Congratulations for established such big bar in your environment but the step you took to introduce BTC in your bar, I don't think is a good idea and it will land you for trouble because all eyes will be on you that you use BTC to establish the business not knowing that it is your father that supported you with the capital.
Since some of the things you are selling are drinks, it will be difficult for people to ignore local currency and use BTC to pay for the drinks and the high rate of dollar in your country show that it will affect your profits if you introduce such payment in your business, but I will advise you to be saving some money in BTC so that whenever the price increase you can sell to buy more goods in your business.
Thanks for your candid advice, I like your idea of being security conscious as that should be the number one priority of any business one is doing then just like I said in the OP I'm using a combination of fiat, USDT (TRC 20), BNB and some others as my payment options for now then i will include the use of Bitcoin when the transaction fees are less and no congestion in mempool because a lot of personalities around me are into cryptocurrencies more especially bitcoin so it would be nice if people that uses cryptocurrency also make payments using cryptos.
Your thoughts for me to save in Bitcoin and sell it off when the price increases is not a bad idea but I'm a bitcoin hodler and I plan to acquire more Bitcoins till it reaches the speculated ATH so for now I won't be selling my coins.
A big congratulations to you on your new business adventure in this year 2024, I love the setting of your bar, it looks sleek, stylish and rich, I've had plans of having a bar like this, or even something a bit bigger than this but some persons around me talked me out of the idea, but maybe in the future, I might pick up the idea again and this time, I will not allow myself to be discouraged or talked out of establishing it.
In life, don't always be influenced by people's decisions for you because if you fail you'll have yourself to blame and if you succeed you're also going to receive the glory so stick to your heart and establish your dreams and you're responsible for whatever decision you take whether it leads to your upliftment or your downfall, don't be controlled by people's opinion.
I am also wishing you well in your new adventure, but rest assured that you can always accept bitcoin as a payment method if you want, it's just like what we have discussed here over time in previous times about bitcoin L1 network not being one that is meant to be used for payment of/for goods and service, for businesses like this that wish to accept bitcoin as a payment method, I believe setting up a lightning network is the best way to go, with lightening network, one can receive bitcoin payment fast and very cheap in terms of fees.
I hope you look into this..
Yeah, setting up a LN is a welcome idea though am just starting up my business and with time everything will perfectly be put in place and thanks for wishing me well and I also reciprocate your wishes.
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I guess the OP didn't keep his records accurately or the property might be his father's own. There is no way one could pay rent, furnish the bar and stock it with drinks with such an amount. The bar looks more expensive than the money OP claimed was used to set it up. However nothing is impossible, maybe he did most of the work at a cheap rate.
What's the currency that OP is using though because if it's USD it's probably more than enough to set up a small fully furnished bar, and there's also the factor that the 2 million that was given to OP by her father is probably enough and that the price of furnishing and buying a place to set up a bar is probably not that costly, there's also the possibility that OP's father's influence might've done some work to smoothen some of the processes to build the bar.
Though honestly, the money didn't actually settled everything to be frank as I added some money also, I only talked about the money my dad gave me directly as i didn't include my own personal money and the ones i got from other sources in other to help facilitate my business.
You're right about my dad watering the soil for me as that's the dream of every children to have parents that can stand for them and help them achieve their dreams and am also working hard to extend this adventure to my children and also help them achieve their dreams in the future
Edit: after much deliberation and suggestions from responsible members that gave their individual opinion to me here, I have therefore retorted to use TRC 20-USTD and BNB for payment hence, I've removed my initial wallet address i made available earlier as my intended payments method but however, I'm optimistic to use bitcoin as a payment method for my business in the future when transaction fees will definitely reduce to a considerate price and probably no congestion in the mempool.
congratulations on making your business dream come true. and you are also happy to use crypto as an alternative payment in your business. I hope you don't have difficulty managing your business finances. because it will separate the amount of money that will enter your business between fiat and crypto. If you only accept USDT, management will probably be quite easy to manage. but if it involves Bitcoin or other crypto such as ETH or TRX, whose value can change very quickly, there may be times when you experience financial problems.
in quantity, it may not decrease, but in value, there may be a difference when the market price of the crypto asset you receive changes.
I quite understand the angle in which you're talking about but trust me I didn't just ventured into this business as an inexperience person as I have experiences about business management and I've been into cryptocurrencies for sometimes now and I also have experiences about how the crypto market operates so I don't think I would be finding anything difficult for now.
Thanks for congratulating me as well I appreciate.
So at the end of the day, your dream becomes true with the help of your father. But right now, it's hard to accept Bitcoin, and double-spending chances are high due to transaction fees. As you already replaced the Bitcoin payment option with USDT and BNB based on customer advice, it's fine now. Because if you intend to hold Bitcoin, you can convert your USDT to Bitcoin. So it doesn't make sense to accept Bitcoin payments with high transaction fees at the moment until a solution is found. Accepting other cryptocurrencies also indicates you are adopting a cryptocurrency.
Yeah, actually I'm adopting a cryptocurrency or rather cryptocurrencies but I hold more of Bitcoins in my portfolio and I still hope to use Bitcoin as I medium of payments in the future so hopefully I believe that a solution would be met on how the high transactions fees can be reduced and congestion in the mempool lesses as well in other for transactions to be confirmed very quickly
