Accepting bitcoin as payment for my business

[masterrex]

Thats good news I hope that one day Bitcoin and other cryptocurrencies will be widely accepted in most stores globally, by the way, here also in my place there's a number of food stores that were accepting crypto but not Bitcoin or Ethereum but it was XRP, and maybe soon they will accept Bitcoin and Ethereum but their argument was settled on the transaction fees. which is a big issue while paying using Bitcoin or Ethereum.

[Text]

Amazing.  As a crypto enthusiast as well, I greatly admire those like you for using and accepting Bitcoin and other cryptocurrencies as payment for your products sold.  Your courage to do that and use it as a partner in your business.  It's also fun to think that they're learning something from you, that's a good interaction.  Apart from BTC and ETH, what else do you accept?  Do you already have an online shop or website where we can see your clothing products for us to browse in case someone likes and is interested in buying as well?  Thanks for sharing this.

[Kong Hey Pakboy]

Thats good news I hope that one day Bitcoin and other cryptocurrencies will be widely accepted in most stores globally, by the way, here also in my place there's a number of food stores that were accepting crypto but not Bitcoin or Ethereum but it was XRP, and maybe soon they will accept Bitcoin and Ethereum but their argument was settled on the transaction fees. which is a big issue while paying using Bitcoin or Ethereum.

Probably they accept XRP because it's much more stable than most cryptocurrency out there, that's what some of my cryptos go through before I can spend it on fiat but sometimes a P2P could go nust fine for me. So far, I haven't seen any store or business in my area that accepts crypto for payments but this is a good thing because everything starts small.

[pawanjain]

Yes I'm working on that. I've narrowed it down to 2 companies to chose from. So far customers are more familiar with btc, eth and usdt. I strike conversations with them to gain more ideas for my service. At the end of the day I know which customer is satisfied and those who want to pay in other crypto, with that data I can increase the payment options

Bitcoin and Ethereum are some really nice coins but the transaction fees will create a problem when the network is facing high congestion.
So whichever coins you narrow down make sure they don't have such problems.
This is to make sure your business is not impacted due to network congestion on Bitcoin and Ethereum blockchains.

[adzino]

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

That's a nice thing you are doing. At least more people will know and be able to use bitcoin to make payments. Few questions though. Do you keep all your earnings in BTC? Or do you convert some half of it to fiat? If you keep it all in BTC, what about the volatility? Have you ever been affected by the volatile market? What about the confirmation of the transaction? Do you just trust all your customers and allow them to make purchase with zero confirmation? How about taxes? You do keep a good chunk of cash aside to pay your taxes, right?

[Ibrahim60]

First of all i tell you that this is really a awesome idea. I think this will help you to get more customers. Bitcoin is a digital currency and most potential currency. Day by day its popularity increase among the people. So if you accept Bitcoin as a payment then this is really great idea.

[qwertyup23]

Just a quick question, as a business owner, is there any difference, in terms of profit, when you accepted cryptocurrencies as a payment method on your business? In addition, due to its high volatility, is this move going to make your business more profitable or liquid in the years to come?

Most businesses have started to integrate cryptocurrencies as a payment mode to their business but I am curious as to the difference in profit. Due to its high volatility, you can either earn or lose money at the same time which makes your clothing, in a way, an investment on its own.

[herurist]

Thats good news I hope that one day Bitcoin and other cryptocurrencies will be widely accepted in most stores globally, by the way, here also in my place there's a number of food stores that were accepting crypto but not Bitcoin or Ethereum but it was XRP, and maybe soon they will accept Bitcoin and Ethereum but their argument was settled on the transaction fees. which is a big issue while paying using Bitcoin or Ethereum.

this seems like a very good start, even though in terms of volatility both eth and xrp are under btc but that's okay because this could be a very good start and this could be a stepping stone in crypto in your country.
maybe they do this not without reason and there are considerations for it because we know bitcoin is now a very big and extraordinary thing both in terms of enthusiasts and scale, bitcoin has become a very extraordinary thing.
but here it doesn't mean that eth and xrp are also small things because we know that eth and xrp also have a very large fan base. and it's just a matter of time for your country to step into something bigger in crypto

[Rath_]

Thank you very much. Many on the thread have suggested using Lightning network. I have to read more about it though, I know there are threads that explains the LN on the forum. I just have to search for them.

Make sure to check out Basics of The Lightning Network and The Lightning Network FAQ. The latter one is fairly active; feel free to ask your Lightning related questions there. However, that thread contains slightly out-of-date information. I am currently working on an update. I will probably publish it at the beginning of the next week. You might also find this list useful.

[Hippocrypto]

I have been in the forum for some time learning different aspects of bitcoin, now I want to be more practical about bitcoin as a currency. I introduced crypto payments for my business and have been making sales lately. I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.
So far customer feedback has been good. Some people are glad to be able to use bitcoin to actually pay for a service, Nigeria is a growing market you see. In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet. I try to educate them on other wallets with low transaction fees like electrum.
I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

This is a great idea for customers who wants convenience in purchasing products using bitcoin. Having cashless spending will promote digital currency adoption, and I guess not all individuals knew this thing because what they're aware of is the traditional fiat money. Unlike cryptocurrency used as payment, you don't worry about physical cash in hand but it's all about virtual money.

[Pokapoka124]

the other thing you do is give people who dont know about crypto, try to learn it though just a little bit, and thats a good for spreading bitcoin. seller must be patient with customer to explain about crypto.
and as what you said before, it can attract customers from crypto as a user, and ordinary as the people who need to know.

Yes I think this new initiative does exactly that, people walk up to me and ask random questions about bitcoin. I have been nicknamed the Bitcoin guy  

But will this be well received by other people? for the acceptance of bitcoins as wages from their business,

I'm not a miner and I accept bitcoin, usdt and eth as payment in my business. Tbh this is an experimental project as nobody in my country has done this before there isn't like a business model to follow. But I believe this will work for me

 Do you keep all your earnings in BTC? Or do you convert some half of it to fiat? If you keep it all in BTC, what about the volatility? Have you ever been affected by the volatile market?

I keep 70% of my earnings in crypto. I'm in for the long game, the changes in bitcoin prices doesn't bother me I just want to stack more bitcoins.

What about the confirmation of the transaction? Do you just trust all your customers and allow them to make purchase with zero confirmation?

That's is one of the challenges I face. I wait for at least two confirmation on the blockchain network. Those who are familiar with Bitcoin understand that the network can be congested and slow sometimes, so they prefer the preorder service ( Pay Before Delivery) from the comfort of their home. Also I'm learning about LN, its faster and more efficient once I understand it well enough I will implement it also and encourage my customers to do so

How about taxes?

I don't think I'm supposed to pay taxes for transactions conducted using bitcoins. I will have to discuss this with a professional to make sure I'm not breaking any law. Thank God my country isn't as strict with tax as the UK and other countries

[Wewe Gombel]

I think the government in your country supports bitcoin. because in my country accepting bitcoin as payment is strictly prohibited. Bitcoins can only be traded not for payment. I think you have to work harder and take advantage of bitcoin so that your business will be more successful and I congratulate your business for adopting the latest technology, namely bitcoin.

We can add bitcoin for additional payment methods, maybe by accepting bitcoin it will increase the transaction volume because payment with bitcoin is very easy and fast, currently many governments have banned bitcoin but I'm sure one day they will soon accept bitcoin.

[Tina H]

This idea is very advanced. Compared with your peers, this method is beneficial. Whether it is for merchants or consumers, merchants can get some profits from market fluctuations.
In the current boom, there are many fields involving accepting cryptocurrency payments. I have to say that this also touched me. I also want to be a company that accepts cryptocurrency payments, but at present I have not figured out a good direction. I believe not After too long I will have a goal.

[Emitdama]

This is a great idea for customers who wants convenience in purchasing products using bitcoin. Having cashless spending will promote digital currency adoption, and I guess not all individuals knew this thing because what they're aware of is the traditional fiat money. Unlike cryptocurrency used as payment, you don't worry about physical cash in hand but it's all about virtual money.

Yes and it helps both the customers and sellers.

The seller gets more buyers because there might be a few people who would visit his store and make purchases solely because he accepts Bitcoin. There are people who will buy Tesla cars with BTC but don't want to do the same with fiat money, it tells us that people want to spend Bitcoins.

The buyer gets extra options. There are normal payment modes but an extra option doesn't do any harm to non-crypto customers.

[DoublerHunter]

Seriously lot's of people have started accepting bitcoin as there payment which is very nice I believe this is very helpful for bitcoin Growth. I encourage lots of people to also accept bitcoin as there payment method which will be very good am really happy to hear you this.

^ It is a case-to-case basis.
If your country was fully open-minded when it comes to crypto acceptance then that is fine to accept BTC as payment. And also, always remember that BTC will always have a fluctuation and it could bring you a profit while saving this in your wallet. But of course, you need extra funds so that you will be able to reinvest stock when you needed while the market is in a low direction. Nevertheless, good thing OP brings more awareness to people that hold BTC, they can simply help and encourage everyone that using BTC is the very important thing.

[oktana]

It's really brave of you to do this. Some people on this forum are more of sayers than doers. But wait! I thought crypto was banned in Nigeria? Or has it been unbanned.

Gas fee will be a challenge anyways. Just like you said, 8 out of 10 customers don't know what Bitcoin is. Now out of the 2, how many will want to pay such transaction fees? And the other 8 people? Maybe you can educate them about Bitcoin. Good thing you took that move

[adzino]

I don't think I'm supposed to pay taxes for transactions conducted using bitcoins. I will have to discuss this with a professional to make sure I'm not breaking any law. Thank God my country isn't as strict with tax as the UK and other countries

Huge mistake to start your business without contacting a professional accountant and a tax lawyer who deals with crypto currencies. You should talk to them as soon as possible or else interest and penalties are going to kill you. You might still have to pay income tax and all capital gains when you receive and convert your coin to a fiat currency. Or else everyone in your country would be doing business using crypto currencies to avoid the tax. Bitcoin is not a tax haven unfortunately.

[perfect999]

I'm in the clothing industry and I believe in crypto. I have my wallet addresses and barcode printed at the door and pos! For now, I accept Bitcoin, and Etheruem. These are 3 popular coins in my community.

Bitcoin, Ethereum and ? I mean you said 3 so maybe missed one name there. Anyhow, it's great to see members of the forum taking initiative in real-time towards a crypto economy.

In addition it has also got my business attraction from customers who are in the crypto space. The challenge though is the issue of transaction fees, 8 out of 10 customers aren't exposed and only use the blockchain wallet.

Transaction fees is indeed an issue and then there's also confirmation waiting time when the blockchain is busy. I wonder if you can put a small discount on purchases made through crypto that will enable more users to pay with crypto.

I feel good about this new development. I get to interact with customers about Bitcoin and share ideas

Keep up the great work and it is inspiring to read such stories. I just wonder if people still prefer paying in cash/fiat or they are actually inclined to make payment with cryptos.

[GeorgeJohn]

Currently bitcoin is universal currency and everyone is interested to learn and understand more things concerning cryptocurrency but in generally bitcoin, any business you setup and demand payment with bitcoin i believe people Will be in line to patronize you due to they want to use the avenue to understand cryptocurrency because their mindset will go that for you as a business person to accept payment with bitcoin it's obvious that you know very well about it, from the concept that you know bitcoin they will acquire crypto knowledge from you, but you should have made it open for all the cryptocurrencies payment and not to be specific for only three (3) coins as you listed.

[wajik-tempe]

Does it will take too much fees for a clothing service sale for bitcoin payment ? i mean if your products is under 100$ price i think it's too much if you open the payment in bitcoin moreover if you charge the transaction fee to the buyer.
So i think you better open another cryptocurrency payment with lower fees, but the weakness of this strategy is not many people know about cryptocurrency besides bitcoin. Just a little suggestion from me.