Interview with business owner who accept Bitcoin as payment method

[GeorgeJohn]

Currently some business entrepreneurs as agreed to accept Bitcoin as a means of payment mostly some business that is being controlled by young youth there are people that likely accept Bitcoin as a makes up payment and the companies also that is the lighted also agree to accept Bitcoin as a makes of payment so before you come get the data off some businesses that accept to Bitcoin as a means of payment it will be hard except a company who is well known accept Bitcoin as a means of payment it will not be difficult to locate and also to give out of their data all this business that accept Bitcoin as a means of payment are mini business. Why people do agree to accept Bitcoin is because they have known the important or the advantages to people using bitcoin.

[SatoPrincess]

10. What are the biggest challenges you face in running a business that accept Bitcoin as payment method?
“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”

CBDC will fix this problem. This is why bitcoin is not very suitable in this capacity now.

E-naira is a CBDC and people are not using it. I was told that no customer has paid with E-naira. Maybe because E-naira is not an appreciating asset and many people do not hodl it. Bitcoin and usdt are more popular in this region.
 

It would be nice to see more interviews like that, and perhaps some more information about businesses that accept Bitcoin. For example, what percentage of transactions are done in Bitcoin (and other mentioned currencies) vs fiat?

This question arose for me too. Will we demand that @SatoPrincess continue the interview?

I would also like to know from the owner of this store how the tax authorities (or other government agencies) react to the fact that he accepts payment in USDT and Bitcoin?

That’s a good question. I will add this on my next interview. Taxes in Nigeria is calculated differently than in other countries. Small scale businesses have an advantage over large businesses when it comes to tax rates.

[Natsuu]

4. Who are your main customers?

“I sell electronics, gaming consoles and gadgets. A large portion of my customers are males. The gamers are not new to crypto, most of them have used bitcoin to make in game purchases so when they come here they are more than happy to pay on bitcoin.”

This is reasonable. People who are in technology are often already familiar with BTC and is already using it probably in investments and other means of transactions. In that case, adding another type of payment such as BTC and other cryptocurrency would be easier for the owner's target customers. It is more appealing too because it creates a tangible usage of the cryptocurrency they are holding with.

[SatoPrincess]

Seriously about the tax I will say the business owner isn’t paying that on for either bitcoin or usdt. My reason been that he would definitely have to hide from the authorities that he accepts bitcoin as a payment option. The government is currently placing heavy restrictions on bitcoin and cryptocurrency at large at the moment in as much as I would love more people to accept it into their businesses I think it is way too risky for now. So for tax I am pretty sure he isn’t pay for that? Because if he does, he might currently be facing the law for using it as a payment option.

Bitcoin adoption in Nigeria has always survived the restrictions imposed by the government on cryptocurrency transactions. In the last couple of days, the government has placed strict regulations to prevent people from trading cryptocurrency. I would have to do a follow up interview in a month or so to know how businesses that accept bitcoin payments are coping with the new restrictions.

[Zaguru12]

Bitcoin adoption in Nigeria has always survived the restrictions imposed by the government on cryptocurrency transactions. In the last couple of days, the government has placed strict regulations to prevent people from trading cryptocurrency. I would have to do a follow up interview in a month or so to know how businesses that accept bitcoin payments are coping with the new restrictions.

Seriously I expect the Change of things with this new restrictions which i will call an outright ban. Before then if i am right many would have taken down that option of using bitcoin for payment. The current case of delisting the P2P from exchanges will affect them. While interviewing them I will like you to emphasize to the business owners about how their security and privacy comes first. If the government continues to strengthen its restrictions on cryptocurrency it would be better they stop for a while accepting bitcoin as payment, so as not to be labeled a criminal or someone breaking the law. Safety comes before encouraging adoption.

[yazher]

Good for him, his business is doing well and making good positive exposures, and he is promoting bitcoins in a good way which will contribute to spreading positive feedback in the crypto market. If only most merchants had this kind of mindset, they would have already gotten some huge amount of sales increase and they could also increase their capital with the bitcoins they were holding throughout these years when they started early. With the probability of another bull run, they could make the initial investment that they received from their buyers increase a lot in the upcoming days.

[GideonGono]

It is a great interview, I also think the owner forgot that it doesn't just attract customers who use or like crypto, but he is also promoting it for those who doesn't know it yet.
This is one way to promote crypto and it is great that even small business are open in accepting crypto as a payment option, and it is true we shouldn't really care about the transaction fee if we would use it as a payment option because they could also use other options to pay.