My dream business succeeded

[DanWalker]

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.

Even if bitcoi mempool ceases to be overloaded, then given the high cost and rising price, bitcoin it seems to me, will never be used as a means of payment for the purchase of beer or other alcohol in a bar. The commissions are too high and here the old analogy comes to mind: it’s like buying a cup of coffee beer and paying with a bar of gold. The values of the conventional beer and the means of payment are too disproportionate.

This is true, if it were me, I wouldn't use bitcoin to pay for a loaf of bread, a bottle of beer, a cup of coffee...Frankly, I have no reason to pay extra transaction costs for small bills while if I use fiat I don't have to pay any extra fees. Not to mention transaction confirmation time is also an issue, I won't have enough time to wait for transaction confirmation with today's rushed life, and with fiat I don't have the same problem. 
Using bitcoin as a means of daily payment has too many disadvantages and many people know this but they still stubbornly refuse to accept this truth.

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[2Pizza410000BTC]

Congratulations on successfully launching your dream business. Starting cryptocurrency transaction in business is not for everyone, only those who have acquired good skills about it can be successful in cryptocurrency trading. But I want to know from you if it is possible to open a bar in your country with 1560(0.037347 BTC). 1560×126 = 192276 BDT according to my country's currency. With this amount of money, you will never be able to start the 'bar' you mentioned in my country, in that case, how did you start the 'bar' with such a small amount of money in your country? But if your business is real then you won't get success in bitcoin trading because currently people will not be attracted to bitcoin trading bar. However, since you have taken the initiative to start fiat currency trading, you may have some success in this regard.

[gunhell16]

If what is being said is true, then that is good, and you have a business, and your parents helped you somehow. There are rarely parents who support their children who believe in Bitcoin.

Then another thing: in every business that we build, regardless of it, we can use cryptocurrency other than Bitcoin as payment. Just so others can get used to always using it as a mode of payment, that's why when there is a problem with the Bitcoin network due to congestion, it is not advisable to use Bitcoin. It is better to use another cryptocurrency than Bitcoin, such as Bnb or USDT, and the network to use is either trc20 or bep20,  depending on what you want.

[Victorik]

Let me start by congratulating you for turning your dream into reality. It's really not an easy feat, but thank God for the right support you have.
Frankly speaking, I don't think anyone would want to pay a high a transaction fee that might even be higher than the price of the commodity he is paying for, except you accept that the fee should be on you. Either way, it will be a lose for both you and the customer.

[legendbtc]

If what is being said is true, then that is good, and you have a business, and your parents helped you somehow. There are rarely parents who support their children who believe in Bitcoin.

They don't support you because they don't understand bitcoin yet, once they understand they will support it with both hands. My parents knew I made a lot of profit from bitcoin, and later they even encouraged my younger brother to follow me in investing in bitcoin. Most parents and elders do not support bitcoin because they do not understand what it is.

Then another thing: in every business that we build, regardless of it, we can use cryptocurrency other than Bitcoin as payment. Just so others can get used to always using it as a mode of payment, that's why when there is a problem with the Bitcoin network due to congestion, it is not advisable to use Bitcoin. It is better to use another cryptocurrency than Bitcoin, such as Bnb or USDT, and the network to use is either trc20 or bep20,  depending on what you want.

OP said he removed other coins from his payment method after receiving some advice from people. I don't understand why people advise that when it's a viable solution, maybe they're bitcoin maximalists.

[MJSO22]

I've been longing to Open my dream business for a very long time now, my dad is an influencial politician in my state. He has companies and some businesses and I've been pestering him to assist me with some funds to start my dream business of having my Own Bar but he never gave me a listening ear. Just on January 2 2024, He sent me #2,000,000 in my local currency which is about ($1560 currently in dollars and 0.037347 in BTC) to start up my dream business.
             I was so happy and thankful to him for giving this assistance after a very long time I've been requesting money from him to start up a business.

 Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

The picture below shows the transaction I received from my dad and the setting of my bar:

 please help wish me well in my new achievement for the year 2024.

Yes, this is a very good decision because it will increase the use of Bitcoin and people will know better about Bitcoin and people will be more enthusiastic about Bitcoin.My question is that if you take payment in bitcoin but the price of bitcoin is not always the same some time it goes up a lot and some time it goes down a lot how do you manage the loss.I support your decision.But if you are able to do loss management. Then you can start it.

[leonair]

I've been longing to Open my dream business for a very long time now, my dad is an influencial politician in my state. He has companies and some businesses and I've been pestering him to assist me with some funds to start my dream business of having my Own Bar but he never gave me a listening ear. Just on January 2 2024, He sent me #2,000,000 in my local currency which is about ($1560 currently in dollars and 0.037347 in BTC) to start up my dream business.
             I was so happy and thankful to him for giving this assistance after a very long time I've been requesting money from him to start up a business.

 Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

The picture below shows the transaction I received from my dad and the setting of my bar:

 please help wish me well in my new achievement for the year 2024.

Yes, this is a very good decision because it will increase the use of Bitcoin and people will know better about Bitcoin and people will be more enthusiastic about Bitcoin.My question is that if you take payment in bitcoin but the price of bitcoin is not always the same some time it goes up a lot and some time it goes down a lot how do you manage the loss.I support your decision.But if you are able to do loss management. Then you can start it.

op can manage this loss easily. after received bitcoin payment for his sales he/she will convert it to stable coin like usdt. so it will not a big issue for them. What will become a problem for him is the law of his country.  I don't know exactly what percentage tax is levied on bitcoins by his country's law and whether bitcoin is officially allowed in his country.  Because if the answer is taxed on science, it will be very troublesome for him to receive Bitcoin payment and if Bitcoin is not fully legal in his country, he may face various legal problems.  So if he can manage all his problems then I think he should do it

[humanvelocity]

This is really Wholesome and I am very happy for you but I am not really sure about an average drunk old guy going through an hassle of paying using BTC lol

[mirakal]

Congrats on your dream business mate. I have high hopes that you’ll be able to manage your business the best way you can. However, with regards to accepting bitcoin as a payment method, I guess it will be hard to make it work these days since the transaction fees alone are high and discouraging, but we know for sure that the market won’t be congested all the time, thus we are still seeing possible low transaction fees in the coming days.

For now, just continue to accept fiat since majority of the customers are more likely to pay using fiat. But still continue promoting bitcoin because that will create an awareness on their part that bitcoin is not just an investment tool alone, but it could also serve as a good currency option.

[Churchillvv]

Well congratulations madam I suppose! you must have put in alot of efforts in writing this kind of post but it's looks a kind of phishing because of the current rate of things in the country and the amount you mentioned above.

If we start by making an estimate of what must have been spent in that business of yours it's probably going to amount around 5-6 million if am not mistaking or less or more. From what I'm seeing in the image you uploaded the bar as you called it is way too expensive from my perspective and you must be missing some lines here. But at least congratulations once again.

For accepting Bitcoin as payment method based on how the country is right now I will suggest you stick to the fiat currency because this idea of yours will surely attract some kind of attention to you. Plus the fact that your dad holds public office in the state I guess you're putting yourself in a kind of danger. This is just a mere opinion it your decision, place the ball in your court.

[Lorence.xD]

I've been longing to Open my dream business for a very long time now, my dad is an influencial politician in my state. He has companies and some businesses and I've been pestering him to assist me with some funds to start my dream business of having my Own Bar but he never gave me a listening ear. Just on January 2 2024, He sent me #2,000,000 in my local currency which is about ($1560 currently in dollars and 0.037347 in BTC) to start up my dream business.
             I was so happy and thankful to him for giving this assistance after a very long time I've been requesting money from him to start up a business.

 Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

The picture below shows the transaction I received from my dad and the setting of my bar:

 please help wish me well in my new achievement for the year 2024.

Yes, this is a very good decision because it will increase the use of Bitcoin and people will know better about Bitcoin and people will be more enthusiastic about Bitcoin.My question is that if you take payment in bitcoin but the price of bitcoin is not always the same some time it goes up a lot and some time it goes down a lot how do you manage the loss.I support your decision.But if you are able to do loss management. Then you can start it.

op can manage this loss easily. after received bitcoin payment for his sales he/she will convert it to stable coin like usdt. so it will not a big issue for them. What will become a problem for him is the law of his country.  I don't know exactly what percentage tax is levied on bitcoins by his country's law and whether bitcoin is officially allowed in his country.  Because if the answer is taxed on science, it will be very troublesome for him to receive Bitcoin payment and if Bitcoin is not fully legal in his country, he may face various legal problems.  So if he can manage all his problems then I think he should do it

I think there are a lot of things you would have to consider when making a Bitcoin transaction, well there's no issue if the receiver would eventually converts it to a stablecoin to avoid the volatility that could affect the value of Bitcoin, but the concern is much worse that can cause of huge losses in the business. In the process, there would always be a fee even converting small amounts, even for any transactions to make. Just imagine you would be buying a $1-10 amount but the average Bitcoin transaction fee at the moment would be $15, what do you think is the possible outcome? Also if there are a lot of customers and all of them pay in Bitcoin, I think that might cause traffic and the transactions would be stuck.

[Hewlet]

Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

from the way you sound, it possible that your country of residence is Nigeria and if that's the case, it's 70 to 30 situation that you will get customers that will pay for the beer in bitcoin.

The first thing you should have considered before including bitcoin as a mode of making payment is to know the kind of customers you are looking out for. I know most youth that do online jobs could just decide to pay you in bitcoin just for fun but that's going to be a small fraction of prospective buyers and might not even be up to the 39% I'm talking of. If it's in some big bars where some guys go out to cash cruise, i know that their are drinks that are worth 200k and some might just decide to pay in BTCjust for the sake of fun.

[Pandu Geddon]

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.

[fuguebtc]

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.

BTC price volatility is a real problem for businesses, and managing it is not easy . I see many people come up with the idea of using bitcoin for their business and stores, but I bet they haven't thought about the problems that will hinder their financial management. Suppose what would happen to their revenue management if bitcoin price fluctuated 20%-30% in a day? People are just trying to use bitcoin as a means of payment for businesses as a temporary hobby, but no one has thought about how bitcoin's price fluctuations will impact their business, and what is the solution to that problem ?

You actually pointed out a point I've never seen anyone discuss before.

[pinggoki]

~

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.

[Fivestar4everMVP]

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.

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..

[Smack That Ace]

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.

This is worth discussing. I don't have a business that uses bitcoin as payment, so I'm hoping those who have accepted bitcoin for their business can tell us how they can manage their finances while use bitcoins.

In case we accept payment in bitcoin and convert to fiat currency immediately after payment is completed. I think using bitcoin is meaningless in this case.

There have been many threads about people accepting bitcoin as a payment method for their stores and businesses, but then no one updated the situation. Most just posted to brag about accepting bitcoin as a payment method in stores, no one shared their experiences on revenue management, finances, and the pros and cons of using bitcoin as payment method.

[Awaklara]

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.

This is worth discussing. I don't have a business that uses bitcoin as payment, so I'm hoping those who have accepted bitcoin for their business can tell us how they can manage their finances while use bitcoins.

In case we accept payment in bitcoin and convert to fiat currency immediately after payment is completed. I think using bitcoin is meaningless in this case.

There have been many threads about people accepting bitcoin as a payment method for their stores and businesses, but then no one updated the situation. Most just posted to brag about accepting bitcoin as a payment method in stores, no one shared their experiences on revenue management, finances, and the pros and cons of using bitcoin as payment method.

This is indeed an interesting topic to discuss for business people who accept Bitcoin as a means of payment. Maybe the number of Bitcoins obtained will remain the same, but their value can increase or decrease.
I mean for financial management in business, of course, it will pay attention to the circulation of money in the business. at least we can see it in a certain period. so that we can assess whether the business is running well or not.

It doesn't matter if business people immediately convert to stable assets or even fiat because it aims to simplify transactions in its business by accepting more payment alternatives. because business people may still have to spend back their bar supplies with fiat, not with Bitcoin or other accepted crypto assets.

[Zanab247]

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.

[uchegod-21]

Congratulations to you and be grateful to your dad who gave you a lifting hand. It is not many that enjoy such privilege from their parents.

Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

Now that you have furnished and equipped your bar, can you think more of how to make your business sustainable. Can you think of how to out smart your competitors. Can you also think of how to attract more customers to your business. If you have a staff that you have employed, can you think of how to train the person to understand customer relationship management. There are a lot of things to think about in your bar business and order to be profitable on the long run. Planning to accept Bitcoin in year business is one of the list things that should trouble you. It is not many people that uses bitcoin for transaction in Nigeria. I mean even if you decide to use Bitcoin for your business you might not have any person paying with bitcoin for about 2 to 3 months. Even if people patronizes you with Bitcoin, how will you handle the volatility apart from the transaction fee which might take the profit in your business. You can find some other ways to promote Bitcoin in your neighborhood and not to force it in a business that do not actually need it to survive.