Advantage of accepting bitcoin in business

[Hypnosis00]

Cryptocurrencies have always been talked about in social media and I think they are already gaining more knowledge and doing research. For now, we can say that the adoption was slow but seeing a growing number of establishments who open their door to accept Bitcoin as another option for payment, is something overwhelming and can also affect others business organizations.

I couldn't find if there is a huge advantage to accepting Bitcoin but this will somehow give some comfort to our customers who are also crypto user/s.
Well, it is a least we are moving forwards to digitalization despite the risks.

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[klidex]

 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 ?

In my opinion if you accept payments using Bitcoin it is a good thing and very profitable at this time.
What's more, Bitcoin is currently experiencing a very deep decline and it will be difficult to go down even deeper.
You can use it as an investment where you take part of the total profit and the rest can be stored in bitcoin for long-term investment.
So don't worry about losses, rest assured that Bitcoin is able to bounce back more than in previous years.
I also salute you where you want to adopt Bitcoin by accepting payments from your own place of business. Meanwhile, for now your country has not really legalized crypto, only there is a plan to legalize crypto.

[Marcorey]

Doing so can help more people understand Bitcoin and let them all understand the benefits of holding Bitcoin. Accepting Bitcoin payments provides customers with more payment methods and also attracts crypto enthusiasts and holders, which helps in the growth of the business and financial success.

[yudi09]

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.

snip

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.

Something that can make me say yes. I like the mention of the government by the name of the third party.

Those of us who want to use Bitcoin in business certainly don't need to attach a paper that says "accept Bitcoin as payment" even though the third party has not officially issued regulations or rules regarding the acceptance of Bitcoin as a legal means of payment.

Similar to your sentence that third parties can only control users, but they cannot control Bitcoin.
From here the question arises because as a good citizen does that not include contradicting them?

[rodskee]

The advantage is always for us Bitcoin supporters and users , because this will help our business increases its users and also increases our chances to accumulate more and more bitcoin.

try to accept other currencies mate other than Bitcoin because this will make you more richer soon lol.

[Kelvinid]

The advantage is always for us Bitcoin supporters and users , because this will help our business increases its users and also increases our chances to accumulate more and more bitcoin.

Perhaps, it gives us customers an option, especially for crypto holders. It come to have that idea not because we wanted to accumulate more Bitcoin as it was not like a banking system that it was just for saving, yet it was a daily income and you will convert it later. But the good thing about this is we help spread crypto realization to be openly considered as currency, not only for investment.

try to accept other currencies mate other than Bitcoin because this will make you more richer soon lol.

It will never make you rich unless your business is perfectly hit by the taste of the people around you. If you are just earning a profit of $1 a day, becoming rich is really impossible.

[RockBell]

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

I feel those accepting bitcoin do it to share knowledge and spread the word most people will be curious once they see that some business owners are accepting it, good one and op please tell your customers to learn to hold rather than selling it. Is a filthy filthy thing, some know the potential of holding it, and some just hear and want people to know they also have bitcoin and people like this end up selling it without knowing the relevance or is benefits.

[wmaurik]

Doing so can help more people understand Bitcoin and let them all understand the benefits of holding Bitcoin. Accepting Bitcoin payments provides customers with more payment methods and also attracts crypto enthusiasts and holders, which helps in the growth of the business and financial success.

It won't help more people understand Bitcoin, but it can help Bitcoin get promoted to everyone. Because those who have just heard and know Bitcoin from other people's writings or words, they may not necessarily be able to understand how Bitcoin works and how to use Bitcoin when they want to make a transaction.

Of course there are benefits, but that's only for Bitcoin because when there are many people who see that place willing to accept payments via Bitcoin, those who just heard about it will definitely find out about the procedure for using it and the procedure for storing it. Whereas those who are experienced in using Bitcoin and also often save it, obviously this is a very good thing because they have additional options for payment when they are there or when shopping at that place

[Yatsan]

The only advantage I guess, accepting Bitcoin as a mode of payment in a business is the chance of earning 'more' during bullish trend in this industry. Problem is that things would be double edged. There is a tendency for bigger profit but as well as losses and lack of sustainability with the business itself. If it is a business wherein labor or professionalism would be paid, I guess this would work efficiently but if it is a business concerning general sustainability; needing stocks to run the business, there might be problems. Ofcourse the business owner would refuse to use the funds in order to process circulation within the business, for sure bankruptcy could be possible to occur afterwards, especially during market downfall.

[fennic]

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.

Hi brother I have also seen that In Africa Nigeria is one of those countries who love to have Bitcoin and also peer to peer trading and also their number is much more. And also I want to say that In Nigeria Having Bitcoin adoption is good thing cause it makes people more elegant and also I have seen that many of Nigerians are from those countries. And I love having such people who are keen in Bitcoin and also Crypto.

[len01]

several times in this forum I saw several members create threads about their business that had started accepting payments using bitcoin or other crypto. I fully support these things as long as they are done correctly and without making it up.
enthusiastically, some members have begun to introduce bitcoin indirectly by opening a business with cryptocurrency payments, which is very good to do. but unfortunately sometimes people out there who don't know about bitcoin they just ignore about paying using bitcoin and they will still prefer payment using fiat. and also some people usually don't fully understand technology like bitcoin so they have to gradually and patiently develop a business that accepts bitcoin payments.
but I support OP to continue to grow his business and I hope there are updates on the progress of his business.

[indah rezqi]

Similar to your sentence that third parties can only control users, but they cannot control Bitcoin.
From here the question arises because as a good citizen does that not include contradicting them?

Corruption is illegal, but a lot of people in government do it, isn't that against the law?
The logic is the same, but I don't want to force anyone to go against government regulations which actually will only make us lose if they are debated. This means that you must comply with the applicable rules regarding currency and legal tender in your country, and so far I also cannot spend dollars or any foreign currency (including bitcoin) in the jurisdiction of my country. Of course it has been stated in the law, and obedience to the law is mandatory.

[Cookdata]

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Your shop is very well organized in that customers don't have to complicate in and out of ways into your business center, if you really have bicoiners, you will be patronized, my only concerns are the payment platform and the lawmaker overriding CBN with that bill.

If you look at Bitcoin, it is measured in USD and for people to pay for your business, they have to pay transaction fees and make sure they are sats that can quickly confirm in the next block and if they are to do that in this case, they will be spending much in this Christmas because the Mempool is always congested and paying about $1 which is equal to #700 is really a big amount of money in Nigeria as fees.

Nigeria Politicians are picky and follow nepotism when they want to pass the bill and a vote, no doubt some of them own bitcoin and they are trying to pass the bill so that CBN wouldn't have authority over bitcoin but I think this bill will likely get rejected as only a few of them may likely want to pass this bill. If the bill becomes passed, I wish you success in your business

[noormcs5]

Cryptocurrencies have always been talked about in social media and I think they are already gaining more knowledge and doing research. For now, we can say that the adoption was slow but seeing a growing number of establishments who open their door to accept Bitcoin as another option for payment, is something overwhelming and can also affect others business organizations.

I couldn't find if there is a huge advantage to accepting Bitcoin but this will somehow give some comfort to our customers who are also crypto user/s.
Well, it is a least we are moving forwards to digitalization despite the risks.

The first benefit you get from accepting bitcoin is that you gain more business as you are offering an additional payment method. For those people who want to do transactions in bitcoin, they will prefer your business as compared to those who only offer traditional payment methods.

Also, when more people will integrate bitcoin and allow bitcoin payments, other businesses will follow the same and a time will come when most of businesses will allow bitcoin as a payment option.

[NeuroticFish]

The first benefit you get from accepting bitcoin is that you gain more business as you are offering an additional payment method. For those people who want to do transactions in bitcoin, they will prefer your business as compared to those who only offer traditional payment methods.

Also, when more people will integrate bitcoin and allow bitcoin payments, other businesses will follow the same and a time will come when most of businesses will allow bitcoin as a payment option.

It's more than that. Bitcoin transactions are irreversible. So when you as merchant have received the coins and the transaction is confirmed, you know the money is in your pocket.
On the other hand, with banks and cards you don't know. You don't know whether the card is stolen, you don't know if for whatever reason the payment gets reversed, you can face ugly surprises. With bitcoin everything is clear. It offers more control.

[Merit.s]

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.

snip

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.

Something that can make me say yes. I like the mention of the government by the name of the third party.

Those of us who want to use Bitcoin in business certainly don't need to attach a paper that says "accept Bitcoin as payment" even though the third party has not officially issued regulations or rules regarding the acceptance of Bitcoin as a legal means of payment.

Similar to your sentence that third parties can only control users, but they cannot control Bitcoin.
From here the question arises because as a good citizen does that not include contradicting them?

You need to notify your customers that you accept bitcoin so that those who prefer such payment method can easily do that without much conversation. If you don't put the notice how will you let them know that you accept bitcoin payment ? Someone like myself when I go to somewhere,I read sign post, notice on the wall so that I can understand the way things are done there. Information is power. Moreover I decided to use the guest house to inform people about bitcoin, I  mustn't be there to tell customers that I accept bitcoin bla bla orally. Even though am not there my notice is speaking for me and the message will be passed to whoever comes to the reception,restaurant and bar. Also people that have heard of bitcoin but don't have an idea of it but wants to learn about bitcoin can ask me.

[Wind_FURY]

@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.

OP could also advertise an offer for a discount if the payments are made in Bitcoins or add some freebies and other special benefits for Bitcoin users/Bitcoin payments. Because unless people earn their salaries in Bitcoin, it might be harder for them to spend Bitcoin. Why do, "buy Bitcoin to spend Bitcoin" if the person can merely use fiat directly? It's a different situation from Mr. Heroine Dealer and the Heroine addict in the dark market. Accepting Bitcoin merely for accepting it is not an indicator that people will simply start using it.

[CryptSafe]

  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 really commend your efforts in this giant move by you to accepting bitcoin as a means of payment in your motel. If this course is taken serious as we advocate within a short time bitcoin would be adopted by many people after seeing others take the decision to accepting bitcoin. The competition in accepting bitcoin would be high which will in turn create a high demand for bitcoin. I am happy that gradually people on this platform has taken the course on themselves to doing the needful by spreading the bitcoin message within their locality and as well going further to accepting bitcoin as a means of payment for their various services and business they engage themselves in. It is a pleasure to seeing this turn to reality speedily.
You have done well  OP, your efforts in educating your customers who are willing to know about bitcoin and also those who ready to make payment would definitely yield positive results. Keep up with your good works.

[arwin100]

@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.

OP could also advertise an offer for a discount if the payments are made in Bitcoins or add some freebies and other special benefits for Bitcoin users/Bitcoin payments. Because unless people earn their salaries in Bitcoin, it might be harder for them to spend Bitcoin. Why do, "buy Bitcoin to spend Bitcoin" if the person can merely use fiat directly? It's a different situation from Mr. Heroine Dealer and the Heroine addict in the dark market. Accepting Bitcoin merely for accepting it is not an indicator that people will simply start using it.

He can also get free advertisement since for sure many people will talk about the action he do especially if there are so many bitcoin users in their area. To many benefits he can get with it and it will give also an advantage to him compare to his competitor since he's costumer has many choices to pay to him directly. Bitcoin accepted signage is good marketing tool to have so for sure many clients will not forget and get curious about this acceptance happen on his business.

[FatFork]

There's another big benefit of using bitcoin for online payments. When you as a merchant receive the coins and the transaction is confirmed, you can rest easy knowing that the money is all yours. The risk of chargeback fraud is virtually eliminated. With banks and cards, it's a different story. You receive the money, but there is a chance that it could be reversed. This happens when customers claim they didn't authorize the transaction or they report it as fraud. You never really know if the card might be stolen or if the payment could get reversed for some reason. You also have to wait up to three days for these transactions to clear, which can be frustrating if you're expecting immediate payment. It's a risky business for both buyers and sellers. But with bitcoin, you can feel a little more secure in knowing where you stand.