Accepting bitcoin as payment for my business

[Yamifoud]

It's really brave of you to do this. Some people on this forum are more of sayers than doers.

I have to agree to this and we have also to agree on the fact that not all of us are planning to run our own business, not like what OP does. So this literally means that the majority will just say what they can picture on their minds what will happen later while helping these doers to think if they are right or wrong, /or if they will continue. feedback is very important and that is a need for OP to listen.

Gas fee will be a challenge anyways.

This will be a huge problem when accepting crypto. The fees will cost a lot, this could burden the customer and might decide to pay in fiat, not in crypto.

[Nathrixxx]

It's a good idea and I look forward to tapping into such, a time is coming when most business transactions will be on crypto. Through this, you're advertising yourself to your respective customers on crypto and with time you will get attracted to other people who are into crypto to patronize or partner with you.

You can as well canvas customers without access to Internet and crypto technical knowledge that they can invest their money and yet get some returns over it with time unlike the commercial banks, but you must have built a level of credible trust from the community around you before this can be achieved.

[Karartma1]

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, usdt 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

You certainly shouldn't propose electrum for mobile users and it would be way better if you'd offer Bitcoin via LN.
If other bussiness owners would want to accept Bitcoin as a great alternative I could give these reasons, for example:
- Accepting payments in bitcoin is as free as cash, but without the risk of counterfeiting and allows for perfect tracking as the law requires
- It has negligible management costs or binding contracts. This allows you to keep your cash outgoings down and be more competitive. In addition, the ratio between processed value, sending time and transaction cost in Bitcoin is better than the visa and mastercard payment network.
- With Bitcoin you can receive payments from anywhere in the world in just 10 minutes without letters of credit and endless banking processes. If you decide to convert your bitcoins immediately there's almost no exchange risk.

[Jercyhora2]

I read a comment in a thread where he said that the time will come when banking will be an old method or tool when it comes to the financial aspect. Where I agree with this, because people can see that the inflation rate only eats up their money that they save. The same goes for every business, which no longer needs to open a bank account to receive payments especially in large amounts. While there have been great changes in crypto, one of them is having a high gas fee per transaction solution. That way its users will be comfortable.

[hannahB4]

Is good to know that your business is thriving in our Country, will love to patronize you soonest. Little more education to people cannot kill, we will continue to learn everyday.

[Desmong]

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, usdt 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

Wow I'm very happy for your new innovation in accepting cryptocurrency as a means of payment for your product which I believe will trigger more persons that are into cryptocurrency to follow your pattern and style of business. In fact cryptocurrency is a far easier means for payment of product or goods for a business that is universal. It is easier for people that is not in your country to pay for product they desire and willing to buy with low or not charges.

[worldofcoins]

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.

Actually, there are going to be stores that will accept cryptocurrency unless there's a government rule that forbids the acceptance of crypto as payment.

In this section of the forum recently I have read a thread of someone who has a shop and it's a clothing shop where they have started accepting 3 cryptos and it's going good for them, right now even if a handful of people are doing it then in future there are going to be more.

[pinggoki]

Biggest barrier that could affect the people's usage of bitcoin for day-to-day transactions would be its seemingly complex nature. The regular joe wouldn't spend an hour or two just trying to figure out how the payment system works, based from personal experience as a customer service representative in the past. There are user-friendly wallet options like Phoenix wallet that new users could take advantage of, but it would definitely take some time before a huge portion of the population accepts crypto as a day-to-day transaction tool.

I read a comment in a thread where he said that the time will come when banking will be an old method or tool when it comes to the financial aspect. Where I agree with this, because people can see that the inflation rate only eats up their money that they save. The same goes for every business, which no longer needs to open a bank account to receive payments especially in large amounts. While there have been great changes in crypto, one of them is having a high gas fee per transaction solution. That way its users will be comfortable.

People are becoming more and more intelligent, and a huge portion that causes this is of course the exponential development of technology. Now having that said, the thirst for innovation is becoming more and more apparent, and since fiat can only do so much and has offered the current generation so little, there is a really good possibility that as long as nothing too harsh happens, bitcoin and cryptocurrencies will replace the current financial system that we live in that severely favors the rich and leaves the poor hapless.

[Pokapoka124]

Thanks guys for the advice and contributions. I’m already acting and making changes to my business model, also implemented some of the suggestions here. I feel good about myself and know I’m doing something great even though it may not be visible now. I will be in touch on this thread and promise to give updates on how my decision to accept Bitcoin as payment has affected my business. Expect a continuation thread in two or three months!

[seramania]

for your business I congratulate you because you are an innovative businessman. I think you have to really plan carefully if you want to use bitcoin because you have to prepare a lot, such as socialization to customers, customer security guarantees, attractive promos and others that customers don't get when using cash payments. it's a strategy and can attract customers using bitcoin

[Cling18]

That's a good move for your business and it's a wise action to accept Bitcoin as a mode of payment. It will be convenient for your customers who are also into cryptocurrency. I'm also planning to do the same thing for our business and offer a good discount but I'm still in the process of surveying if there will be payers who would choose Bitcoin as a mode of payment in our place.

[Digitalbitcoin]

Congratulations.

Understanding Bitcoin and its environment for the normal layman is quite tough and challenging. But still having willpower can make miracles.

Traditional and old businesses as well as a new business having the great idea to connect with a new audience by creating a new gateway for accepting payments in crypto.

All it requires is a wallet address to receive payment which can be verified on the blockchain explorer.

Rather for the interested user, you can offer exchange services or exchangers too, which can give you residual earning.

If a business is registered, you can contact any particular blockchain which is a much lower cost for the transfer, to give more power to users, by accepting specific cryptocurrencies such as Stellar or Tron or users choice, along with exchange services.

[Ucy]

Just wish it's crypto business that are less dependent on the country you live or is independent the system. For businesses that are required to contribute to the government(in form of taxes, levies, etc) they will need to use wallets that are controlled by Just national laws. These are some of things I will consider before using crypto for businesses. Hope good decentralized platforms that support people/businesses that are dependent on countries could implement the tax and other ideas, and make the payment automatic... In the end, the Bitcoin principles/ideals are be preserved and users are satisfied.
Have a nice day.

[bitterguy28]

Thanks guys for the advice and contributions. I’m already acting and making changes to my business model, also implemented some of the suggestions here. I feel good about myself and know I’m doing something great even though it may not be visible now. I will be in touch on this thread and promise to give updates on how my decision to accept Bitcoin as payment has affected my business. Expect a continuation thread in two or three months!

This is not a one day process mate and the effect cannot be predicted instantly , just continue your legacy and surely in time you'll take fruits from this offering .

Remember that Bitcoin is the most promising digital currency in the whole world so what we are only waiting is the mass adoption and will see the benefits of all our effort in this market.

those who are laughing on us will soon reminded that time will end and our turn is near to come.

[dimonstration]

That's a good move for your business and it's a wise action to accept Bitcoin as a mode of payment. It will be convenient for your customers who are also into cryptocurrency. I'm also planning to do the same thing for our business and offer a good discount but I'm still in the process of surveying if there will be payers who would choose Bitcoin as a mode of payment in our place.

Its a good thing as many will know or get curious in what bitcoin is as well now that the adoption is massive it can help to boost your business. Im also glad to know there are business who will accept crypto so ere is no need to transfer or convert every now and then which is sometimes troublesome. Having bitcoin to use in transaction can help.

[Lubang Bawah]

Thanks guys for the advice and contributions. I’m already acting and making changes to my business model, also implemented some of the suggestions here. I feel good about myself and know I’m doing something great even though it may not be visible now. I will be in touch on this thread and promise to give updates on how my decision to accept Bitcoin as payment has affected my business. Expect a continuation thread in two or three months!

This is not a one day process mate and the effect cannot be predicted instantly , just continue your legacy and surely in time you'll take fruits from this offering .

Remember that Bitcoin is the most promising digital currency in the whole world so what we are only waiting is the mass adoption and will see the benefits of all our effort in this market.

those who are laughing on us will soon reminded that time will end and our turn is near to come.

When we use bitcoin earlier we will be faster to achieve success, many people think that bitcoin can't be used for direct transactions, but we have a strong global community so we must give priority if there is a business related to bitcoin such as an online shop who accept bitcoin.

[oHnK]

Im also glad to know there are business who will accept crypto so ere is no need to transfer or convert every now and then which is sometimes troublesome. Having bitcoin to use in transaction can help.

I don't know how the development of Bitcoin legality in Nigeria is, but as far as I know the government is starting to worry about crypto trends in society.  However, I'm sure OP understand better about it.  Because the business of a legitimate payment system must refer to the regulations of the government itself.

[ranaprime]

I'm really glad to hear from you. You are a first class fighter who is working directly on the spreading of Bitcoin. Thank you very much. If this kind of work could be done, it would be very easy to spread. But most of the countries are still restrict bitcoin. Hopefully soon Bitcoin is going to be the best currency in the world.

[Wendy Simth]

The increasing popularity of bitcoin has a lot to do with the promotion of people who know bitcoin very early.

I wonder if the number of bitcoins is determined in advance? Because of volatility, the number of today and tomorrow is different. How do you solve this problem? Do you have any discounts for customers who pay with bitcoin?

I want to know the specific details. Maybe I will have a chance to follow suit in the future. Thank you and wish you all the best.

[pjwaffle]

this is a very happy thing and it is my pleasure to share this joy with you. You are a technology lover and know how to take advantage of the benefits of cryptocurrencies, there are many places that want to buy and pay with cryptocurrencies. but for any business in my country that doesn't have this kind of payment anywhere yet, I'm quite disappointed and hopeful that in the future in the country where I live will accept payment in electricity death.