I Opened another business were I accept Bitcoin

[Rruchi man]

Congratulation OP on starting your new business. But as you know, it is not just about starting a new business in addition to the one you already have but being able to manage both of them successfully. Expansion in business always requires an extra level of commitment. You must also realise that as you have made your business a centerpoint for exchange of cryptocurrency, you have also become targets for scammers and people who may want to try out schemes to try to fool you or your staff. Prepare yourself and staff for such individuals, so you don't have a bitter experience.

[Jatiluhung]

at least your initiative to accept bitcoin in your business is a great thing. But when your customer wants to withdraw money by exchanging bitcoins for you. then it takes time. so to save time I guess after 1 confirmation it's enough to be able to cash it into money. so there won't be many people waiting in line. but your business category is indeed popular in the area where I work. so that people rarely queue up to the ATM to withdraw money from the bank.
it's very helpful and a great initiative in today's business.

[Silent Sam]

I also want to start a business where all kinds of crypto will be accepted, but our luck is not good what kind of transaction in our country government people say money laundering that's why it is very difficult to work in cryptocurrency in our country, but I wish sometime in the future if cryptocurrency or blockchain When it is legal in our country I will accept almost all types of cryptocurrencies in my business and I wish to have an online store where cryptocurrencies will be accepted but currently, it is not possible in our country, but I can't do anything about it but hopefully in the near future blockchain and cryptocurrencies will be in our country. It Will be legalized, and then we can work with blockchain and cryptocurrency in the open.

[Kakmakr]

Yes, that 30 minutes waiting time for the transaction to confirm, is going to be a problem.. if you use legacy Bitcoin. (Was this a SegWit transaction or Legacy Bitcoin?) The alternative might be to use the Lightning Network, if your customers are familiar with it... it is almost instant transactions at a fraction of the cost they are paying now. 

Well, good luck with your new business venture... I hope it will be very successful in the future.. just don't give up.    I will give people a small incentive to rather use Bitcoin over other payment methods, by introducing a discount for people who are paying with bitcoins. 

[KaliLinux]

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.

Good idea!, but this people that will pay you in Bitcoin must be Big guys and Big men I guess, adding $3 as transaction fees to your customer in Nigeria is huge amount and might scare them away from doing business with you , I suggest you remove it as you are just getting started to attract more customers, then later you can add your charges. However, if you do have an account with any platform that has P2P like Binance for instance, though I'm not encouraging you should keep your cryptos in a centralized exchange, but in this case Binance P2P will make things easier for you, in terms of selling your Crypto back to Cash. therefore you need not to add $3 transaction fees to your customers because that is approximately (#2000) Nigeria Naira as at today's exchange rate of #700 -$1 dollar.

Everything OP narrated sounds good but there is hardly anyone in Nigeria trading crypto that doesn't know the exchange P2P transaction and Nigerians as we have known from previous info are at the top of that transaction in Africa
and also rated highly in the World so I was wondering, why would I want to spaned 35min waiting for a transaction to get through and even pay an additional $3 fee because I want to cash out some Satoshi? As I said, the narrative sounds good for Bitcoin but the transaction is faulty from the seller's point of view.

[nara1892]

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?

Regardless of the business, you are running, all must refer to the policy of the region where Bitcoin transactions are allowed. If not, you may be taking a big risk. But to make sure that such a transaction business proves to be effective, try within the next month to see the prospects you generate and the feedback from people on the provision of transaction services. Make a kind of small evaluation when every time your customer has made a transaction give some kind of simple assessment and ask them to evaluate the performance and service satisfaction honestly.

[doomloop]

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.

Afaik it wasn't a scam as long as you see that there is an incoming transaction in your wallet. You shouldn't worry anymore by there because the coins will always arrive even if it takes a long time due to the network congestion or to the fees that is set when sending the btc.

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?

Every business has a risk but according to what you are doing, you will be just fine because you educate your employees properly. They will now be aware if what they should do in different scenarios. You should not worry and don't ever think of stopping this business because we all want to see it grow and maybe some of us will help you support it because we also love the idea of spreading the word btc in your own ways.

[Flexystar]

Good to see you taking an opportunity out of the new business ideas such as POS. Same thing is increasing at alarming rates in my region however it's not because of the congestion at "ATM" but thats all about the plastic card trend that is ever growing day by day. Everyone carries cards and its way easier to pay now with contactless cards with tap and pay feature.

While you wait for the transactions, you should always keep in mind that 30 min window before you can get at least 1 confirmation done. You can always ask them to increase the fees if they are in hurry and willing to pay couple of bucks extra for faster transactions.

However, I have observed that, though there are no confirmations yet you can see the "incoming" transaction in your wallet which can expedite your payment processing. However, always look for safer window rather than being stressed out. & congratulations for your business.

[Nrcewker]

Congratulations for your business idea and including bitcoin in your business. It has helped you to have a very good feel about Bitcoin transactions. When you said that you were afraid if it was a scam. That is not how bitcoin transactions work, you don't have to hand out cash unless the person sends you the transaction ID and you go into blockchain and confirm truly that the transaction is in queue and atleast a block has been confirmed before you can handout cash. More careful next time.

It would be more secure, if the op waits for some confirmations in the blockchain, then handover or completes the order.
Bitcoins have now become a daily to do for many people, so it’s great that it has been added in your business.
Moreover taking payment in Bitcoins, also help you to get rid of taxes.
Holding Bitcoins gives complete access to your funds and has no restrictions like the bank.
Honestly speaking Bitcoins should be integrated by all the businesses entrepreneurs. Bitcoins are the future.

[Darker45]

I would like to extend my warm congratulations for your other business that accepts Bitcoin. Despite the seemingly unfriendly Bitcoin stance of your country, it seems Bitcoin-accepting business establishments are growing. But I'm quite confused with how the system works. If I were to simplify everything, it seems you are just acting as a money-changer as far as Bitcoin is concerned. Am I right?

And as far as other transactions are concerned, you are trying to earn where the banks fail. It seems you are simply offering convenience for a fee.

[CryptoYar]

No, there is no risk.
you should continue accepting bitcoin as you've stated yourself, acceptance of Bitcoin makes you unique from other POS stations. So to stop accepting it would be a bad idea in my opinion. for your business.

You should educate your colleagues and tell them don't give payment until 3 block confirmations at least.

Also, consider creating a QRcode for your wallet so that customers can simply scan and send BTC.

[Wiwo]

First let me congratulate you for making your first Bitcoin business transactions, I must say you are the first am hearing of having a POS accepting Bitcoin. But I find wired is the fee you charged the customer $3 fees at present dollars exchange rate to Nigeria naira is 700+ so 3×700=2100+ this is just a rough calculation of the fee you charge on an 18,000 naira withdrawal were ordinarily a pos charge 100 nairas on every 10,000 naira withdrawal in Nigeria, your client must have been so desperate to spend his Bitcoin to have agreed to pay such high fees aside from the blockchain fee he would have paid to send you the Bitcoin.
My advice to you is to be careful with the business, especially in Nigeria we're the central bank has placed strict orders on banks and other financial institutions from aiding cryptocurrency transactions, so accepting Bitcoin in a pos business is a high risk at the moment. And generally speaking, you should work on developing a faster payment system and also reduce your transaction fees on bitcoin to naira.
I wish you all the best and be careful.

[Victorik]

I am really wowed by your bold step in trying to do something new and novel in your region.
 
The concept is great, but my main concern is the time it takes to usually confirm a BTC transfer. The customer might be a rush and telling them to wait for about 30mins would really be discouraging.

[yhiaali3]

Really nice idea, as long as Bitcoin is legal in your country and there are no legal problems, this is a good thing to earn extra income by accepting Bitcoin, but of course you will face some technical problems at the beginning such as transaction delays and also you need to provide more liquidity as well as teach your employee more knowledge About Bitcoin so they don't cause you problems and lose your money. At the very least they should have experience about transaction time, fees and the number of confirmations needed for a transaction to be secure.

[Leviathan.007]

Still accepting bitcoin but this kind of business depends on you and how you designed this system surely you will need to start teaching about bitcoin to the employers because they cannot work with bitcoin customers without knowing bitcoin transactions and how the bitcoin works are this case they will have more benefits and learn a new skill while they're working which can be another positive point of your business for the employers works there, however, and regardless of that you should consider how the government regulated the bitcoin transactions in your country for safety on your business.

[Detritus]

I would like to extend my warm congratulations for your other business that accepts Bitcoin. Despite the seemingly unfriendly Bitcoin stance of your country, it seems Bitcoin-accepting business establishments are growing.

   Thanks sir Darker45.

But I'm quite confused with how the system works. If I were to simplify everything, it seems you are just acting as a money-changer as far as Bitcoin is concerned. Am I right?

Yes you are absolutely correct, I give them cash and they give me Bitcoin in return.

[rby]

First let me congratulate you for making your first Bitcoin business transactions, I must say you are the first am hearing of having a POS accepting Bitcoin. But I find wired is the fee you charged the customer $3 fees at present dollars exchange rate to Nigeria naira is 700+ so 3×700=2100+ this is just a rough calculation of the fee you charge on an 18,000 naira withdrawal were ordinarily a pos charge 100 nairas on every 10,000 naira withdrawal in Nigeria, your client must have been so desperate to spend his Bitcoin to have agreed to pay such high fees aside from the blockchain fee he would have paid to send you the Bitcoin.

With calculation or rough estimation you provided, the story Op told is sounding like another fairy tale. There is no how a client would pay a fee of $3 which is about 2,700 of the local currency,  for a service you can get for a few cents. Op, said that the business is lucrative and many people are into it, which means Op isn't the only one to provide the services.

[Welsh]

Depending on your businesses workflow, it might be worth checking with the mempool before every single transaction, and specifying the fee that the customer needs to pay in order for you to accept it. I understand that might actually put a lot of customers off, but it prevents a customer from putting a rather small fee on the transaction, and then you're waiting a while for it to confirm. Ideally, if you're operating on a six confirmation basis, you want that to confirm as soon as possible so you can get the transaction done. However, most businesses these days find that one confirmation is enough reassurance, and if you go about it that way, putting enough of a fee to get around a 10/15 minute transaction should be enough for most customers.

Some businesses even do zero confirmations, and just accept the risk of a double spend, but I wouldn't necessarily suggest that. I guess it depends if the customers are willing to wait for the block confirmation to receive whatever they're buying/trading. It seems like you might be selling other currency? Which I assume requires additional paperwork anyway, so the transaction could be sent, and then the additional paperwork sorted out while you wait.

[Stella Mese]

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.

[awik p]

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.

volatility will be a risk when we accept payments using bitcoin. this can be a double-edged sword which can be beneficial and can also harm us. during a bearish season like this accepting payments with bitcoin will be an opportunity to get double profits. but for small investors, of course it will be more risky because the money obtained from the sale must be immediately turned over to buy raw materials and it must be converted to fiat