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Author Topic: What are the challenges people who accept bitcoin face in their businesses face  (Read 188 times)
Kelvinid
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February 01, 2024, 09:00:22 PM
 #21

Perhaps, the common issue is why some many businesses are not accepting Bitcoin yet;
 - volatility
 - high transaction fees
 - confirmation delays (that matters on the fees)

Of course, we can't afford to pay $3 - $10 for every transaction while we can do it free with fiat money. Until now, it was still far from realization to consider Bitcoin as a currency because even those who accepted it already can prove that only a few users are using this. We can say the comfort is there but the fees are not worth enough, unless it getting back like many years ago where it was just cents.

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February 01, 2024, 09:32:07 PM
Merited by The Sceptical Chymist (3)
 #22

I don't know if this is the right place to post this but I think I have to let the community know of this as I was shocked to see a local shop in community accepting bitcoin and upon closer look and questions, I got to find out that the owner of the shop just recently started accepting bitcoin and I had to also ask how profitable has bitcoin been to his business and he pointed out two things which.
1. That alot of people don't willingly want to pay make payment with bitcoin as a result of the high transaction fee
2. Security as alot of customers also shy away from making payment in bitcoin as they don't want to be identified as people who own bitcoin.
If your country has not completely legalize Bitcoin, you will face such challenges, people using or holding Bitcoin will be afraid to show it up just because of the fear of the government enforcing law on them for violating the country’s rule.

Some people will decide to use the fiat they have if what they are buying is small because of the high Bitcoin network fee. The transaction fee will actually affect the business because it is a small scale business that did not need any interruption, while Bitcoin price is fluctuating, it will be nice if you accepted Bitcoin payment when the price is a bit high and while you wants to use the money then the price of Bitcoin dropped; therefore, such small scale business should start with mainly fiat unless if the owner wants to use the payment as means of buying his Bitcoin.

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February 01, 2024, 09:52:49 PM
 #23

I don't know if this is the right place to post this but I think I have to let the community know of this as I was shocked to see a local shop in community accepting bitcoin and upon closer look and questions, I got to find out that the owner of the shop just recently started accepting bitcoin and I had to also ask how profitable has bitcoin been to his business and he pointed out two things which.
1. That alot of people don't willingly want to pay make payment with bitcoin as a result of the high transaction fee
2. Security as alot of customers also shy away from making payment in bitcoin as they don't want to be identified as people who own bitcoin.
https://ibb.co/h76Fr9r

I've read some post about businesses accepting bitcoin and I want to know if they also face those challenges mentioned above and how do they face and solve these challenges as I think this initiative in my local community will also help to raise awareness about bitcoin and since I'm still new in the space, I would love to spread the news of bitcoin but I think it will be at the right time when I get the required knowledge.

High transaction fees are the main point. Many customers are willing to use shitcoins to pay for their orders. Even here on bitcointalk, many campaign managers were considering paying participants using USDT or Litecoin. How can you buy something for, say $10 if you have to pay the same amount or more in fees?  Shocked
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