Advantage of accepting bitcoin in business

[Merit.s]

  I was encouraged by this information  
https://bitcointalk.org/index.php?topic=5430921.msg61479047#msg61479047

This guest house was inherited by my husband from his family,I run and manage it,it is located in a small village.After reading the information that cryptocurrency banned will soon be uplifted and legalize in Nigeria,I decided to help in fast adoption of bitcoin in my country by accepting btc payment from customers who came to lodge or entertain themselves in the guest house. I also want to use the guest house as a medium to give bitcoin awareness to customers that comes to the guest house,due to the fact that it is a place where different people from different places comes to entertain themselves in the evening.
I am very happy for this new strategy and upgrade on how to serve my customers best next year on whatever form of payment,they will be using to pay for their accommodation. Yesterday evening, while I was checking one of the rooms,my bar attendant came to me that a customer wants to see me,meeting with him,he asked if he can make payment in btc for my service and I said yes. He opened up to me that he was on an assignment in research of some plants and he has already gotten a guest house where he is lodging but he has some challenges with them since they only prefer fiat currency which has been a challenge for him to meet up to his demands due to less fiat currency on him. He told me he will be spending up to a month in the village before going back to his state,he then asked how much is per night,which I told him and immediately he made a payment for twenty days with btc into my wallet,that he will move in the next day.
I decided to come and share this experience with people in this forum about the luck bitcoin acceptance has brought to my business this festival period. The truth is that,I have never had any customer that have lodged for straight two weeks due to the environment where the hotel is located. What are your contributions on this new change and suggestion in accepting bitcoin,does it means that businesses are suffering from fiat entrapment ?

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[bitterguy28]

Good for you and your business mate, yes you are actually helping people to understand what is bitcoin and what could bring to them but  your business is what will benefits big from this , I know Nigerian is one of the most promising country in your continent to use and adopt Bitcoin(and other cryptocurrency as well) so maybe in sooner time you'll gain popularity from this and may earn lot of support and payments from crypto users.

[Poker Player]

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have. Sadly, it is not representative of what happens in the rest of the world, where Bitcoin is mainly acquired as an investment, and although there are sites to pay with it, people rarely do it. But anything to help expand the knowledge and use of Bitcoin is welcome.

[Despairo]

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have. Sadly, it is not representative of what happens in the rest of the world, where Bitcoin is mainly acquired as an investment, and although there are sites to pay with it, people rarely do it. But anything to help expand the knowledge and use of Bitcoin is welcome.

Based on many statistic and research, Nigeria is the top 1 country with the highest usage of Bitcoin P2P platform and I think it's already become a new normal if people transacting using Bitcoin or accept Bitcoin payment on a merchant. Also the high inflation make it worse, people wouldn't protect their wealth in fiat.

Unlike the other countries where inflation isn't really that high and many people still can't accept Bitcoin as a currency, so it force people to use fiat to pay anything in their country.

[mk4]

Let me guess — is the customer/tenant a foreigner? People who tend to pay with Bitcoin on brick and mortar stores are mostly people from other countries based on what I've seen.

[inthelongrun]

It is music to my ears every time I read about businesses big or small or medium accepting bitcoin or even cryptocurrencies in general. Here in this forum, most of the time it is the Nigerians showing their bitcoin adoptions. More power to you guys and keep it coming. Maybe Nigeria is the next country to legalize the use of bitcoin as a legal tender. 

Sadly in my country, we cannot accept bitcoin without a permit from our business bureau which is a very long process. But I am not losing hope that one day I will travel around my country to see stores that accept bitcoin.   

[Oneandpure]

I think your county Nigeria have been popular with Bitcoin or cryptocurrency transaction, I don't think faced difficult with your costumer for using Bitcoin as payment currency. I think you have advantage when accepting Bitcoin as payment currency transaction around Bitcoin have been popular there you will make interested other costumer for using Bitcoin as payment legal tender.

I think you need make bigger image with Bitcoin currency accepted in your business store, I don't see with your picture outside of store about Bitcoin as legal payment, maybe many people can't see with your store have accepted Bitcoin payment way.

[yazher]

Good for you and your business mate, yes you are actually helping people to understand what is bitcoin and what could bring to them but  your business is what will benefits big from this , I know Nigerian is one of the most promising country in your continent to use and adopt Bitcoin(and other cryptocurrency as well) so maybe in sooner time you'll gain popularity from this and may earn lot of support and payments from crypto users.

He can also take advantage of what has going on in the crypto market today because he can also hold the bitcoin payments until the price will rise again next year. It would be a great business for him since he might be one of the first doing it in their place. In this kind of implementation, you just need to be patient, and also you need to understand that people might also ask you some important questions regarding your new innovative payment.

[Zlantann]

It is music to my ears every time I read about businesses big or small or medium accepting bitcoin or even cryptocurrencies in general. Here in this forum, most of the time it is the Nigerians showing their bitcoin adoptions. More power to you guys and keep it coming. Maybe Nigeria is the next country to legalize the use of bitcoin as a legal tender. 

Sadly in my country, we cannot accept bitcoin without a permit from our business bureau which is a very long process. But I am not losing hope that one day I will travel around my country to see stores that accept bitcoin.   

It also brings uncommon joy and excitement to me each time I read about businesses accepting Bitcoin as an alternative form of payment. No matter how small or insignificant this effort might seem, it has the potency of spreading the gospel of Bitcoin. At least any customer that comes in would get to know that there is an alternative currency to the local fiat.

I want to encourage you to keep up this good initiative, although you might not have regular customers but ensure you inform the few you come across about Bitcoin. You can even give a little discount to customers that are willing to pay with Bitcoin. I know most people in rural areas are unbanked, one advantage of this innovation is that these rural dwellers would have access to Bitcoin transaction services. Congratulations mate.

[laurenB7742]

I also read the news about the Nigerian government lifting the bitcoin ban, which is congratulatory for the investors here and another success of bitcoin in conquering governments. The advantage that I see bitcoin gives businesses is that they will have more customers because nowadays, bitcoin is becoming more and more popular and widely used. Especially foreign guests, because they will not need to bring too much cash, nor need to convert to your national currency, and can use bitcoin directly, which is really convenient.

But I want to ask, accepting bitcoin payments, will you continue to hold bitcoins in your wallet, or after receiving your bitcoin payment, will you convert to fiat immediately?

[worle1bm]

It's good to see when members share their stories of such incidents on the forum and help us all to know how btc is being used around the world.There are many people from Nigerian community who accept it as payment mode for their business and many who are willing to use it while paying for goods and services.But on the same note see how btc has helped you in business and developing new customers who are into crypto payments so hope you have more people like him.

[xSkylarx]

Good for you and your business mate, yes you are actually helping people to understand what is bitcoin and what could bring to them but  your business is what will benefits big from this , I know Nigerian is one of the most promising country in your continent to use and adopt Bitcoin(and other cryptocurrency as well) so maybe in sooner time you'll gain popularity from this and may earn lot of support and payments from crypto users.

He can also take advantage of what has going on in the crypto market today because he can also hold the bitcoin payments until the price will rise again next year. It would be a great business for him since he might be one of the first doing it in their place. In this kind of implementation, you just need to be patient, and also you need to understand that people might also ask you some important questions regarding your new innovative payment.

Others would prefer to convert it directly to their own fiat because they need that money to add again to their capital as it needs to keep rolling, but there are also others that will be holding it for a short period of time when they need to buy supplies and will then use it. The majority of bitcoin adoption in business is to raise public awareness that you can pay with it, and if the owner's goal is truly to accumulate the bitcoin, he or she should be saving it to gain profit in the future.

[noorman0]

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have.

If bitcoin payments are a trending method, then you will see Nigerians eager to create similar stories until the atmosphere cools down. So let them express as much as possible.

Let me guess — is the customer/tenant a foreigner? People who tend to pay with Bitcoin on brick and mortar stores are mostly people from other countries based on what I've seen.

Maybe this article will shed some light, so it makes sense that even civilians in the countryside would start using bitcoins for daily spending.

[CryptoBuds]

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have. Sadly, it is not representative of what happens in the rest of the world, where Bitcoin is mainly acquired as an investment, and although there are sites to pay with it, people rarely do it. But anything to help expand the knowledge and use of Bitcoin is welcome.

Bitcoin has been and is succeeding, but it didn't go in the right direction from the beginning with its original purpose, we considered it an investment from the beginning due to its volatility. Honestly, given its volatility, it is more suitable for investment than a payment method. Nobody wants to use their bitcoin when everyone knows its value is going to go up, and nobody wants to spend more bitcoin on a product when we are in a bear cycle.
If bitcoin is not so volatile, I agree it should be used more as a payment method, but when it is too volatile, it is clearly not suitable.

[yudi09]

As long as you give the freedom to customers who visit to pay with Bitcoin because according to my guess not all customers who stay at your hotel have Bitcoin. If most customers are from outside your country, then this concept is quite helpful and for me it's good management.

My general point of view is that a business that accepts Bitcoin as a means of payment needs to be implemented. Even I personally really want this step to be implemented but can't yet because the government only allows Bitcoin as a commodity asset.

[rby]

As long as you give the freedom to customers who visit to pay with Bitcoin because according to my guess not all customers who stay at your hotel have Bitcoin. If most customers are from outside your country, then this concept is quite helpful and for me it's good management.

My general point of view is that a business that accepts Bitcoin as a means of payment needs to be implemented. Even I personally really want this step to be implemented but can't yet because the government only allows Bitcoin as a commodity asset.

Op is lucky and I am surprised it happened if it happened. Most businesses accepting bitcoin in cities can stay months without bitcoin customer coming. Let alone the one in the village. Many people don't like to lose their btc easily, not even in this bear market that it will rise in the future.
Congratulations and we will never cease to hear this type of stories and testimonials
They save their bitcoin and spend fiat.

[Aanuoluwatofunmi]

Accepting bitcoin in a business makes it creates a functional means to acceptance of digital currency as payment media from customer interested in this category, it also makes the busi attractive to those kinds of customers that will patronage you because they know that payment wouldn't be an obstacle for them to do anytime anywhere, it also help prevent person interest, privacy and anonymity in making business transaction whereby one wouldn't want his identity to be traced or tracked down by a central authority, acceptance of bitcoin indeed comes with alot of benefits because it has made payment at the very ease of simplicity.

[dezoel]

I think it would be better to wait for the official announcement that crypto is already fully legal in your place and then the people are aware of it, so that they won't hesitate anymore to use a Bitcoin.

For now, you can run your business normally and accept only fiat and other payment methods which doesn't have any restriction.

If you have difficulties getting a customer then you are right that it's about the location of your business. Maybe you are located on a farther area away from the city? If yes then it's normal that less people will be able to reach you out there. Maybe you can try relocating your business or just add another branch. Okay, goodluck!

[Lida93]

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have. Sadly, it is not representative of what happens in the rest of the world, where Bitcoin is mainly acquired as an investment, and although there are sites to pay with it, people rarely do it. But anything to help expand the knowledge and use of Bitcoin is welcome.

Based on many statistic and research, Nigeria is the top 1 country with the highest usage of Bitcoin P2P platform and I think it's already become a new normal if people transacting using Bitcoin or accept Bitcoin payment on a merchant.

The high usage of the bitcoin P2P platform by every Nigerian is because that is the only channel through which cryptocurrency transactions can be made between persons without any trace of crypto financial deal from the government regulatory agents since the crypto ban. It has been easy but one thing Nigerians involved in cryptocurrency industry is recently observing is that their die-hard decision to stick stick to crypto has made the government to gradually having a rethink on their ban policy and it's something we hope for in the nearer future to see a Nigeria that is totally crypto legalized.

[JoyMarsha]

The fact that Nigerians are accepting bitcoin payments in their businesses is positive. But I want to know whether Nigeria doesn't have a long-term bitcoin investing strategy. Because the majority of the forum posts that I have read so far describe how customers paid using bitcoin.
 
When a Nigerian citizen is fully aware of the potential benefits of hodling, it will be unusual to see him make a payment in bitcoin. In spite of everything, he would rather pay in fiat, not with bitcoin