I Opened another business were I accept Bitcoin

[Sandra_hakeem]

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
 But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

It's a nice idea but just be careful out there.

Sandra👩‍🦱

[dlightag]

That is a nice business by accepting bitcoin through POS by deposit/withdraw and transfer transaction are stress free without going to bank and safe of time, but have you consider the Bitcoin transaction fees, and also educate your worker how it been calculate without ruining losses along side, If Yes, your good to Go, because bitcoin is the future financial system we need to adopt innovation.   

[The Cryptovator]

Great initiative. I have to say it's a win-win situation for both. You can make some money also your customer would take advantage of quick cash out instead of hassle. Although it's a good initiative but always make sure the transaction is confirmed before cashing out. There is a risk involved in double-spending. Train very well your salesman, so they won't make mistakes.

[noormcs5]

Apart from a short explanation I have given to my employees on how to receive payment in BTC from customers, I have decided I will organize a special class to teach all my employees things they need to know  in details About Bitcoin. The fact that I want to teach my employees things about Bitcoin and also accepting and exchanging Bitcoins for customers, do you think it's a risk am taking and should i discontinue the Business?

Educating other people about what is bitcoin is always a good deed. It will also lessen the increase of scam victims that involves crypto since we know that scammers commonly use it to deceive people on their investment schemes.

The only risk you have is bitcoin's volatility. Since its price fluctuates quickly, you could lose some profit if you received a bitcoin payment at a high price then it suddenly dumps.

At current market conditions when the price of bitcoin is not that high, this risk of bitcoin's volatility is minimized because the chances for bitcoin to dump are way less as compared to the chances for bitcoin to pump from the major support level. Anyways until the bitcoin is more adopted we have to face this challenge of bitcoin price volatility and business should incorporate this risk if they want to adopt bitcoin payments in their day to day business transactions.

[Detritus]

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
 But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

 I am not going to keep my customers waiting, once one network confirmation is done, I can allow the customer leave.

[SatoPrincess]

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
 But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

 I am not going to keep my customers waiting, once one network confirmation is done, I can allow the customer leave.

One network confirmation is not enough to actually confirm a bitcoin transaction, get at least three confirmation on the blockchain before handing out money to any customer. Even big exchanges do not make the mistake of accepting only one network confirmation, why should a small business take that risk? How about you tell your customers about lightning network for faster transaction.

[AmoreJaz]

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
 But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

 I am not going to keep my customers waiting, once one network confirmation is done, I can allow the customer leave.

One network confirmation is not enough to actually confirm a bitcoin transaction, get at least three confirmation on the blockchain before handing out money to any customer. Even big exchanges do not make the mistake of accepting only one network confirmation, why should a small business take that risk? How about you tell your customers about lightning network for faster transaction.

i was also actually thinking about introducing the LN to his customers. which is cheaper and maybe faster. but you need to orient your staffs or people that will directly be involved in this. for me, one or 2 confirmations is enough. some exchanges are crediting even just one confirmation. but giving the money without confirmation at all is very risky. try to orient your staffs with at least blockchair or blockchain, to see how the btc transaction is doing.

[BADecker]

Possibly the biggest Bitcoin problem is that there aren't any physical bitcoins. There are loads of people who deal in cash only. The question is, how do we make physical bitcoins that maintain their value? Of course, the public can't trade them safely with the SEC around. But that answer is to go private, with a Private Membership Association.

[romero121]

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
 But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

 I am not going to keep my customers waiting, once one network confirmation is done, I can allow the customer leave.

One network confirmation is not enough to actually confirm a bitcoin transaction, get at least three confirmation on the blockchain before handing out money to any customer. Even big exchanges do not make the mistake of accepting only one network confirmation, why should a small business take that risk? How about you tell your customers about lightning network for faster transaction.

Slowly this can be introduced, because people should not have an understanding that cryptocurrency is something complicated. If they get into such a mindset then the usage will slowly decrease. So, let this continue with atleast three confirmations. Once good number of users starts using it, OP can introduce lightening network to them.

[Lanatsa]

Possibly the biggest Bitcoin problem is that there aren't any physical bitcoins. There are loads of people who deal in cash only. The question is, how do we make physical bitcoins that maintain their value? Of course, the public can't trade them safely with the SEC around. But that answer is to go private, with a Private Membership Association.

And not all would really be that going into that Private membership specially on a country which does have strict rules or regulation towards crypto.If its still neutral then its not really that much a problem.

You could always make it possible if you are the business owner but you should really that needed to make your workers be aware on how it does works or even simply with the basics.

Always stick out with 1 confirmation before things to be settled since we do know that unconfirmed ones does have the  chance of that double spend.

[n0nce]

It took over 35 minutes before the transaction was finally successful and arrived in my wallet. Due to the delay, I started thinking  its a scam but I was also convinced that it might be a congestion in the Bitcoin network.

Have you considered accepting Lightning?

Easiest way to do so would probably be to set up https://btcpayserver.org/ on your computer.
It would then handle both on-chain Bitcoin payments (that indeed, can take a while to process), as well as instant Lightning Bitcoin payments.

Watch the two videos on the main page; I think they explain the high-level idea of the software pretty well.

[Oceat]

it seems your business inspires me a little. because previously I was a little confused about what business I should start. but when I read this I became almost the same idea as you. but in a different field.
however your idea is to accept bitcoins to cash in your shop. is a wonderful thing. after people know you accept bitcoin. so I'm sure in the future there will be many customers who become regular customers to your store to cash out bitcoins into cash. I hope your business will be more successful.

If it works for the others then it should work for you too though it depends sometimes with the way you handle it plus your luck in business. But overall, it's a good initiative to make business with Bitcoin since it will increase the adoption faster that way and you might encounter some problem but I think it's normal for every business owners.

It would be better to place some feedback box if you want to improve your business in the future since you don't know everything what your customer wants.

[kamvreto]

Slowly this can be introduced, because people should not have an understanding that cryptocurrency is something complicated. If they get into such a mindset then the usage will slowly decrease. So, let this continue with atleast three confirmations. Once good number of users starts using it, OP can introduce lightening network to them.

Attracting more people to use cryptocurrencies is a very good thing because it will help the progress of the crypto space that can become famous faster. And obviously in the beginning there is no need to explain about things that are complicated or difficult to understand because those who have never used it will be discouraged before he tries to use cryptocurrency like people who have used it for a long time.

but at least provide education about the advantages and also the risks, don't let bitcoin have a negative view. Those who initially tried to be curious about bitcoin even got disappointed because they did not know about the risks that could occur.
The adoption of bitcoin by some merchants or service sellers etc. provides room for bitcoin to grow from a micro-enterprise to a larger enterprise, provided their country allows it.
The use of bitcoin in Op's business is a good example of adoption because it provides some education to its employees and it is likely that it will continue to be given to their customers as well.

[hajirkhalid2]

Bitcoin is decentralised cryptocurrency and accept bitcoin has a payment is the another milestone for traditional business owners

[BobK71]

Your new business will encourage you. Services through Bitcoin are now interesting to everyone. However, I am worried that Bitcoin is not legal yet your country. So how are you operating the business with this cryptocurrency banner publicly. As it is illegal so definitely it is a threat. my question is how do you deal with that risk?

[Ben Barubal]

   You didn't make a wrong decision my friend in that matter, you are making money from the traditional business that you built there and besides that, you can also make money from cryptocurrency via Bitcoin, so it's a good combination, to be honest, May there also be there in the community you are in that is as aware as you are of the cryptocurrency business. Because if you're the only one who understands bitcoin that you're still learning right now, I don't think it will be easy for people in your area to take advantage of what you're offering, but this is just my opinion.

[Jeger.Kiting]

POS (Point of sales) business is a major lucrative business in my region.
in my region, Bank ATMs is usually crowded with people trying to cash out or cash in (withdrawal/transfer). this become a challenge to most people who can not undergo the stress of joining a long que or having to wait under the sun, stand for long time or being patient until it's turn to carry out their transactions. in some cases bank is not close to some residential area and people living in the area would have to pay for transportation fee to get to a close by ATM and carry out their transactions, some times you get to the ATM and find out there is no cash (unable to dispense or out of service). Due to this reasons lots of people are now into POS business which is actively saving people Bank/ATM transaction stress.
the service offered by a POS business Agent is to save individuals the stress of going to the Bank/ATM to make cash withdrawal or send money to their loved ones, another stress it saves individuals is to help them pay for their cable subscribetions like (DSTV, Startimes) without having to drive down to the network providers office, they can also recharge airtime (VTU) to their desired network.
  Another thing it does is assist individuals pay for their electric bill, they need not go through the stress of going to the NEPA office before they can pay their bills.
 there are lots of people doing this Same business in my region but I did not find any one with the idea of accepting and exchanging Bitcoin and other crypto for their customers. So I decided to Open this same business with a different idea of accepting Bitcoin, i think am the first person with this move in the POS business.
I am happy I now have Two business in different areas that accepts Bitcoin. Thanks to the things I have learned in this forum about Bitcoin payment, I am being practical of things I learned in this forum.
  I just Opened the business on 1st/September/2022 and on the 2nd/Sep/2022 I was surprised to receive a call from my employee that a customer wants to take #18,000 (Nigeria Naira) and pay in Bitcoin, I did the calculation and added $3 fee for my business charge and sent the details across and the customer sent 0.00155 BTC. I asked my employee to give cash to the customer when she confirms the transaction is processing, so the customer initiated the transaction and receive the cash he needed.
It took over 35 minutes before the transaction was finally successful and arrived in my wallet. Due to the delay, I started thinking 🤔 its a scam but I was also convinced that it might be a congestion in the Bitcoin network.

 Apart from a short explanation I have given to my employees on how to receive payment in BTC from customers, I have decided I will organize a special class to teach all my employees things they need to know  in details About Bitcoin. The fact that I want to teach my employees things about Bitcoin and also accepting and exchanging Bitcoins for customers, do you think it's a risk am taking and should i discontinue the Business?

I think this is a really good idea for a business you run using Bitcoin. If you have employees who don't understand how Bitcoin works, you should really tell them or teach them how to send Bitcoins as well as receive Bitcoins, so they can understand how Bitcoin works. If you don't teach your employees about Bitcoin, the business you run using Bitcoin will be in vain and everyone will be at risk of losing money.

[Adbitco]

Little question to ask; have you ever think of your clients patient, like after they sent you BTC would they be able to wait for confirmation before giving out cash to them despite sending you transaction id?.
Then I will tell you is very risky leaving the business to your employees after undergoing training to know things involved, as we know the country is not safe and I don't know the security level of your region so I would suggest you to be in charge of BTC payment section while they can control the PoS which involves fiats, please try stay away from that area to avoid robbery since is BTC and many people are now aware of the value of btc in NGN so it might attracts evil around you.

Your smart phone or wallet were you do received the BTC should be faraway from same environ or either you should hire a staff who could be in charged without showcasing herself or himself around the business arena.

Goodluck.

[Bobrox]

I just Opened the business on 1st/September/2022 and on the 2nd/Sep/2022 I was surprised to receive a call from my employee that a customer wants to take #18,000 (Nigeria Naira) and pay in Bitcoin, I did the calculation and added $3 fee for my business charge and sent the details across and the customer sent 0.00155 BTC. I asked my employee to give cash to the customer when she confirms the transaction is processing, so the customer initiated the transaction and receive the cash he needed.

Good decision when opening new business accepted bitcoin as payment currency transaction,  I think your country Nigeria have been popular with bitcoin around I saw many member from Nigerian in Bitcointalk forum. I think not really expensive when payment charge fees about $3 but I hope you can use comparison with charge fees, if transaction above $1,000 maybe you can add little fees transaction or depending with huge amount transaction for fees payment.

It took over 35 minutes before the transaction was finally successful and arrived in my wallet. Due to the delay, I started thinking 🤔 its a scam but I was also convinced that it might be a congestion in the Bitcoin network.

By the way your costumer sending coming from which wallet used, I think if your costumer use Binance or exchange wallet you can sent trough lightening network and sending process instant without delay. Nowadays Binance give service sending each Binance user by Binancepay, sent without deduct fees and process without ten second have been arrived on destination wallet.

[maydna]

Your new business will encourage you. Services through Bitcoin are now interesting to everyone. However, I am worried that Bitcoin is not legal yet your country. So how are you operating the business with this cryptocurrency banner publicly. As it is illegal so definitely it is a threat. my question is how do you deal with that risk?

if Bitcoin is illegal on the op country then this is my same questions how can op start his business by accepting Bitcoin publicly . If he continues his business like this, he may face legal problems according to the laws of his country's government . And it will bring a bad experience for him. I would like to ask the OP again how he is going to proceed with his system if Bitcoin is considered illegal in his country.

I agree with you both. We can't take that kind of risk if bitcoin is not legal in our country because later, we can get in trouble with the government, and the government can close our business easily. I think he better contact the local government to ask if he wants to use bitcoin as one of the payment options. We're just worried that something bad could happen to him while he was running his business, and it could damage his reputation out there.