Bad market for businesses wey de accept bitcoin.

[Kelward]

I follow for people wey de advocate for businesses to de collect bitcoin, as payment. I even de encourage my customers dem to de open bitcoin wallet so dem go fit to de do decentralized crypto transactions. I believe say different business people for all over the world go de do di same thing, to grow di adoption of bitcoin, for payment transaction matters.

But as e be now di matter don fall hand, based on say all di preaching for customers to pay with bitcoin, don partially cast for now. Dis congestion of di mempool, wey come make transaction fees to come high like iroko tree so, na big minus for businesses wey de accept bitcoin, as payment. Na from which person account wey dem wan minus di high fees? Na from seller or buyer money? Imaging say you sale market of $66, and you need to pay transaction fee of $14,  dat na approximately 25% of the total money wey you wan take pay di high fee. If you wan use lightening network, di customer wallet need to enable am too, before una go de reason di technicalities, before di transaction proper.

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

[1714612557]

1714612557

[1714612557]

1714612557

[1714612557]

1714612557

[1714612557]

1714612557

[1714612557]

1714612557

[1714612557]

1714612557

[Obim34]

This na another big wahala wey we don find ourselves inside cos I believe right now e dey affect many of us here cos we no fit send or receive Bitcoin either and this follow for problems wey make people no dey like use am for there business despite say e no dey happen often but the fee dey very big where person no fit compromise to pay am.

I go suggest say every business with Bitcoin as payment, make dey cancel out the option for now cos no body get that amount to waste for ordinary gas fee, since the business owners no fit bear the fee and the customers no go also gree bear am even if the person get the money plenty  dat alone na big loss make we dey do our business with our normal Naira as per the best option now.
But certainly everything must surely go back to normal in due time

[Samlucky O]

Lol . This matter wey you talk like this me self don dey reason am. emagine say the first bitcoin oga brainboss send me na $2.30 and the transaction fee na $4.3. I come dey reason say dis one na winning at Lost, say e for better make him keep am make the money accumulate before him go send am. two times wey him send na $8 fee for $6.30 transaction, who come loose now? So the matter no be Bobo juice, emagine say na person wey go Barb him hair and money na #500 you come use $4 or $14 according to trust wallet. Come use pay for the hair cut, that means na you be the best customer of the year.

[Frankolala]

I follow for people wey de advocate for businesses to de collect bitcoin, as payment. I even de encourage my customers dem to de open bitcoin wallet so dem go fit to de do decentralized crypto transactions. I believe say different business people for all over the world go de do di same thing, to grow di adoption of bitcoin, for payment transaction matters.

But as e be now di matter don fall hand, based on say all di preaching for customers to pay with bitcoin, don partially cast for now. Dis congestion of di mempool, wey come make transaction fees to come high like iroko tree so, na big minus for businesses wey de accept bitcoin, as payment. Na from which person account wey dem wan minus di high fees? Na from seller or buyer money? Imaging say you sale market of $66, and you need to pay transaction fee of $14,  dat na approximately 25% of the total money wey you wan take pay di high fee. If you wan use lightening network, di customer wallet need to enable am too, before una go de reason di technicalities, before di transaction proper.

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

This is where people are getting bitcoin creation wrong. You are not to open a business that only accept bitcoin but you should also accept fiat because fiat is the primary currency while bitcoin should be the secondary. Bitcoin was created to be an alternative currency to fiat and not to take over from fiat. No customer or seller using bitcoin that wouldn't have fiat, that is why at the time that the transaction fee is high, you should tell any customer that want to buy your goods to pay in fiat.

I don't see the high transaction fee a barrier for people doing their buying and selling of goods local place, it might be a barrier for international business people but they will still pay the fee, if they love making payment with bitcoin. OP, you can still accept bitcoin as an option of payment, because the high transaction fee will soon subside.

[Charles-Tim]

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

The common means of payment is the use of fiat, just like the use of naira for paying for goods and services in Nigeria. I hardly see any business that is accepting bitcoin in Nigeria and I do not think this should be a problem. You can not do what will affect your business, you can still include bitcoin but let customers pay the fee. I am expecting no one to use bitcoin for now for paying for goods and services. Naira is better and which is what that is used.

[Kelward]

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

The common means of payment is the use of fiat, just like the use of naira for paying for goods and services in Nigeria. I hardly see any business that is accepting bitcoin in Nigeria and I do not think this should be a problem. You can not do what will affect your business, you can still include bitcoin but let customers pay the fee. I am expecting no one to use bitcoin for now for paying for goods and services. Naira is better and which is what that is used.

I no fit dispute or argue di fact say na our local fiat currency wey be naira, na im every business de collect as payment, na our legal tender so we must collect am. Bitcoin na alternative means of payment and na reference I take am make to say businesses wey de accept am de for bad market for di collection now, based on say di transaction fees don skyrocket.
No be only for Nigeria, but everywhere for di world
wey businesses de accept bitcoin, dat one no mean say dem no go fit collect di local currency of dem country, just dat business transactions with bitcoin go reduce drastically, based on di high fees matter.

[Odohu]

I follow for people wey de advocate for businesses to de collect bitcoin, as payment. I even de encourage my customers dem to de open bitcoin wallet so dem go fit to de do decentralized crypto transactions. I believe say different business people for all over the world go de do di same thing, to grow di adoption of bitcoin, for payment transaction matters.

Me too carry this matter for head because I dey reason am say if plenty businesses begin dey accept Bitcoin, our government go put eye and that one go make Bitcoin to become a legal tender here... this na my main target.

But as e be now di matter don fall hand, based on say all di preaching for customers to pay with bitcoin, don partially cast for now. Dis congestion of di mempool, wey come make transaction fees to come high like iroko tree so, na big minus for businesses wey de accept bitcoin, as payment. Na from which person account wey dem wan minus di high fees? Na from seller or buyer money? Imaging say you sale market of $66, and you need to pay transaction fee of $14,  dat na approximately 25% of the total money wey you wan take pay di high fee. If you wan use lightening network, di customer wallet need to enable am too, before una go de reason di technicalities, before di transaction proper.

The fees really cast business of people no be small. Everywhere just quiet for my side as boys wey been dey accept Bitcoin don dey confused. How fees go pass the price of wetin you wan buy? E no make sense na. I just hope say this issue go dey resolved very soon because as e be like this, people done dey change to other ways to take pay for their business.

Assuming say we get any way to take teach the lightning network,  I feel say this one for help.

[Agbamoni]

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

The common means of payment is the use of fiat, just like the use of naira for paying for goods and services in Nigeria. I hardly see any business that is accepting bitcoin in Nigeria and I do not think this should be a problem. You can not do what will affect your business, you can still include bitcoin but let customers pay the fee. I am expecting no one to use bitcoin for now for paying for goods and services. Naira is better and which is what that is used.

You might say you have not seen a physical business that has to do with Bitcoin as a means for payment. But there are lots of digital products that uses Bitcoin as a means in funding, trading, payment etc. in Nigeria. I have purchased some football kits (Jersey and thug from an online store which i paid in Bitcoin). But currently I can't do that because of the congestion so perhaps if there are many customers in Nigeria it will surely affect their business.

[Mr.right85]

Scalability has always been one matter way be say, e dey very unsettling with Bitcoin users but, that no dey enough go stop the project from being a success, na something way dey day effective tor a time and then, yiu go see the shift when all the rush stop or  subside.

Bitcoin remains payment media amongst others when running a business. E works based on options ad prefere. Anyone way favour the customer na watin you go expert am to work with based on the means you made available.
Even with the higher situation, e fit till dey preferable to some but, that dey dependent on the amount involved.

More over, we dey preach Bitcoin but, in times like this, you still get alternatives to archiving your Bitcoin goals but, it comes at a risk of using centralized platforms like exchanges.
You git still receive pay in altcoin (stablecoin) and swap for Bitcoin but, all go still run on an exchange and that be the risk. If you wan collect am, you go still pay fee but, e give you the opportunity to accumulate and run all your transactions as one.
Still, you go dey on risk to allow your coin dey on CEX shah.

[sokani]

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

The mempool congestion affect many businesses as e cause delay in transaction. Some people wey set minimal fee because them no wan pay the high transaction fee, the network issue leave them frustrated because their transactions dey take longer hrs or days to go through. But if you get lightning channel you no go really feel am because you fit use am dey send and receive Bitcoin. This period, some people don move their Bitcoin from the blockchain to LN and dey use am dey run their businesses. So like this, LN na another better alternative with cheaper fees wey you fit use for your business.

[Makus]

Op wattin you talk no be lie oo, this matter na another problem wey we get like this for this bitcoin network and na very bad market for business men and women wey dey accept bitcoin, due to this current mempol congestion, if you no use high fee your transaction fit just hang for air for like 3 day and nothing don happen, so na very bad time for person wey dey accept bitcoin for transaction be this. I just dey imaging how this issue don cause so many business to collapse, most of our young boy them, dem dey use exchange of bitcoin and other crypto currencies take dey get small small money, that is them dey function as vendors. So now wey this matter don be like this how dem wan take dey do the work dey get their money.

[Kelward]

Op wattin you talk no be lie oo, this matter na another problem wey we get like this for this bitcoin network and na very bad market for business men and women wey dey accept bitcoin, due to this current mempol congestion, if you no use high fee your transaction fit just hang for air for like 3 day and nothing don happen, so na very bad time for person wey dey accept bitcoin for transaction be this. I just dey imaging how this issue don cause so many business to collapse, most of our young boy them, dem dey use exchange of bitcoin and other crypto currencies take dey get small small money, that is them dey function as vendors. So now wey this matter don be like this how dem wan take dey do the work dey get their money.

No be lie, apart from business people wey di high transaction fees affect dem acceptance of bitcoin, odas wey de use am do P2p business of crypto to fiat, weda privately or inside exchanges, e affect dem too, because most people go look for alternative means of getting fiat instead of selling dia bitcoin. So anyhow wey you see am, e no favor anybody wey wan sale bitcoin for now, until di mempool decongest.

Di bright side to dis high transaction fees be say e go encourage or mandate some people to continue to de hold dem bitcoin, instead of to sale am. Because as we de hold am, na so e de increase, secondly as we de enter bull run, e no de too advisable to sale now, except di person need money urgently.

[Charles-Tim]

You might say you have not seen a physical business that has to do with Bitcoin as a means for payment. But there are lots of digital products that uses Bitcoin as a means in funding, trading, payment etc. in Nigeria.

I have only seen just very few of them. Like I meant, the common means of payment in Nigeria is naira and not bitcoin. The time that I have used bitcoin for payment online, they are for international purchases.

I have purchased some football kits (Jersey and thug from an online store which i paid in Bitcoin). But currently I can't do that because of the congestion so perhaps if there are many customers in Nigeria it will surely affect their business.

Their businesses are not affected. Or are they no accepting naira? Definitely they are accepting naira which is the legal tender.

[Mate2237]

We don tok dis matter for somewhere before and weti you talk na correct one. Me na from di first time when I encountered di congestion in this year, nai I come understand and noticed say bitcoin is not meant for marketers but for personal investment because as you said the transaction fee a buyer can not bear it to pay that kind of big money. Or the only business people wey go fit accept bitcoin and pay for di big transaction fee na the big companies and big bitcoin holders. At first me I think say the tx fee e don go down unknown to me say na day time nai I'm dey start dey go up.

And di lighting network sef no be everybodi go sabi use am. Me I no know how to use that thing.

[Hewlet]

I follow for people wey de advocate for businesses to de collect bitcoin, as payment. I even de encourage my customers dem to de open bitcoin wallet so dem go fit to de do decentralized crypto transactions. I believe say different business people for all over the world go de do di same thing, to grow di adoption of bitcoin, for payment transaction matters.

But as e be now di matter don fall hand, based on say all di preaching for customers to pay with bitcoin, don partially cast for now. Dis congestion of di mempool, wey come make transaction fees to come high like iroko tree so, na big minus for businesses wey de accept bitcoin, as payment. Na from which person account wey dem wan minus di high fees? Na from seller or buyer money? Imaging say you sale market of $66, and you need to pay transaction fee of $14,  dat na approximately 25% of the total money wey you wan take pay di high fee. If you wan use lightening network, di customer wallet need to enable am too, before una go de reason di technicalities, before di transaction proper.

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

wetin you need understand be say this one na something when no go de for ever. You remember the time when bank charges been de very high to the extent when e almost be like say you go use 20k withdraw 40k. E been de difficult for most persons but with time everybody begin de used to am and businesses still been de almost go on as usual but now when the whole matter done die down people no continue with there normal business? Changes must always come in any thing you are doing but na to just know say e no go de forever na him be the koko.

On your part, wetin you go do na to educate them and feed them with the right orientation. Them fit just chill for the moment but ones everything normal, you go put them on make de begin accept am for there business. Every business person wants to make profit so it's very understandable if they withdraw at the moment due to the increased transaction fees.

[Mayor of ogba]

This Bitcoin high transaction fee no be wey thing go make people wey dey accept Bitcoin as payment for their business not to carry on with their business because na "Naira" we dey use as a medium of exchange for Naija. Bitcoin na alternative payment wey dey on ground in case we dey find am difficult to access Naira to use pay for our goods and services. For instance, just like wey thing happened when our government redesigned Naira, to see money withdrawn for banks or pos na war, even though you see for pos the withdrawal fee dey close to the money wey you want to withdraw. During that period people started accepting Bitcoin as a means of payment for their business, to make it easier for them and their customers. So, during this period wey Bitcoin transaction fee dey very high like this, make people wey dey accept Bitcoin for their business make them still put the option for pending until the transaction fee dey normal and star accepting Naira as payment because na Naira wey dey use dey buy something for Naija.

[Antotena]

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

It's very bad to deal with btc in business now if you are not conducting a large transaction where you can make the fee negligible but if you like using exchanges and you prefer to have your payment in bitcoin, you can use an exchange to receive your payment through internal transactions. This transaction usually don't require any fees except when you want to withdraw through on chain transaction, so you can basically use an exchanges to transact and when you are done, kindly take your coins off the exchange.

I don't like this one but you can also use bitcoin on other blockchain, I think bsc has one of the biggest liquidity of bitcoin. You can simply receive bitcoin token in large quantities and when you are done, send them to an exchange and then withdraw real bitcoin quick. Note that the bitcoin on other chain are not be hold, once you are done having them, send them to exchange where you can withdraw real bitcoin to your personal wallet address.

[Miles2006]

The fact that bitcoin is a modern technology and everyone wants to be part of it, but sometimes person suppose reason well before he add bitcoin for he market, cause one thing with customers they're very selective, once you start add money for your market because of bitcoin transaction fee, customers go leave that market and that market no go sell again. For me anything associated with business make that person never involve bitcoin, haven't seen any Nigerian marketer wey dey accept bitcoin rather na fiat, but some modern organization dey accept bitcoin but that one na their choice, if the person see say no profit that person will accept fiat for a while

[Kelward]

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

It's very bad to deal with btc in business now if you are not conducting a large transaction where you can make the fee negligible but if you like using exchanges and you prefer to have your payment in bitcoin, you can use an exchange to receive your payment through internal transactions. This transaction usually don't require any fees except when you want to withdraw through on chain transaction, so you can basically use an exchanges to transact and when you are done, kindly take your coins off the exchange.

I don't like this one but you can also use bitcoin on other blockchain, I think bsc has one of the biggest liquidity of bitcoin. You can simply receive bitcoin token in large quantities and when you are done, send them to an exchange and then withdraw real bitcoin quick. Note that the bitcoin on other chain are not be hold, once you are done having them, send them to exchange where you can withdraw real bitcoin to your personal wallet address.

don't like this one but you can also use bitcoin on other blockchain, I think bsc has one of the biggest liquantities and when you are done, send them to an exchange and then withdraw real bitcoin quick. Note that the bitcoin on other chain are not be hold, once you are done having them, send them to exchange where you can withdraw real bitcoin to your personal wallet address.
[/quote]

All dis ones wey you don mention so na good alternatives to avoid di high transaction fees, and e good to note dem in case di need arise. But I believe say all dis alternative methods na long process for buying and selling, wey need quick service. In fact, unless di business na mandatory to de collect bitcoin, otherwise na to jeje de collect good old traditional fiat, until di transaction fees come back to normal.

Frankly bitcoin still get a long way to go, in terms of using am to pay for small transactions, fiat transfer de faster and cheaper

[CryptopreneurBrainboss]

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

E no dey profitable in general when the transaction fees high like this but you no only accept Bitcoin as a currency because of its profitablity, you accept am because of the other features wey e get like decentralized nature, fastness. In this times na when e good to promote some scalable solution like lightening network wey developers been dun introduced for Bitcoin. You fit dey use am dey receive Bitcoin with a very small fees while the congestion problem go dey sort himself.

No system dey 100% perfect, consider wetin dey happen now as wetin dey sup with banks dey get  network issue dey full everywhere wey your transaction no go fit dey work or e dey reversed anyhow. Wetin you go just do in times like dis na to just go back to dey use Naira until everything stabilize that's if you no wan use the lightening network solutions as no be everybody dey like am as e dey complicated somehow.

Make this congestion no discourage you to no accept Bitcoin, me I believe say a perfect solution will be implemented soon as e good make this congestion dey happen make the developers know say dem get a very big challenge wey dem need address before Bitcoin get more global acceptance make this kind thing no happen when Bitcoin dun go more global.