Advantage of accepting bitcoin in business

[Wind_FURY]

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.

It's a choice. You want to buy Bitcoin and HODL because it's a good investment? You can. You want to buy Bitcoin and spend/use them where fiat is not an option in your region? You can. You want to criticize the HODLers? You can. But you must understand that it's the market that took Bitcoin from nothing to more than $10,000 per coin, WHICH was also what made more people become more attracted to accept it, and use it.

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[Spaceman1000$]

I like your concept of taking cryptocurrency to those remote areas, it help spread the knowledge of crypto to those areas.

[CryptoPanda]

@Merit.s good work man, thanks for helping with bitcoin adoption in your own part of the world. I'll try to add more details that will make your new initiative attract more customers. You need an ad that’s bold and obvious, it’s a miracle the customer found you, and I think that’s mainly because he’s been searching for a motel he can pay with bitcoins the whole time, if you had a billboard outside that says you accept bitcoin it will be a lot easier to gain that attraction. I assume your motel has a bill board or ad sign outside, you could redo the old one and make a new one that adds some bitcoin hints so people know this motel is different.

[Jody.Drummer]

I often see several threads that are almost the same about this and indeed the background is still the same as Nigeria. Indeed, that is quite good, but something like this is a little difficult to do in other countries, especially if they are still in a neutral stage in the adoption of bitcoin and there are no regulations governing payments in bitcoin.
Because there are still some policies that are a little difficult to break, especially with a number of things that can still happen and of course it's inconvenient if you keep forcing payments via bitcoin if you keep forcing them.

[Wiwo]

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.

I agree with you, recent threads from Nigeria have become an advocative threads and all with a push to Bitcoin adoption, what will like my African brothers to know is that bitcoin is not a get-rich-quick scheme or a crowdfunding scheme but a technology that needs in-depth knowledge both theoretical and technical aspects to see it full utilization and at that Bitcoin. It's better to take bitcoin as an asset than a currency because Bitcoin has a high value, especially when exchanged for the Nigerian naira and other Africa country's currencies the fact is Bitcoin adoption is on a high rate in Nigeria even without government adoption or ban in Nigeria, there have been some level of limitation to bitcoin adoption and since the government have blanket regulations against the bank with cryptocurrency transaction most citizens have moved on to p2p just in few place their are public acceptance the great is just under the cover of p2p.

[Zaguru12]

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

Every true bitcoinier understands the advantages of holding of  bitcoin. In this scenario I think either the payment is done in bitcoin to encourage the marketer since the adoption is still small and stuffs like this could aid in it mass acceptance. The second reason may be ght be that the investor is out of enough fiat and pays in bitcoin instead. But regardless of which option I feel this payment method is not done on a regular basis and that's why we read threads of testimonies when a payment is done through bitcoin

[bitzizzix]

I often see several threads that are almost the same about this and indeed the background is still the same as Nigeria. Indeed, that is quite good, but something like this is a little difficult to do in other countries, especially if they are still in a neutral stage in the adoption of bitcoin and there are no regulations governing payments in bitcoin.
Because there are still some policies that are a little difficult to break, especially with a number of things that can still happen and of course it's inconvenient if you keep forcing payments via bitcoin if you keep forcing them.

Yes, lately a lot of people have created business threads that use bitcoin as payment and that comes from Nigeria.
and it turns out that adoption continues to increase there and also many Nigerians are more inclined to use bitcoin, so many businesses there have started using bitcoin as their payment alternative. And even though there is no law in effect yet, it does not mean that they are prohibited from using bitcoin as a means of payment and also for investment.
and in my opinion any business that can use bitcoin as an alternative means of payment is very good and this is proof that in their area or in their country bitcoin is growing rapidly and many are using it.

[indah rezqi]

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.

Adoption that is hampered by legality and government regulations, of course, is not new news. There are still quite a number of countries including Nigeria that have not legalized bitcoin as currency, it's not illegal but if the government has regulated it in law then clearly the OP may not adopt it publicly.

Hey, I also accept bitcoin (for example), but I don't need to stick that paper on the wall as an advertisement to make people wonder what bitcoin are. Adoption is expected to continue to increase despite governments in most countries still banning it, but in private this is always possible. Come on, the government is only able to control bitcoin users, that means they can't control bitcoin.

[Rruchi man]

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.

Customers come for entertainment and relaxation as you have mentioned, they surely will not want an environment where the focus is no longer their entertainment but an awareness. There is the right time for everything.

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 don't if I am the only one not buying this story, someone going on a long trip will always want to have as much fiat as possible.

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 entrapments?

The fact that you now accept bitcoins will not still attract customers if your services are still unsatisfactory. I personally will not spend a night in a hotel with very unsatisfactory service just because they accept bitcoins.
Make some renovations, Improve your services and you will get more customers.

[drwhobox]

Accepting bitcoin as a payment method is a great idea, but also make sure clients/customers are inspired to pay with bitcoin. Most of the people will avoid bitcoin payments and will pass it on to cash or other payments. Make it easy and attractive for your customers to pay with bitcoin. By attractive means give them some discount or give them some points which they can use later to buy anything from you. They will acquire these points or discounts if they only pay with bitcoin.

It's good to see Nigerians are very aware of bitcoin and trying to spread it to their community.

[jrrsparkles]

This story is good and will help in the development of your financial success but this ain't said any advantage to me either cause with the current policies accepting bitcoin as payment is complicated for an organized business where you have to pay appropriate tax for the earnings you made as profits.

Bitcoin holds advantage too which is no hidden fee, irreversible transaction, easy cross over between borders and much more but we need the policy to support this system to utilize all the pros of Bitcoin.

[Fivestar4everMVP]

  What are your contributions on this new change and suggestion in accepting bitcoin,does it means that businesses are suffering from fiat entrapment ?

Your experience is a good one, and deciding to start accepting btc payments for your services is also a good decision, personally, i dont think businesses are suffering from fiat entrapment as you called it, what business are suffering from is inflation and devaluations of fiat currencies.

The thing actually is that, businesses offering customers multiple types of payments for their services is always good, as this does not only put them at the fore front, it also give them an edge over other businesses that do not offer such privileges'.
I for example have got out many times to buy something and wish i could just find a business around my area that accepts bitcoin payment, as a person that's always short on fiat cash, if it happens i find such a place, that automatically become my always go place for everything and anything i want to buy, as long as they sell what i want. 

[GeorgeJohn]

From the beginning i understand that this statement is like assumptions of legalizing cryptocurrency in this particular country, i even taught your emphasis will be generalized from my observation, so therefore cryptocurrency legalization will be very rigid before some of the African countries will embrace it, because they have different understanding over cryptocurrency, and the main point that they can't allow cryptocurrency to be accepted as a means of payment, because of the negative thinking of their government over embezzlement of funds through cryptocurrency.

[CryptoPanda]

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.

Customers come for entertainment and relaxation as you have mentioned, they surely will not want an environment where the focus is no longer their entertainment but an awareness. There is the right time for everything.

I see your point, but in OP’s defense we go to watch the football game at the stadium, and the casinos and companies that sponsor are always advertised in a subtle manner around the stadium. I’m not sure what exactly OP has in mind about using his motel as a medium to create bitcoin awareness, I’m not sure if it’s a lecture or something else. I think it will be best to keep it plain and simple to the bitcoin ads around the motel premises. Anyone who’s interested will do their own research.

[coupable]

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.

It is good to hear that people are using Bitcoin in their daily business. I congratulate you on this wonderful achievement.
On the other hand, I see that accepting bitcoin payments may not be very useful if all your customers are local and prefer to use the local currency in order to avoid technical complications. Rather, this could open the door to receiving customers from other countries who can pay directly using bitcoin to make reservations before leaving their countries.
There are some other details that remained unclear, such as how you will calculate the percentage of taxes that you will pay, given the fluctuating price of Bitcoin and that your country, Nigeria, has not yet legalized the use of Bitcoin.

[Leviathan.007]

Good to hear this from you and wish you the best of luck for you and your business, accepting bitcoin and cryptocurrencies can be a great step forward for any company and business because the world is stepping into it and if you check most of the famous payment systems are even taking about having partnerships to accept bitcoin and cryptocurrencies for their business to get more clients because the world is moving forward and it's up to you, if you step forward you can have a chance to develop your business and get progress. So the first advantage for you could be having more demand form your clients if their prefer bitcoin payments.

[uneng]

What are your contributions on this new change and suggestion in accepting bitcoin,does it means that businesses are suffering from fiat entrapment ?

Here in my area bitcoin isn't accepted by any merchants, so I can't contribute to this change for now, because it doesn't exist.

In your case I see it's a very positive attitude to accept bitcoin as payment because you are suffering with your local native currency depreciation, so you are forced to find alternatives to deal with money in Nigeria and bitcoin has become the perfect solution. It helps you to preserve the value of your money, because it's stored in a valuable asset/currency that is bitcoin and since everyone in your country are on the same boat, facing the same difficulties daily, it must not be that hard to find people willing to pay you with bitcoin.

Congratulations for embracing technology and introducing it to other countrymen who weren't aware about bitcoin yet!

[GreatArkansas]

(....)
What are your contributions on this new change and suggestion in accepting bitcoin,does it means that businesses are suffering from fiat entrapment ?

Another way of contributing to the Bitcoin community is for example you are a customer or consumer from a business.
By just a simple question, asking the business, "Are you accepting Bitcoin?" is already a good way, a simple but a big help. Because it will help other people to become curious about what is Bitcoin.

[NicNacCoin]

 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 ?

I respect your actions and business. You are very wise person. You will go far in future. Such thoughts do not arise in every human being as they have arisen in you. Spread your thoughts to people and make your home a little more attractive. You will see that you have become very successful very quickly.

[bitterguy28]

I respect your actions and business. You are very wise person. You will go far in future. Such thoughts do not arise in every human being as they have arisen in you. Spread your thoughts to people and make your home a little more attractive. You will see that you have become very successful very quickly.

actually hen just act naturally as He is a crypto enthusiast and having a business that will offer accepting bitcoin is just an extension because he'll be having this business no matter if he has Bitcoin or not.
But like what you said this is a wise move for business owner like Him.

(....)
What are your contributions on this new change and suggestion in accepting bitcoin,does it means that businesses are suffering from fiat entrapment ?

Another way of contributing to the Bitcoin community is for example you are a customer or consumer from a business.
By just a simple question, asking the business, "Are you accepting Bitcoin?" is already a good way, a simple but a big help. Because it will help other people to become curious about what is Bitcoin.

well said here , very well said mate.