Pet shop want to become a bitcoin exchange?

[RapTarX]

Since you have got a pet shop, I guess it's better if you start accepting bitcoin through Lightning Network; best for micro payments. You will get-
- Instant Confirmation (You are unlikely to wait for confirmation.)
- Low Fee (Your customers are unlikely to pay higher fee for a small transaction.)

Lightning Network can be the best solution for shop you referred.

If you need to learn more- A Beginner's guideline to Bitcoin Lightning Network
More interested; try Lightning Network with testnet BTC- [Tutorial] How to create Lightning Network Channel (Testnet BTC)
If you have got some questions to ask, don't hesitate. Go to the thread I referred & share your query; will gladly assist as much as we can.

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[Rawbsoup]

This is in the U.K. it is legal and it is my pet shop so I don’t have to seek permissions. Brighton is a modern city and we are prob big enough to trial it. Lightening payments look great! I could even sell the system to other shops?

[Mihaylovic]

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

I think you are confused. You can accept crypto payment, it is not so complicated thing. You can either accept bitcoin or use a token. But if you want to launch an exchange platform, it is something hard, you have to be more professional and forget about your pet shop.

[jtraverso]

I hope you are going to accept dog(e) coin.

Doge Coins best suits the pet shop. Maybe OP can put a logo of Doge coin on the sign board of his shop.  

https://i.imgur.com/GYijNaj.png

If this does not violate the rules of the Dogecoin community, then it sounds like a super idea for advertising a pet store!

[Easteregg69]

Pick doge and tether. BTC is too gay and crime endorsing. You don't wanna be associated long term.

Edit: And perhaps TRX for fast transfers.

[sunsilk]

Lightening payments look great! I could even sell the system to other shops?

You mean selling the system of lightning payments? well, you can create your own service that will attach the other shops and be the third party that shall process their payments.

Do you already have the website? may we see it?

[electronicash]

reminds me of MTGOX.

MTGOX was said to be meant for a card exchange site. you know those collectible cards where nerds are trading. i'm not really aware of this but i just read it somewhere which its history were discussed. they were trading cards and eventually some of them accepts BTC and then later on Karpeles turned its website into a php written BTC exchagne which its security is very poor.

OP should jsut accept BTC instead of making its petshop into an exchange.

[joinfree]

so you wanna open an exchange or you wanna accept crypto?

I think what he meant to say was to accept crypto as a payment method and this inspiration actually came forth as he was reading an article about bitcoin exchange.
Answering OPs question it would be a great idea and also expose bitcoin to your customers but i hope they are no legal restrictions of bitcoin in your country.

[keeee]

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

For me if you already have a pet store but you still wanted to have another business like trading bitcoin, I think you should pursue those two businesses because both of those can give you a high profit and also that is another way of saving and investing your money. Its just like you are hitting two birds with one stone.

I agrer,  in facy it woud be very good especially for those pet lover but at the same time also using bitcoin or other cryptocurrency. It may be a good start of expanding the ussge of bitcoin in this world and hoping that other stores also accept it as a rule of payment.

[RapTarX]

Do not you think that the owner of the pet store will spend too much time on the implementation of your proposal?

It won't take more than a hour to set up everything he needs. It only requires him to create a channel and increase the inbound capacity (to receive payments). Creating a channel requires 5 minutes. I have shared tutorial above and you can check that. It's not that much of hard as you are thinking.

Lightening payments look great! I could even sell the system to other shops?

Your questions aren't clear. What are you referring to?

[Easteregg69]

so you wanna open an exchange or you wanna accept crypto?

I think what he meant to say was to accept crypto as a payment method and this inspiration actually came forth as he was reading an article about bitcoin exchange.
Answering OPs question it would be a great idea and also expose bitcoin to your customers but i hope they are no legal restrictions of bitcoin in your country.

Slinging shit over the fence.

Why would he do it if it where illegal.
Is it a criminal offence where you come from?

[Easteregg69]

Yes I love the idea of a bitcoin atm. How would it be possible? Does BitPay handle dogecoin? I would be first pet shop doing this I reckon

You don't need any third party gateway with a proper plugin. Check up on modules for your CMS.

Meaning you can avoid fee's.

[nickenburg]

Yes you have a few different options, as a shop if you want to only accept crypto and sell it for cash right away there is a really good website for you:

https://bitpay.com/

You can sell items for Bitcoin and trade it in for cash right away you will receive the funds directly to your bank account with zero price volatility or risk.

The other option is to directly recieve Crypto for items yourself and keep the Crypto of course, if you dont need to spend the money right away on needs like rent and food I think this is the best option.
It is the most risky one but can also be the most rewarding one!

[Easteregg69]

It is the most risky one but can also be the most rewarding one!

Right. Use a cold wallet for long term storage. (Not connected to any network wallet. Remember to save a deposit address for it before you bag the key.)

[Jet Cash]

BTC is too gay

Brighton is a gay seaside city. Lots of antiques as well - not just old dogs. Here is a video of the Pet Shop boys at the Brighton Pride music festival in 2017 - https://www.youtube.com/watch?v=GuXtaDQdaF8

Roedean is on the outskirts of Brighton, and it hosts the famous Roedean school, which is the girls' equivalent of Eton. The treasonous Gina Miller of anti-Brexit fame was educated there.

Tie some of those in with crypto, and you could put your shop on the map.

[The Sceptical Chymist]

I hope you are going to accept dog(e) coin.

Lol, nice one--and that would actually be a fantastic gimmick for a pet store.  Not kidding about that.

OP, if you really own a pet store I would stick with that if it's profitable for you.  There's nothing quite like owning your own business, and I'm assuming you'd have much less of a pain in your butt as far as regulators go than you would if you tried to start a crypto exchange.  I also don't think another exchange is necessary, because as it stands only the bigger, more trusted ones are used by people who are serious about crypto.  Plus I don't think it's very easy to break into that game anyway.

You'd be better off running a crypto pet store, and I think all you need for that is a payment processor unless you want to receive actual cryptocurrency (which is not what most businesses do).  Best of luck.

https://bitpay.com/

Yep, that's exactly what I was thinking.

[avatar_kiyoshi]

Happy to start with accepting bitcoins how much cash flow for an exchange?

You have misunderstood between Bitcoin as payment and Bitcoin exchange.
Well if you want to accept Bitcoin in your shop I think you need to consider the volatile price. Example situation: the customer buy 1kg of pet food at a price of $10 (0.00125 BTC after conversion, at the rate price of $8,000/BTC), and then you need to restock those pet food, let's say it's cost $8 and Bitcoin price fall down to $5,000. So your 0.00125 BTC become $6.25. You need extra funds to cover that, if you not restock those pet food, the circulation of your money will be hampered, isn't?

Lol ok so accepting bitcoin and alt coins how do you go about it? I signed up with BitPay

What is doge coin?

AFAIK since bitpay is no longer partnering with shapeshift, processing the payment using altcoin is currently not possible.
Doge coin is altcoin.

[Aying]

Pet crypto exchange? sounds new and not that gaining interest of crypto traders and investors, coz you know that you have pet shop and you want to add crypto exchange to trade different kinds of crypto tokens, users might not get what your aiming to this but you may try if you have knowledge to run a two kind of business as one.

[ScamViruS]

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

You already have a pet shop. You can receive crypto as payment in your shop if you want. But there are some things to know well before you start accepting bitcoin as payment. Will your country's government allow you to accept crypto as a payment? If so, you can start accepting with permission. If you can do this, Bitcoin will be known to your customers. As a result, people who did not know Bitcoin before will also know about Bitcoin.

[ReiMomo]

Accepting crypto in your pet shop is different if you have another business of crypto exchange. First, you need to learn more about crypto stuff and other related to blockchain function. Probably it takes time before you can build a crypto exchange. Back to your pet shop, if you are accepting crypto there's no problem but you need to understand how the crypto market being volatility and when you convert into fiat you might lose or gain. You can accept through having QRcode from your bitcoin or altcoin address.