(Bitcoin payment success) 3-month statistics

[Dr.Bitcoin_Strange]

It's been four months since I started accepting Bitcoin payments in my furniture company, and I am delighted by all the help and suggestions I got from this forum when I started. God has also helped me, and my business has been very successful. Since I started accepting Bitcoin payment, I have made new friends and new customers as well, and this means of payment gives me the joy of emulating and utilizing the best technology of this generation, which is Bitcoin through blockchain transactions.

 Through this means of payment, I have had about 18 friends who really took an interest in having me teach them and show them things about Bitcoin investment, but out of that number, 6 are business owners who also developed an interest in accepting Bitcoin payment, though they are yet to kick off. I am not usually free to do the lecture class, but I still devote time to teach them the things I know while also referring them to this forum because I know the forum will not allow its members to make a mistake so long as they ask questions.

I say a great thanks to the forum and member, from whom I have taken their idea and added to mine, which is the reason why this thread is going live today. I say thanks to
Lucius
YOSHIE
glendall
Die_empty
kamvreto
stompix
goldkingcoiner
JayJuanGee and I cannot list out all of you whose suggestions were really helpful, and all those thoughts and pieces of advice always got me referring myself back to my old thread and taking a few pieces of advice. It is not worthless to be here at all.



I am not too good with Microsoft Excel, but I just try my best to get my bar chart arranged; please don't criticize me for it. I made a total of $6,867+ of sales in January, including my local currency, Bitcoin, and USDT, which accounted for only 33.8% of Bitcoin payment received. For February, I did make a total of $4,676, of which 20.7% was only payment accepted in Bitcoin. In the month of March, I did not see much payment coming in bitcoin; I made a total sale of $5,644, of which the bitcoin payment received was just about 10% of the total sale, I received more of local currency payment. It seems my customers had the urge to hold due to price Surg.

In these three months, I would not say I have really saved a lot of profit in bitcoin, just like I said I would keep my profits in bitcoin and only convert my costs to fiat, but I have been able to hold the amount of bitcoin I have not held since I started bitcoin investment, and I am still appreciative of what I hold, and luckily for me, I have had about a total of 54 customers that paid with bitcoin and USDT, of which only one female paid me with bitcoin and the rest were males.

I will appreciate some more suggestions and help, because I don't believe I could have done these without all your help.
Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?
I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

thank all, Dr.Strange 👺

[SatoPrincess]

That’s very impressive. Having 54 customers pay in bitcoin and usdt within such short period is amazing. I haven’t managed to get a single person to pay in bitcoin. Maybe it’s fair to say there are more males than females who are bitcoin investors.

Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?
I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

You’re doing well, aren’t you? I guess they see how your business is doing after accepting bitcoin and they want to make the change too. It’s a good idea for them to start as long as they know the risk involved talking about price volatility. I think you’re in the best place to know if you should remove the discount or now. We can’t give an accurate evaluation without knowing how the business runs.

[tranthidung]

my old thread and taking a few pieces of advice. It is not worthless to be here at all.

Is it better if you update those stats, charts in your old thread that is locked now?

It would be more easily for readers to follow how you started with "Bitcoin accepted here" for your business and how it grew with time. If you continue this trend, you will create many topics like other topics for "6-month statistics", "1-year statistics" and "n-year statistics" for (Bitcoin payment success) like that user

• I want to implement Bitcoin payments in my hardware store.
• My hardware store now accepts Bitcoin!
• What is the best Bitcoin hardware wallet to use as a vault for a company?
• I started accepting Bitcoin at my store in September 2021, here's an update.
• Update on my hardware store which accepts Bitcoin

[Zaguru12]

That’s very impressive. Having 54 customers pay in bitcoin and usdt within such short period is amazing. I haven’t managed to get a single person to pay in bitcoin. Maybe it’s fair to say there are more males than females who are bitcoin investors.

This definitely has a lot to do about the community where your business is situated, a business area where there are more less knowledgeable people when it comes to internet or rather a community where there is hardly internet connection will definitely have find it hard to get customers that will pay in bitcoin. The kind of business been run also determines this, a customer that is likely paying 10$ for goods or services will prefer to use the fiat payment method. A country’s treatment of bitcoin would also have great influence on the number customers.

Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?
I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

You could advice them since many people in your community are bitcoiners and are ready to pay with bitcoin but they shouldn’t keep everything in bitcoin. Rather have some (major part to be specific) in local currency to able to hold in peace.

I think once you are satisfied with the number of customers you have gotten through your business scheme then it is proper to return maybe gradually to the market price to avoid running into loss just for the sake of accepting bitcoin as replacement. You can start by reducing the discount to 7%, then 4% and the back to the normal price

[examplens]

Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?

this is quite individual. Some of your friends will certainly be grateful that you gave them advice or help, while some of them (where everything did not go according to plan) will be dissatisfied and maybe even blame you for it.
it's like that for everything, not only when it comes to Bitcoin.

I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

as far as I've seen, you still don't have a stable percentage of bitcoin payments, it could even be said that you have a downward trend. 33% > 20.7% > 10%. if the price structure of the product allows such a discount, I would keep it. a long period is certainly needed to determine the profitability of this type of discount.
I believe that it is also important how much bitcoin payment has brought new customers or if it is just the old ones who use the discount.

[goldkingcoiner]

I am very glad that your business is doing so well and I am grateful that I happened to have had my name mentioned by you on this topic. I hope my advice will help you find new paths for financial success and if you ever have a question, please do not be shy about asking us, no matter how small or insignificant you may feel the question might be. There is no such thing as a bad question.  

Not only does Bitcoin help you and your friends businesses, but it also helps the Bitcoin community grow and Bitcoin become more globally accepted and adopted. So its really a win win situation for us all!

I hope your success continues to flourish and I wish you the best!

[Cantsay]

Wow...  Those are some impressive charts you have there. And the fact that your business is located in a country where I would have doubted that you would have done well-accepting bitcoin, that's why it's always better to try out something before criticizing or turning it down.
I hope to see more updates with even better stats in the future.

And by the way, Op I don't believe you're the type who would make the mistake of leaving your fund in an exchange most especially now that your business is doing great, the image in your op shows that your bitcoin is currently in Binance exchange make sure you move it as soon as possible to your non-custodial wallet to avoid story that touches the heart. Or perhaps you want to convert the funds to fiat, whichever it is make sure it does not remain in binance.

[Adbitco]

First i have to commend you on your believe for having strong faith in establishing bitcoin payment on your furniture business, even as bitcoin price wasn't that encouraging yet your still open to accept it as a means of payment to your business.
 

for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?

From own point of view, they don't need your approval to start accepting payment, usually it should be from the level of their confidence over accepting bitcoin as payment. I.e, Are they satisfied with what you impacted on them to be able to carry out such action?
If they said "Yes" Then they may go ahead accepting bitcoin as means of payment. But however, they have to understand about the price fluctuation maybe if they would adopt to your method of savings and operations.

I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

Usually bonus or discounting always have some sets of time frame to function, if you feels the time frame given to them have elapsed then you don't have to bother yourself about the discount anymore.
So is your personal choice to set a limit for instance, giving from today till June this year then discount stop, then by December you may open a December discount to run from 15 of December to 15 of January 2024 ^{December hot deal}. With this strategies you would always have your customers patronizing you due to your kindness and love towards them.

[Yaunfitda]

Offering a 10% discount for customers are good in my opinion, I mean it will incentivized them to at least used their bitcoin, or if they are not familiar with it, then maybe they will get themselves involved on it and who knows, they could be a investor in the future.

So yeah, it everything is going very well in your end accepting bitcoin as payment then just continue with it.

In the future it could really be a win-win situation as well specially if you are just going to hold on that bitcoin and just sell in the next bull run.

[Fiatless]

I will appreciate some more suggestions and help, because I don't believe I could have done these without all your help.
Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?
I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

thank all, Dr.Strange 👺

I want to acknowledge that I am impressed with your record-keeping habit because many small businesses in my location don't care about this important aspect of a business.

I want to also advise that you should carry out a business review to ensure that the 10% discount is not affecting the business negatively. Don't forget that all the gain you have currently is not your net profit. At end of the business year, you would have to pay your office and showroom rent, government rates other expenses. It is great you have gotten a good number of customers that are paying with Bitcoin. Just ensure you offer quality products and services your business will keep growing.

You don't advise people to start using Bitcoin in their businesses because your location might be different and government policies also differ. Business owners should engage in a comprehensive study of their business environment to know if it Bitcoin payment option will be good.

[HedgeFx]

It is always positive to read that someone manages to transfer bitcoin as a payment currency into the real economy.
It would also be interesting to understand how you managed payments: did you wait for a minimum number of confirmations to consider them acquired or did you rely only on the TRXid?


Also a little advice (or just a reminder): Be you own bank, don't leave your funds in your online wallet 

[johnsonsellen]

I am delighted to hear that my business is thriving, DGme and  I appreciate your kind words. Your advice was valuable, and I am grateful for your support. It is encouraging to know that there are people like you who are willing to help others succeed.


Bitcoin is undoubtedly a fascinating technology that has the potential to revolutionize the financial industry. As you said, using Bitcoin not only benefits our businesses but also contributes to the growth and adoption of the cryptocurrency community. It's a mutually beneficial arrangement.

I appreciate your well wishes, and I hope to continue to grow and succeed with the support of people like you. Thank you again for your encouragement and helpful advice!

[Cantsay]

~~~

Wrong thread!!!

Why are you using the pronoun "I"? As if you're the owner of the thread.

Go to another thread and spread your spam link there and stop ruining the celebration of others.

[Yawa2020]

I will appreciate some more suggestions and help, because I don't believe I could have done these without all your help.
Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?
I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

This worth commending! You know everything is about giving it a trial and you just did, alas you're prospering. Concerning your friends, know that what works for Paul might not work for Peter. However, enlighten them of the challenges they'll face at first because I am sure it would be be very challenging at due to customer adaptation and if they are ready to face the challenges which for sure they'll overcome later as you did then, they can go ahead.

[Lucius]

@Dr.Bitcoin_Strange, congratulations on a successful start to the year, and I hope that the rest of the year will be just as successful or even better for you and your customers. My opinion is that people should always be given as many choices as possible when paying, and Bitcoin is only one of the options that should be offered, especially if such a payment method does not cause any extra costs for you.

I will appreciate some more suggestions and help, because I don't believe I could have done these without all your help.
Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?
I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

As for your friends, I think your experience can be of great help to them, of course if you explain to them what are the advantages and what are the risks when receiving payments in Bitcoin. I would not push anyone into something by force, even if I was good at something, but I would help them if they really want to do it.

As for the discount, I would personally keep it if you can afford it, because that's how you actually attract customers to pay with Bitcoin - although you can reduce it to 5% for one month or try to see what would happen if you completely remove it.

[Saidur100]

I expect BTC to go above 30$K very quickly you just watch it happen very soon

[Ndabagi01]

In these three months, I would not say I have really saved a lot of profit in bitcoin, just like I said I would keep my profits in bitcoin and only convert my costs to fiat, but I have been able to hold the amount of bitcoin I have not held since I started bitcoin investment, and I am still appreciative of what I hold, and luckily for me, I have had about a total of 54 customers that paid with bitcoin and USDT, of which only one female paid me with bitcoin and the rest were males.

Congratulations on reaching such a significant milestone in such a short period of time. It's fantastic that you made such large profit sales and were paid in bitcoin from January to March. Although I am not in the selling or buying business, I did learn something useful from the way you save with bitcoin by converting the costs to fiat and leaving the profit in bitcoin.

This method eliminates the risk of the business collapsing because the capital will not be affected by volatility as it would if it were stored in bitcoin. And there is the possibility of increased savings if the profit stored in bitcoin is held for a long time.

I will appreciate some more suggestions and help, because I don't believe I could have done these without all your help.
Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?
I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

thank all, Dr.Strange 👺

Perhaps the lower prices you offer to customers who pay with bitcoin are what drew more customers to you. Maybe you should think about it for a little longer before removing the discount.

[Mate2237]

OP your story is interesting, I have not seen any shop around me accept bitcoin and I am eager to buy things with bitcoin in my locality. You tried for accepting bitcoin in your shop. The thing that affect people that have accepted bitcoin in the businesses is the awareness of the people. A large number of people are not aware and don't even know how to use bitcoin so the patronizing process is very much limited. I went to a city to buy 43 inches TV and I asked the manager if he does accept bitcoin and he told me he has not even hear the name bitcoin. So I bought it with Local Fiat.

[Z-tight]

Also, for my friends who want to accept Bitcoin payments, is it wise to advise them to go ahead with it?
I have been maintaining a 10% discount for those who pay with Bitcoin; is it okay if I stop the discount now?

Congratulations on your success and what you have been able to achieve by including BTC for payment in your furniture company, if truly people are actually paying you with BTC, then it is a good thing you are doing by giving people an opportunity to spend their BTC. If your friends want to accept BTC in their own business after doing their own research and they need you to help them with some advice on how to go about it, sure give it to them, but don't be the one to tell them to accept BTC payments, let it be their choice alone. The discount is not bad, only you can know if you are making profit or not with it, if you are, keep on running the discount, if you are not, then reduce or remove the discount because your business is for profit.

[Mr.suevie]

These are the  kind of thread that inspire other folks to be faithful in trying out new things especially when it comes to crypto. I mean who would have taught that your business would strive so wonderfully looking at the fact that the use of bitcoin is still prohibited by the government in your locality. I would like to congratulate you on your bold step you took in accepting bitcoin as means of Payment in your business this idea of yours has made you spread the awareness on bitcoin more in your which is very good towards the acceptance of this wonderful technology in your local community. I myself wants to try out some kind experiment in my local community and I want to do through sport since my community is a sport loving town and it will also involved bitcoin as part of the agenda  but it's still at it early stage, so am still trying to gather more knowledge before commencing this project of mine.