One Month of Accepting Bitcoin for Payment

[Marvell1]

This is actually a nice and welcoming development and I'm happy for you.
Your shop looks great and the fact that you accept Bitcoin is a great and bold step and I hope your country doesn't have any law against tye use of Bitcoin.

His shop has been accepting bitcoins for a month and no problem, which means his country accepts bitcoins, and he is a lucky person to live in such a place. I wish my country would legalize bitcoin one day; no legal tender is needed, just recognized as a means of payment, that's all.

The idea of you also printing your QR code for customers to just scan when Making purchase is also best for me but hope when it's time for transactions, it will done somewhere  with the eyes of people, because it seems your shop has a open space and a person like me wouldn't want to make it obvious that I'm paying with Bitcoin.

If you have agreed to use bitcoin for daily payments, then you cannot expect no one to know you are not a bitcoiners. I think that's also why many people don't like to pay with bitcoin because they're afraid of their identity being exposed.

[1714513119]

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[Dr.Bitcoin_Strange]

How do you make your trades? And isnt all the transactions in blockchain are transparent, so a person that has ever paid you in BTC, can always spy on you BTC balance ? Seems that you did not win much in that area.

I think it's not really a win-win, but there are some adjustments I intend to make. What I usually do is send the Bitcoin payment I receive to my Binance account to trade for my local currency or convert to USDT. Going through some of the suggestions of members here, I've come to realize that it's still going to cost an extra fee to receive into my trust wallet and send to Binance.

So it's better to report their use separately.

And may I ask, what is the percentage of Bitcoin payments among all payments that your business has received in that month? Because we have no idea if 13 is a lot for your business or not.

When I made mention of stable coins, I was only referring to USDT and BUSD, and with how frequently I get new goods, I don't get to hold the USDT for too long.

From my calculations on my sales in the period range, I will say customers that paid in local currency had a lower score (38%), Bitcoin payment had a 60% score, and USDT had a 2% score.

they come and ask because of your Bitcoin sign or you talk to them about it?.

The first payment I received was from a customer who saw my notice; after he inquired if he could make his payment in Bitcoin, I agreed. The second customer was referred to my shop, as he told me. That's just how it started, and before I knew it, it increased to 5 and then to 13. 

[BitcoinPanther]

The first payment I received was from a customer who saw my notice; after he inquired if he could make his payment in Bitcoin, I agreed. The second customer was referred to my shop, as he told me. That's just how it started, and before I knew it, it increased to 5 and then to 13. 

Congratulation on the successful sales of your furniture in Bitcoin.  If the items are good, the word of mouth will have your back.  You will find more and more people inquiring about your products. And as the possible buyer grows, the chance of them buying your furniture also increases.
I admire how you manage the sales of your store.  Cashing out the capital funds and saving  the profit in Bitcoin.  Just have patience for one or two  more years and you will see your savings ballooning to multiple times as the bullish market takes place and Bitcoin creating another ath record breaking rallies. 

[MoonOfLife]

Could also get rid of the mindset of people thought that Bitcoin is just used for criminal crimes only, can also spread the positivity that makes people interested more about Bitcoin.

People who are saying bitcoin is used for crime, it's government, they are the only one spreading this bad news, they are looking for a way to ban bitcoin and keep people away from bitcoin. Before there was bitcoin, criminals also used fiat money or any other assets to serve their evil behavior. But they have never charged fiat, which is a sign that they are seeing bitcoin as a threat to them.

[Nwada001]

You are always in one way or another promoting bitcoin in whichever possible ways you can, In your last few post I saw you teaching your young family about bitcoin, and today I came across this.
Your Business will not just be recognized by the Quality of your furniture, but will also gain more attraction because you have introduced a means of payment that your competitors don't make use of, that's a great move OP.  But let me just ask this: What if a client wants to make a payment with bitcoin and the blockchain is congested at that moment, and as a result of that there is slow transaction speed will you accept other means of payment by cryptos like Binance Pay, USDT TRC-20 and other generally accepted crypto ?

[Adbitco]

Congratulations for your decision to start accepting bitcoin as means of payment, this has shown and demonstrate your love for bitcoin at large. My little suggestions please I would ask you not to have the phone which you used to receive your payment after a customer purchase a goods from you, due to security reasons they might thought you would be holding large volume of bitcoin which might leads to attack from your environ more especially those that knows the usefulness of bitcoin.
Also I love the fact you convert your capital into stable coin and leave your profits in bitcoin.

[GigaBit]

Having multi payment method is very important in business area. In this case it is beneficial for both the service provider and the service recipient. Not only that if it can be well utilized then the business owner can make good profit from it. Bitcoin users are excited about making payments in Bitcoin. Moreover, it is also a form of propaganda. But the most interesting thing is that even though this bitcoin is worthless for a time, it is gradually increasing in real life application with the change of time. I think this is a good sign and there is no doubt that its position will be at the top of the heights in the next few years.

Many of you probably remember Pizza Day. On May 22, cryptocurrency was used for the first time to buy goods around the world. The first item bought with cryptocurrency was pizza! On May 22, 2010, Laszlo Hanyecz owned two pizzas by paying 10,000 bitcoins. But the value of that bitcoin and two pizzas is still ingrained in people and everyone will remember this for the rest of their lives

[buwaytress]

they come and ask because of your Bitcoin sign or you talk to them about it?.

The first payment I received was from a customer who saw my notice; after he inquired if he could make his payment in Bitcoin, I agreed. The second customer was referred to my shop, as he told me. That's just how it started, and before I knew it, it increased to 5 and then to 13. 

That's pretty cool then, for word-of-mouth to get that kind of results is, as I said before, something more than amazing. I know I asked, and I can't see if you answered, but where is this? Mentioning the rough region is fine if you want to be private.

It's really curious for me that there are so many Bitcoin users, suggesting a high level of fintech literacy, and yet against a backdrop where fiat fintech is as shitty as you mentioned. It boggles my mind, and just keen to find out where =)

[Z-tight]

Congratulations on your business and on making BTC available as a payment option for your customers, if i was a resident in an area i could get my furnitures through paying in BTC, i am surely going to use that merchants services right way. If you run your business in a location where crypto people aren't hard to find, then i am sure with more effort your customer base will larger than 15, good luck.

Gone are the days when using bitcoin as a form of payment is frowned upon because of the potential of loss due to its volatility.

Volatility is still a problem for merchants, and if you read the op well, it is a problem for them too. There are many ways merchants can quickly convert what they receive as payment in BTC into fiat or anything they consider stable, but that is not an issue, what is great for us is that BTC is accepted, adoption is growing and people have more avenues to spend their BTC.

[serjent05]

@OP I am curious about your sales and acceptance of Bitcoin, I wanted to ask if there is a chance where you experience problems accepting Bitcoin as payment.  Like the length of confirmation when the buyer set the transaction fee too low for the transaction to be picked up and confirmed.  How do you release the item?  Do you release it after the BTC payment have enough confirmation or do you release the item right after the customer paid for it(not waiting for the confirmtion)?  How long do you usually release your item, does this bother your customer if it is taking too long for the item to be released?(if ever the confirmation took too long to be confirmed)

[kawetsriyanto]

What you did is one of a great effort to support Bitcoin adoption as a payment tool. As long as you know well how to deal with the price volatility of BTC, using BTC as a payment tool will be safe enough. But don't forget that you need to know the regulation related to the use of BTC as a payment tool in your country. Anyway, where do you come from? This is necessary to know to avoid a legal problem. I also have the intention to follow your effort (accept BTC as a payment tool in our bussiness), sadly it can't be applied here because it breaks the laws.

*Nice effort, mate. 

[ilovealtcoins]

@OP I am curious about your sales and acceptance of Bitcoin, I wanted to ask if there is a chance where you experience problems accepting Bitcoin as payment.  Like the length of confirmation when the buyer set the transaction fee too low for the transaction to be picked up and confirmed.  How do you release the item?  Do you release it after the BTC payment have enough confirmation or do you release the item right after the customer paid for it(not waiting for the confirmtion)?  How long do you usually release your item, does this bother your customer if it is taking too long for the item to be released?(if ever the confirmation took too long to be confirmed)

Very good question, hope OP will answer your question, will be curious if they install low fees and the transaction hangs, will he still release the item?. I once had a case where it took 3 days for a transaction to be confirmed due to accidentally setting low transaction fees to save costs. That's one of the downsides of bitcoin compared to fiat.

[Codswallop]

~snip~

Thanks for the suggestions; considering my cost, I will consider doing only 3% off for customers paying with Bitcoin; I think that will make them happy. Also, with that, I think I am going to edit my display and indicate 3% off for payment in Bitcoin. 

Investing in Bitcoin is really a nice thing, like you said about the liquidity; as a business person, I need it, but I do really have enough profit to leave in Bitcoin. That's why I don't consider leaving my capital in Bitcoin, but I think I would also keep that in mind. 

Already, I am working on printing some flyers and stickers to distribute within my area. 

How do you handle the payments? One address for each customer?
Do you use any payment processor, such as btcpayserver.org?
Do you handle technical stuff by yourself?

One address for each customer is stressful for me; like I said in the post, I am just using my trust wallet to receive payment because I buy more goods frequently. What I did was just print my address as a QR code, which the customer can scan and use to make payment. But after I receive payment, I usually move my capital to Binance to be converted to USDT or trade to my local currency.

For now, I am not using any payment processor because I don't know much about it.

technical stuff myself? , yeah.

Maybe, if you have other social media, such as: facebook, Twitter, newspapers and so on maybe you can also post open advertisements, that you accept Bitcoin payments, for those who want to buy furniture such as sofas, dining tables, guest chairs etc.

I take this idea, thanks. Facebook is really a favorite social media platform for lots of people in my area, so advertising there will, I guess, help attract more customers.

~snip~

Thanks for this information. This is really the first time I am doing this, and as I learn more about it, getting to use a fast payment processor gateway is the next target.

That’s a good idea. I have also started offering crypto payments and I think I can also consider something like this to attract more customers. As there are less transaction costs involved (given that I am paying only 0.5% with Capital Wallet), I can spend the money that I am saving on transactions costs for offering such deals.

[imamusma]

What you did is one of a great effort to support Bitcoin adoption as a payment tool. As long as you know well how to deal with the price volatility of BTC, using BTC as a payment tool will be safe enough. But don't forget that you need to know the regulation related to the use of BTC as a payment tool in your country. Anyway, where do you come from? This is necessary to know to avoid a legal problem. I also have the intention to follow your effort (accept BTC as a payment tool in our bussiness), sadly it can't be applied here because it breaks the laws.

Regardless of whether he comes from a country that legalizes bitcoin or not as a means of payment, the OP's efforts can be considered as brave efforts. Bitcoin will only be adopted when a person, group of people, or company believes in bitcoin as a secure means of payment.

The OP probably already knows a lot about bitcoin and how to manage its price volatility so that the business can keep going without having to hold all the bitcoin as a long term investment. He should probably consider a quick conversion when someone pays in bitcoin to keep the OP from volatility, but it's up to him how to manage his bitcoin.

Regarding regulation, I believe it would be against the law when the government doesn't legalize bitcoin as a means of payment and someone adopts it in their physical service or company. We know the Indonesian government does not legalize bitcoin or crypto as a means of payment, and if the regulations don't allow it then you shouldn't adopt it.

My question for OP, have you ever had a customer who paid you with bitcoin as long as you adopted it as a means of payment?

[indah rezqi]

Regarding regulation, I believe it would be against the law when the government doesn't legalize bitcoin as a means of payment and someone adopts it in their physical service or company. We know the Indonesian government does not legalize bitcoin or crypto as a means of payment, and if the regulations don't allow it then you shouldn't adopt it.

Of course, the Indonesian government does not legalize bitcoin as legal tender. But you can still own bitcoin, trade them and invest them because it is legal. The legality of bitcoin in Indonesia is still limited to commodity assets, so it cannot be used as a means of payment.

If you don't want to get into trouble with adopting bitcoin as a means of payment in countries where it is not legal, then avoid adopting it. Ultimately adoption cannot be forced, it has to be right.

[Hamza2424]

Op tittle is great i don't know what is the impact is going to be , In simple and precise words you can say that if any of the major franchises accept bitcoin as the payment on the current time and condition the market is going to explode as far it is obvious. According my current market analysis market is waiting for some sort of news it might be of Panic or might be of major development in favor.

[Bobrox]

I don't think bad with your furniture company have get 13 costumer used Bitcoin as payment currency transaction, seems in your environment have many people used or invested in Bitcoin. You have great decision when accepting Bitcoin as payment currency transaction and keep hold it without convert to cash money or stable coin. I believe with your increasing 13 costumer in one month using Bitcoin for transacting you will get added costumer later with Bitcoin payment.

I have little opinion you can accepted Bitcoin payment trough BinancePay transaction, if your costumer used Binance you can sent trough this method with instant sending without any fees paying.

[Flexystar]

That's just really amazing. Wish I had furniture seller nearby whose accepting the bitcoins as part of payment. How cool it is to see, you walking nearby local area and suddenly see that board saying "We Accept Bitcoins Here". I am sure any crypto lover would stop by to see what's the exact process for doing so and how are they doing about it. At least I would go and check on such vendors and ask how much response are they getting. This could tell me tales of my region! 
Imagine if we see this every where on the street market to malls then what the heck government would do about it? I think they will be more afraid about it and may just make it far more stringent to accept it. However, that's our victory people. Lets keep doing it.

[Prince Malik]

This is a great initiative and im really happy to see Bitcoin believers making efforts to expend crypto adoption, i always feel that expending adoption is one if our responsibilities as Bitcoin believers and we should always make our best to teach people about Bitcoin and it's benefits, I hop in the future we see more initiatives like this one

[Luzin]

If you don't want to get into trouble with adopting bitcoin as a means of payment in countries where it is not legal, then avoid adopting it. Ultimately adoption cannot be forced, it has to be right.

It is, but if this is a community they trust and don't tell the government it will be safe. Even if it is behavior that will harm the government. But I think many have done that but not in a visible way.
The deal is that the value fluctuates. They must understand if crypto can be a very profitable or detrimental means of payment due to the volatility of its value. This is what makes them prohibit payments using Crypto. Even though they have collected taxes for crypto transactions as Commodities.