Bitcoin as my new payment method

[sheenshane]

We've heard here a lot of stories about Bitcoin acceptance as a payment on their place and I hope they understand how volatile Bitcoin is to know possible risks on the price.  Glad to hear a story like this, it will help the community of Bitcoin go strong and give awareness to the people in your place.  But one thing just to make sure, understand how Bitcoin works because it's very crucial in your business, all transactions are irreversible, once you've hit the send button and have at least 3 confirmations on the network, you can't undo it.

However, it always has an advantage if we've knowledgable about it, I suggest you study it.
Good luck with your business.

[agustina2]

I’ve been a merchant wholesaler for the past four years now. A lot has changed in my business since I introduced Bitcoin as a means of payment. I receive money quickly, I’m able to save up by storing and holding my bitcoins and I can withdraw from my account at my convenience, no limit options. This is far beneficial to me than when I was using banks. Within the first two years Of starting my business I always go to the bank to increase my account limit and set up other necessities. Sometimes it doesn’t get effective immediately I have to wait for 48hrs or the next five working days before it works and still I do have some issues from time to time. This year I decided to start receiving  Bitcoin as a means of payment. All I did was print out my wallet address, pasted it on the wall and my customers who knew about Bitcoin already  was so delighted I introduced Bitcoin as a means of payment and for those who didn’t have an idea,I educated  them on how Bitcoin works and how it can be useful to them.. Everything has been going swiftly,I’m so glad I made this great life changing decision of making Bitcoin a payment method in my business.

I don't really mind if you switch to bitcoin payment but what I'm thinking is, do you really get a good number of customers paying in bitcoin since you even considered that accepting bitcoin is a great life-changing decision? If that so, then your country or place do have lots of crypto-oriented people.

I also don't understand how you went through a difficult process with your bank. Maybe there are really problems at your side that you need to address as there will be a time that it might question the legality of your business.

You are also in business for 4 years and that should not be a problem.

[tippytoes]

We've heard here a lot of stories about Bitcoin acceptance as a payment on their place and I hope they understand how volatile Bitcoin is to know possible risks on the price.  Glad to hear a story like this, it will help the community of Bitcoin go strong and give awareness to the people in your place.  But one thing just to make sure, understand how Bitcoin works because it's very crucial in your business, all transactions are irreversible, once you've hit the send button and have at least 3 confirmations on the network, you can't undo it.

However, it always has an advantage if we've knowledgable about it, I suggest you study it.
Good luck with your business.

More than likely, he already knew the risks involved when it comes to crypto market. As he might have seen the up and down movements, he knows what he's getting into. Because he can always convert it to fiat upon receipt of crypto payment to avoid possible losses. Or he can wait, and exchange it when bitcoin is high. So exploring the crypto payment may give him benefits and it is up to him how he will prevent losses.

[kamvreto]

We've heard here a lot of stories about Bitcoin acceptance as a payment on their place and I hope they understand how volatile Bitcoin is to know possible risks on the price.  Glad to hear a story like this, it will help the community of Bitcoin go strong and give awareness to the people in your place.  But one thing just to make sure, understand how Bitcoin works because it's very crucial in your business, all transactions are irreversible, once you've hit the send button and have at least 3 confirmations on the network, you can't undo it.

However, it always has an advantage if we've knowledgable about it, I suggest you study it.
Good luck with your business.

the risk is bitcoin's volatility but behind all that there are many advantages that can be utilized. transactions with bitcoins will be recorded in blockchain and no one will be able to delete them, transparent and accessible to anyone. those who accept bitcoin as a new payment method of course already know what bitcoin is and what the risks and advantages are. This is also related to regulatory issues in each country, the application of bitcoin must follow the regulations of the country they occupy. For countries that only provide regulation as a commodity, it is not allowed to be used as a means of payment other than Fiat.

[GreatArkansas]

(....)

I don't really mind if you switch to bitcoin payment but what I'm thinking is, do you really get a good number of customers paying in bitcoin since you even considered that accepting bitcoin is a great life-changing decision? If that so, then your country or place do have lots of crypto-oriented people.
(.....)

I don't think this is important now. Having multiple payment methods or, having flexible payment methods will help your business because customers will help to choose what they preferred payment methods and also this is also a good help to introduce or advertise Bitcoin to other people especially those new ones without an idea how Bitcoin works, they will start be curious once they hear Bitcoin.

[n0ne]

Adding more payment options gives the customers the choice and bitcoin payment option is something new to the market. So, even the user who doesn't know about it will try to know what it is all about. In that perspective bitcoin as payment is good according to me, and it doesn't bring revenue in a short. OP needs the patience to wait for customers paying him in cryptocurrencies. He have mentioned of more customers using it and learning to use it, but the market trend varies and the mind of customers too changes.

[Jeger.Kiting]

I’ve been a merchant wholesaler for the past four years now. A lot has changed in my business since I introduced Bitcoin as a means of payment. I receive money quickly, I’m able to save up by storing and holding my bitcoins and I can withdraw from my account at my convenience, no limit options. This is far beneficial to me than when I was using banks. Within the first two years Of starting my business I always go to the bank to increase my account limit and set up other necessities. Sometimes it doesn’t get effective immediately I have to wait for 48hrs or the next five working days before it works and still I do have some issues from time to time. This year I decided to start receiving  Bitcoin as a means of payment. All I did was print out my wallet address, pasted it on the wall and my customers who knew about Bitcoin already  was so delighted I introduced Bitcoin as a means of payment and for those who didn’t have an idea,I educated  them on how Bitcoin works and how it can be useful to them.. Everything has been going swiftly,I’m so glad I made this great life changing decision of making Bitcoin a payment method in my business.

It seems that what you are doing is very good for the development of your store, if only all stores around the world used the method you use like this it must be very easy for everyone to shop using Bitcoin when they do not carry cash, surely everyone will prosper and all shops will definitely be crowded like your shop. But in some countries there are restrictions on the use of Bitcoin that have been implemented and have their own rules that must be respected by the nation itself. So, congratulations to you for allowing everyone to shop at your store with the payment method using Bitcoin.

[Z-tight]

It seems that what you are doing is very good for the development of your store, if only all stores around the world used the method you use like this it must be very easy for everyone to shop using Bitcoin when they do not carry cash, surely everyone will prosper and all shops will definitely be crowded like your shop. But in some countries there are restrictions on the use of Bitcoin that have been implemented and have their own rules that must be respected by the nation itself. So, congratulations to you for allowing everyone to shop at your store with the payment method using Bitcoin.

Shopping is very easy for everyone even without cash, you can pay with credit or debit card, online transfer, mobile banking, etc, so making shopping easy will not be a reason why people will introduce bitcoin payment option. In my opinion, merchants who make that option available are mostly bitcoin users themselves and they want to help with adoption, or merchants that notice a rise in bitcoin users around them, so they try to make their business attractive to them by accepting bitcoin.

I don't know if op's shop is 'crowded' because of bitcoin payment method, or if it is crowded at all because he provided very little information about it, there is this reluctance in bitcoin users to spend bitcoins on things they can get with fiat that is inflationary, so right now the demand for bitcoin as a payment method isn't as high as bitcoin as an asset, so i don't think a shop will experience a significant increase in their customers because they now accept bitcoin.

[jaberwock]

We've heard here a lot of stories about Bitcoin acceptance as a payment on their place and I hope they understand how volatile Bitcoin is to know possible risks on the price.  Glad to hear a story like this, it will help the community of Bitcoin go strong and give awareness to the people in your place.  But one thing just to make sure, understand how Bitcoin works because it's very crucial in your business, all transactions are irreversible, once you've hit the send button and have at least 3 confirmations on the network, you can't undo it.

However, it always has an advantage if we've knowledgable about it, I suggest you study it.
Good luck with your business.

Don't worry because I think they already know that. They made their research first before they use a thing that they are not familiar with because no one will like to put their business at risk. The op didn't mention that he has an issue about bitcoin's volatility but he said he can save more money using bitcoin. In terms of saving money, he can do that better if he will use a much stable currency or stable coins, if he don't want to use a bank again.

Btc's disadvantage other than volatility is like you said, transaction are irreversible but he isn't the one here that are making payments but it was his customer and in case there is an accident like his customer pays more money for one of his product, he can always return the excess money to them.

[Bambozled]

Great to hear your story! I too have recently joined this league and added a crypto payment option on my e-commerce website. Tbh, I was surprised to see the response from customers. Got so many crypto payments. Adding crypto payments has given customers a lot of flexibility and saved me from high transaction costs. I am paying 0.5% with capital wallet while bank transactions cost more than 1%.

[Republikcoin.com]

Great to hear your story! I too have recently joined this league and added a crypto payment option on my e-commerce website. Tbh, I was surprised to see the response from customers. Got so many crypto payments. Adding crypto payments has given customers a lot of flexibility and saved me from high transaction costs. I am paying 0.5% with capital wallet while bank transactions cost more than 1%.

I'm also glad to see that you've added a crypto payment option. Because over time everyone will get used to crypto payments if crypto can actually be legalized by all countries for payment terms and I'm sure every new thing set is for everyone's convenience. I would be very happy if in my place I could make payments via crypto because it would make it very easy for me to do so without any objections.

[Bobrox]

Don't worry because I think they already know that. They made their research first before they use a thing that they are not familiar with because no one will like to put their business at risk. The op didn't mention that he has an issue about bitcoin's volatility but he said he can save more money using bitcoin. In terms of saving money, he can do that better if he will use a much stable currency or stable coins, if he don't want to use a bank again.

I think step by step when accepting bitcoin as legal currency payment transaction will give change for our costumer make research what is bitcoin and how to use bitcoin. Exactly they will research about what advantage and disadvantage when using bitcoin as transaction payment. But most important when accepting bitcoin as payment currency give little knowledge how to use bitcoin and what kinds of wallet easy when using bitcoin as transaction.

Btc's disadvantage other than volatility is like you said, transaction are irreversible but he isn't the one here that are making payments but it was his customer and in case there is an accident like his customer pays more money for one of his product, he can always return the excess money to them.

I think when OP have give little knowledge about bitcoin and their costumer made research actually they will know disadvantage about bitcoin as transaction payment, indirectly we have give the chance for investing assets when accepting bitcoin as payment currency transaction.

[KaliLinux]

I’ve been a merchant wholesaler for the past four years now. A lot has changed in my business since I introduced Bitcoin as a means of payment. I receive money quickly, I’m able to save up by storing and holding my bitcoins and I can withdraw from my account at my convenience, no limit options. This is far beneficial to me than when I was using banks. Within the first two years Of starting my business I always go to the bank to increase my account limit and set up other necessities. Sometimes it doesn’t get effective immediately I have to wait for 48hrs or the next five working days before it works and still I do have some issues from time to time. This year I decided to start receiving  Bitcoin as a means of payment. All I did was print out my wallet address, pasted it on the wall and my customers who knew about Bitcoin already  was so delighted I introduced Bitcoin as a means of payment and for those who didn’t have an idea,I educated  them on how Bitcoin works and how it can be useful to them.. Everything has been going swiftly,I’m so glad I made this great life changing decision of making Bitcoin a payment method in my business.

Glad to listen that Bitcoins have helped you so much in making your business so smooth.
Only negative factor of Bitcoins is that the price inflation or fluctuation, for which if you ever need to cash out you might end up with some losses.
But yes if you manage to hold the Bitcoins that you get from your payments for at least 4-5 months, then definitely you will get twice the amount that you held earlier.
Nevertheless it would have been great if you could share with us the exact figure that you receive from cryptos on average in a month. It would have been motivated more business dealers to integrate Bitcoins in one of their payment method also.

I agree with the overall idea of accepting Bitcoin for payments but the fear of some with Bitcoin as you have also alluded to is the volatility in price especially in a bear market season like this so this brings me to the point you made about hodlin for some months 4-5 months to be precise, this doesn't necessarily translate to profit if those months are in a bear season unless the merchant is able to hodl till a reverse market price trend.

[passwordnow]

Nice, great, and congratulations! It's a really a decision that you should be proud of and hopefully, the other businesses near you should do the same thing as you.
It all started with you and it will grow as a community for the other shoppers who are also bitcoin holders and enthusiasts who will have the means to pay for their goods with the use of bitcoin.

[Iranus]

I’ve been a merchant wholesaler for the past four years now. A lot has changed in my business since I introduced Bitcoin as a means of payment. I receive money quickly, I’m able to save up by storing and holding my bitcoins and I can withdraw from my account at my convenience, no limit options. This is far beneficial to me than when I was using banks. Within the first two years Of starting my business I always go to the bank to increase my account limit and set up other necessities. Sometimes it doesn’t get effective immediately I have to wait for 48hrs or the next five working days before it works and still I do have some issues from time to time. This year I decided to start receiving  Bitcoin as a means of payment. All I did was print out my wallet address, pasted it on the wall and my customers who knew about Bitcoin already  was so delighted I introduced Bitcoin as a means of payment and for those who didn’t have an idea,I educated  them on how Bitcoin works and how it can be useful to them.. Everything has been going swiftly,I’m so glad I made this great life changing decision of making Bitcoin a payment method in my business.

I don't really mind if you switch to bitcoin payment but what I'm thinking is, do you really get a good number of customers paying in bitcoin since you even considered that accepting bitcoin is a great life-changing decision? If that so, then your country or place do have lots of crypto-oriented people.

I also don't understand how you went through a difficult process with your bank. Maybe there are really problems at your side that you need to address as there will be a time that it might question the legality of your business.

You are also in business for 4 years and that should not be a problem.

In accepting bitcoins, you cannot expect results as quickly as you think, but by accepting bitcoins, the opportunity will be given to him to reach a much wider audience than you think possible.

Not everyone always has cash on hand, not everyone has money in a bank account, so diversifying your payment methods is essential if you are running a business. Accepting bitcoin payments will not slow down your business but also open up opportunities for your business. why don't you like it?

[BITCOIN4X]

If I adopt bitcoin as a means of payment then I must clearly inform them that I will charge an additional fee as tax for every item I sell/for every transaction that occurs. This is a crypto transaction tax which is already regulated in the regulation of my country's minister of finance. So everytime I want to convert bitcoin, then I have to pay tax for it. But I haven't seen any good potential about the legality of bitcoin as a legal tender in my country, so that's my assumption when the regulations change.

Nevertheless, there is always hope for the future about the increased adoption and legality of bitcoin as a legal tender in various countries. I know we need time, it's not going to happen anytime soon but there's always a good chance of it.

[AicecreaME]

Such a nice thing that you have done, many merchants are yet to introduce bitcoin as a means of payment in their business because of volatility, and some accept it, but through payment processors; another drawback is the customers, many of them are reluctant to pay with bitcoin because it is a currency and asset that has an appreciative value, so they treasure it & want to keep it and spend fiat that is depreciative, it makes sense, but it is good to spend bitcoin a few times as you can. I don't know where your business is located, but your post sounded like many of your customers are now actually paying with bitcoin than fiat, that's not possible right? Which makes me curious to know how you go about it. Cheers Superdoctor.

Volatility is the main concern of most people who want to use bitcoin as payment method. They could either benefit so much if the price position the moment they spend it is high or lose if the price position the moment they spend it is low. With this, a lot of people particularly the businessmen are thinking twice about acccepting it in their business because such deed could actually cost them.

But right now, I guess more and more people are already transitioning in modern ways like this, cryptocurrency payment. Although some people are still hesistant since like what you have said, bitcoin is an appreciative asset. And spending such hastily could make them regret later on. Adding the fact the transaction fees and processing time as well.

[Peanutswar]

Currently different institution and organization now adopting the use of the crypto currency and this thing is in favor with us because most of us use the crypto for making a fast transactions with the less fess at the same time and became of the innovation of the block chain technology it now become a public to the community to make sure there's no transaction interrupted at the same time easier to trace with the use of the addresses plus the total mount or value given.

[BlackBaron]

I’ve been a merchant wholesaler for the past four years now. A lot has changed in my business since I introduced Bitcoin as a means of payment. I receive money quickly, I’m able to save up by storing and holding my bitcoins and I can withdraw from my account at my convenience, no limit options.

That's a good step, I want to do like you do, Bitcoin as a major factor in payments like you do, because my country is a bit constrained, so I can't do what you do.

[BIT-BENDER]

We work smarter this days not harder, i would always accept payment for my services in bitcoin definitely, it's convenient, and unlike my local currency (naira) it is more solid in its value.
Bitcoin has been able to push the transactions department of any business forward there by making business work fast but still it has its challenges, true story an individual open a bar and started to accept bitcoin as the medium of payment, i guess he was new to crypto-currency because he couldn't detect a confirmed payment, he got robbed off 12, million naira ($28,000) through an unconfirmed transaction by a customer.

The point I am heading to is that accepting transactions and payment in crypto-currency to your business is just a step to improving your business and the adoption of crypto-currency. But you still have To also be security conscious about the risk involved.