heard of cryptocurrencies before.
In the EU, excluding Germany, it is the value cashed out in fiat. Germany considers crypto parallel to currency, they don't tax trading but if you sell products you can expect to pay tax. The US has their latest scheme to protect banking interest through crypto taxation. But I don't think the US keep the band together too much longer. Too many Yoko Onos in positions of authority and the states are starting to wonder why they have to be in a band they no longer like. |
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Hikol
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June 04, 2018, 07:20:54 AM
Last edit: June 06, 2018, 12:33:38 PM by Hikol |
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Thank you, very nice and interesting information here for me. I am going to start an online store for me soon too. How do you guys do it, by the way? I am thinking about the service from https://niklex.net/services/online-shop-development.html for example. I think they are good at it. What do you recommend? |
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5hoop5
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June 08, 2018, 04:13:03 PM |
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I consider it a great idea for a business start. Firstly, you will learn to know the consumer world well and improve your abilities, look in the future it will easily lead to a more serious Internet business, I wish everyone good luck!
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bob123
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June 08, 2018, 04:22:28 PM |
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It might be worthy to add that not everyone has (1) the technical knowledge nor (2) the budget to open an online store.
You at least need one of them.
If you have the technical knowledge you can suceed without a big budget. But this does require to have a lot of knowledge.
From simple Front-ending/UI to back-end and security mechanisms. Each has to be handled by one person.. which does take a lot of time to accomplish.
With a big budget, you don't kneed technical knowledge since you simply can hire experts to do the work.
But with medicore knowledge and a small budget the chances are almost zero to suceed in creating a proper online shop on your own.
Massive amounts of shops (especially those dealing with crypto) get attacked on a daily basis. Without proper risk management and security this might result in a disaster.
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machineskill
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July 06, 2018, 07:35:06 AM
Last edit: August 05, 2018, 11:33:31 AM by machineskill |
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But in my country, paying by BTC is illegal. Even USD and gold are not allowed to be paid.But for those who are new and start low budget bussiness, crypto will be noto fair for them cause it include a lot of risks like price drop, fluid, news; obviously a starter will fall in big loss with crypto.BE AWARE.
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