Am just curious, how would I go about this

[dzungmobile]

Bitcoin as the first cryptocurrency was not just created for investment purpose, it was actually created as a means of payment and to be honest, the adoption process isn't as fast as expected

The adoption rate of Bitcoin is actually faster than expected. It's not too accurate for a comparison of adoption rates between Bitcoin and the Internet, but let's check it and see how good Bitcoin adoption curve is.
Bitcoin vs Internet adoption curves
Not Just A Fad: Bitcoin Adoption Curve Rivals The Internet
Bitcoin vs Internet adoption where does Bitcoin stand

[Mate2237]

Even fiats in these days are not stable and they are volatile. And I am using my country currency as an example to others. Last week, it was $1 = N1600 but in this week it is $1 = to N1700 and we don't know what will be the next move of the price. And if the price of Bitcoin was high when the seller bought the first set of goods and now that he wants to buy again, I believed the price of things would also reduce because products or goods also follow the movement of the currency.

Even the real life the prices of good and services follow the prices of the exchange rate and the transportation so if the price of Bitcoin is volatile then the goods and services will also follow suit.

[adzino]

Bitcoin as the first cryptocurrency was not just created for investment purpose, it was actually created as a means of payment and to be honest, the adoption process isn't as fast as expected, but one thing that am very curious about and I have been thinking on how to go about it as a business man while accepting it as a means of payment is it volatility, though it might be advantageous for holders, but am not that certain for a business men.

In a situation whereby you accept it as a means of payment while sell off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Yeah, it was created as a means of payment, but due to its scarcity and how it is mined, people found it much more suitable using it as a store of value than using it as a regular currency. Bitcoin is also accepted in most places where cryptos are accepted but there are other coins that are much better when it comes to making payments due to fees and confirmation time. To answer your question, yes bitcoin is volatile and it is not a good idea for merchants to hold bitcoins. That is why most payment gateways that processes bitcoin transaction allows the merchants to instantly covert bitcoin to other fiat currency or at least to a stable coin. The merchants also has a choice to keep a % of the money received in bitcoin.  A smart merchant would keep most of their 'profits' in bitcoin in order to maximize their profits in the long run.

[mirakal]

The volatility of this is one of the reasons why its development in terms of adaptation is weak. In fact, there are many merchants and companies that have tried this, but they see that consumers prefer fiat money over bitcoin. That's why we don't feel this kind of change in our community because most people still prefer using fiat money over bitcoin. And even though we encourage people to use this, it seems that they still perceive it primarily as an investment, not as a currency that can be used anywhere. 

Of course, we are looking forward to the expected changes, but I think it will take longer before it materializes as an alternative currency. 

[EL MOHA]

Even fiats in these days are not stable and they are volatile. And I am using my country currency as an example to others. Last week, it was $1 = N1600 but in this week it is $1 = to N1700 and we don't know what will be the next move of the price. And if the price of Bitcoin was high when the seller bought the first set of goods and now that he wants to buy again, I believed the price of things would also reduce because products or goods also follow the movement of the currency.

Even the real life the prices of good and services follow the prices of the exchange rate and the transportation so if the price of Bitcoin is volatile then the goods and services will also follow suit.

The thing is your pegging the goods with your currency and not bitcoin, what you stated is the price of Naira depreciating or appreciating against US dollar while the goods follow the usd currency whereas that’s not the volatility with bitcoin. The price of a commodity can be stagnant but bitcoin price will increase or decrease in respect to the usdt price. Imagine buy or selling one loaf of bread for x amount in usdt but the price was paid in bitcoin when it was around $65k, then when the bitcoin price reduces to like $64k the list of bread would still be x amount but you might have lost due to the volatility of bitcoin and I think that’s the worry of bitcoin.

My advice to OP is just convert you needed funds in short term to fiat after maybe daily or weekly sales because bitcoin isn’t even that too volatile that it will raise or reduce excessively during this period. Then if you’re looking for a very long term holding position then stay in bitcoin

[Marvell1]

Even fiats in these days are not stable and they are volatile. And I am using my country currency as an example to others. Last week, it was $1 = N1600 but in this week it is $1 = to N1700 and we don't know what will be the next move of the price. And if the price of Bitcoin was high when the seller bought the first set of goods and now that he wants to buy again, I believed the price of things would also reduce because products or goods also follow the movement of the currency.

Even the real life the prices of good and services follow the prices of the exchange rate and the transportation so if the price of Bitcoin is volatile then the goods and services will also follow suit.

Currency values ​​will depend on that country's economy and just because your country's currency fluctuates wildly doesn't mean other currencies will too. Not to mention, even if they are volatile, they are not more volatile than bitcoin, can your national currency lose 5-10% in 1 day? But with bitcoin it is very normal and regular.
Bitcoin's volatility is huge and it would be a big risk if we don't plan well when using it as a company budget. Don't deny it because this is a real problem and that's why OP created this thread.

Do you own a business and have you ever used bitcoins as a payment method for your business as well as used them as a company budget? How can you be sure that there will be no problems using bitcoin as a means of payment?

[TribalBob]

You should have understood the turnover of capital and profit from the start, where the capital of one item can be calculated, and when it sells we can also say whether it is profitable or not, indeed calculating daily sales profits with btc payments is more difficult with fiat, so in my opinion if you open a shop by accepting btc. you already understand the consequences if btc experiences a decline, then automatically if your emergency funds are gone the only way is to close your shop until the btc price returns to normal and you have to overhaul your strategy so that there is no long-term loss due to capital being held back because the btc price has decreased

[Pandu Geddon]

you already understand the consequences if btc experiences a decline, then automatically if your emergency funds are gone the only way is to close your shop until the btc price returns to normal and you have to overhaul your strategy so that there is no long-term loss due to capital being held back because the btc price has decreased

I don't think that's the best solution.
The key is the daily management of Bitcoin transactions in the store. If the use of Bitcoin in your country as a means of payment is not yet popular, Bitcoin transactions in your store will not be enough. And it depends on your plan. If you want to allocate Bitcoin for the short term with capital turnover to replenish the store. It is highly recommended to immediately convert it to stable assets or even fiat.
It will be different if your capital is strong enough. You can manage your Bitcoin in several more transactions first. The plan is a medium or long-term investment. So Bitcoin transactions in your store that are still not that many can be covered by the fiat transactions you get.

[Dr.Bitcoin_Strange]

In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

If you want to or if you are going to accept Bitcoin as a means of payment in your business, then you must not handle it as an investment. What I mean is that, when you want to invest into Bitcoin, you always have the plans to hold it until the value pumps and surpass the amount you bought it, but when you are just accepting it for your business, you can convert it to fait once you receive the payment. That's the way to save your capital from being affected by the volatility.

[AmoreJaz]

If you want to or if you are going to accept Bitcoin as a means of payment in your business, then you must not handle it as an investment. What I mean is that, when you want to invest into Bitcoin, you always have the plans to hold it until the value pumps and surpass the amount you bought it, but when you are just accepting it for your business, you can convert it to fait once you receive the payment. That's the way to save your capital from being affected by the volatility.

That is one way to address the situation, once you received the payment, you can easily convert it to your fiat so the volatility factor is not much to be worried about. You may lose some in the conversion but the difference should be small. So when it comes to business, you can still accept crypto but you also need to convert it to your fiat right away. But when you just collect and store it, it means, you are ready for the possible decline or increase of its value in the market depending on when will you trade with it.

[Iranus]

In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

If you want to or if you are going to accept Bitcoin as a means of payment in your business, then you must not handle it as an investment. What I mean is that, when you want to invest into Bitcoin, you always have the plans to hold it until the value pumps and surpass the amount you bought it, but when you are just accepting it for your business, you can convert it to fait once you receive the payment. That's the way to save your capital from being affected by the volatility.

You bring up a very good point and I believe this is a mistake many people are making. Many people seem to be getting too greedy thinking that they can use bitcoin as a means of payment and can also leverage it to make profits by holding those payments as an investment. But things often don't go as they expect and when bitcoin enters a correction phase, they get into trouble and complain.

That's right, if we use bitcoin as a payment method then we should not consider it as an investment. This is the only and best solution for anyone who wants to apply bitcoin to their business.

In addition, I would like to suggest that it is best not to mix investment budget with business maintenance budget, we should separate them completely for convenience in management as well as to avoid unwanted risks.

[Richbased]

In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Bitcoin is not a stable coins so if you are accepting it as a means of payment for your business let it be that you are taking it as a means of HODLing instead of receiving and using it to make purchases of your goods again. However, you should know that as you are accepting Bitcoin that you won't use it to restock your goods again if volatility pushes the price downwards and while accepting Bitcoin as a means of payment you should make enough provision for emergency funds that will cover up your purchases for a long time so that you won't be affected when the price of Bitcoin falls. Accepting Bitcoin as a means of payment and using it to buy goods is almost same as trading which can lead to losses so in order not to be stucked in-between, you should have enough funds in Fiat to restock your goods when you run out of stock.

Even fiats in these days are not stable and they are volatile. And I am using my country currency as an example to others. Last week, it was $1 = N1600 but in this week it is $1 = to N1700 and we don't know what will be the next move of the price.

Yeah, the price of Fiat also fluctuate but you can't compare it with the volatility of Bitcoin or other crypto assets because cryptocurrencies can skyrocket very high or fall extremely low within a short period of time while Fiats experience sluggish upward and downward movement due to Economic activities

[Yatsan]

Bitcoin as the first cryptocurrency was not just created for investment purpose, it was actually created as a means of payment and to be honest, the adoption process isn't as fast as expected, but one thing that am very curious about and I have been thinking on how to go about it as a business man while accepting it as a means of payment is it volatility, though it might be advantageous for holders, but am not that certain for a business men.

In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Originally a currency, the falling and rising value of Bitcoin can become real problems for businesses that accept it as a form of payment and then convert their fiat currency, if its value drops severely before you do so. You may not recover your costs.

You should come up with a mechanism whereby you immediately change the Bitcoin into fiat once you receive it. This will minimize risks such as depreciation, and you are sure to have resources at hand with which to maintain your inventory. Some traders achieve this by using stablecoins, which are pegged to the value of fiat. It becomes very easy to trade using this means without having the volatility that characterizes Bitcoin.

As you also mentioned, an emergency fund is very important. It may help bridge shortfalls. when unexpected market changes occur Keeping yourself up-to-date with market trends and limiting the time in which you can cash out your Bitcoin also helps.

In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Bitcoin is not a stable coins so if you are accepting it as a means of payment for your business let it be that you are taking it as a means of HODLing instead of receiving and using it to make purchases of your goods again. However, you should know that as you are accepting Bitcoin that you won't use it to restock your goods again if volatility pushes the price downwards and while accepting Bitcoin as a means of payment you should make enough provision for emergency funds that will cover up your purchases for a long time so that you won't be affected when the price of Bitcoin falls. Accepting Bitcoin as a means of payment and using it to buy goods is almost same as trading which can lead to losses so in order not to be stucked in-between, you should have enough funds in Fiat to restock your goods when you run out of stock.

Even fiats in these days are not stable and they are volatile. And I am using my country currency as an example to others. Last week, it was $1 = N1600 but in this week it is $1 = to N1700 and we don't know what will be the next move of the price.

Yeah, the price of Fiat also fluctuate but you can't compare it with the volatility of Bitcoin or other crypto assets because cryptocurrencies can skyrocket very high or fall extremely low within a short period of time while Fiats experience sluggish upward and downward movement due to Economic activities

It is intelligent to treat Bitcoin as a HODL investment rather than a ready way to buy real estate. Due to its volatility, you need to maintain a strong emergency fund in fiat currency, so you can restock without being influenced by price fluctuations.

It is a lesson in financial planning for understanding potential risks from combining Bitcoin trading with purchases. This kind of process, therefore, allows businesses to take advantage of possible price rises while always avoiding losing money. can It is advisable that any businessman who considers Bitcoin must have a strategy in which to integrate its budget for operations with financial assets. Have you considered spelling out a specific method?

[Richbased]

In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Bitcoin is not a stable coins so if you are accepting it as a means of payment for your business let it be that you are taking it as a means of HODLing instead of receiving and using it to make purchases of your goods again. However, you should know that as you are accepting Bitcoin that you won't use it to restock your goods again if volatility pushes the price downwards and while accepting Bitcoin as a means of payment you should make enough provision for emergency funds that will cover up your purchases for a long time so that you won't be affected when the price of Bitcoin falls. Accepting Bitcoin as a means of payment and using it to buy goods is almost same as trading which can lead to losses so in order not to be stucked in-between, you should have enough funds in Fiat to restock your goods when you run out of stock.

It is intelligent to treat Bitcoin as a HODL investment rather than a ready way to buy real estate. Due to its volatility, you need to maintain a strong emergency fund in fiat currency, so you can restock without being influenced by price fluctuations.

It is a lesson in financial planning for understanding potential risks from combining Bitcoin trading with purchases. This kind of process, therefore, allows businesses to take advantage of possible price rises while always avoiding losing money. can It is advisable that any businessman who considers Bitcoin must have a strategy in which to integrate its budget for operations with financial assets. Have you considered spelling out a specific method?

For now there's no specific strategy or method to strike a balance between using bitcoin as a means of payment in a business and using it to restock your market, the only solution for someone who wish to use bitcoin as a means of payment both receiving and sending is if the trader he makes purchases from understands the market volatility and fixes the price of his goods to be in commensurate with the current price of bitcoin as at the time the buyer is making purchases.

[Barikui1]

It varies depending on the store and the number of daily Bitcoin transactions. Some stores rely on processors to transfer cryptocurrencies to the bank account once they are accepted, while others consider Bitcoin as an investment and since Bitcoin transactions may not exceed 10% of the total transactions, they are good as a medium or long-term investment. Some sell Bitcoin on a weekly or daily basis as the price of Bitcoin may not differ much on a daily basis.

Well I have been looking at all the replies here and it has really been helpful, and what I observe is that accepting Bitcoin as a means of payment can be really problematic for a business,  if you want to make use of the money in a short period of time,  unless the money is converted to fiat immediately.
Then another problem here is why can't Bitcoin strive without the fiat in business? Because the financial cost of receiving it as payments and still convert  to the fiat will definitely be there, unlike when you make a direct sells of your product in your shop receiving only fiat.

It really depends on the person, their business and how much of their revenue is going to come from bitcoin payments. For example I knew someone some years ago who had a computer shop and was accepting bitcoin payments. They barely received any bitcoin payment and they saw that as an investment itself. They basically said they were going to buy bitcoin with the profit from their business anyway so why not receive it directly like this and avoid the hassle of buying bitcoin later.

But in a situation like this, it makes perfect sense in receiving Bitcoin as payment, because they intend keeping it for a very long period of time, which I think it's the ideal situation.
But accepting it for short term use can really be more expensive for a business that wants to do a quick turn over.

[MarjorieZimmermanGinger]

The volatility of this is one of the reasons why its development in terms of adaptation is weak. In fact, there are many merchants and companies that have tried this, but they see that consumers prefer fiat money over bitcoin. That's why we don't feel this kind of change in our community because most people still prefer using fiat money over bitcoin. And even though we encourage people to use this, it seems that they still perceive it primarily as an investment, not as a currency that can be used anywhere. 

Of course, we are looking forward to the expected changes, but I think it will take longer before it materializes as an alternative currency. 

That is true because I have also asked consumers about this issue and most of them prefer to use fiat currency compared to bitcoin. Encouraging the use of bitcoin in a buying and selling capacity will be a little more difficult because now people understand fiat more than bitcoin, especially if local government regulations prohibit the use of bitcoin as a legal means of transaction. It will take more time to develop this possibility because new things are not easy to implement even though bitcoin has been around for several years.

Anyone may be interested in using bitcoin as a means of investment, but not everyone is willing to use bitcoin as a means of transaction. For example, I am also still quite interested in investment users compared to transaction users such as fiat because there may be several reasons for this.

[Lida93]

what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

This is a very critical question that does demands one to think outside the box. But on admittance I think this establishes one of the flaws of bitcoin in terms of using it in running business. So the solution should be that since bitcoin is not highly volatile as  altcoins are, the business man shouldn't stack like a normal bitcoin holder but should always endeavor to convert to stable coin at the shortest period of within 24hrs to avoid the risk of making loss after sells in bitcoin instead of waiting till he is ready to restock before doing so.

[davis196]

In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Wait, does your supplier accept BTC payments as well? Can't you just convert the BTC to fiat when the BTC price is higher and buy items for your shop with fiat? I agree that most people fail at timing the market and sometimes the BTC price faces bear markets and severe drops, but there must be a way around this. BTC shorting is a thing. The BTC sellers could short their BTC to hedge the risk of a sudden price drops.
I also don't understand why do you have to adopt BTC as a payment method in your shop. Do you get more customers? I don't think so. Nobody would spend BTC for goods and services, if the BTC price goes up by 30% tomorrow.

[Barikui1]

In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Wait, does your supplier accept BTC payments as well? Can't you just convert the BTC to fiat when the BTC price is higher and buy items for your shop with fiat? I agree that most people fail at timing the market and sometimes the BTC price faces bear markets and severe drops, but there must be a way around this. BTC shorting is a thing. The BTC sellers could short their BTC to hedge the risk of a sudden price drops.
I also don't understand why do you have to adopt BTC as a payment method in your shop. Do you get more customers? I don't think so. Nobody would spend BTC for goods and services, if the BTC price goes up by 30% tomorrow.

To answer your questions if my supply accept Bitcoin as payment, No, in my country it's not legalize as means of payment yet.

I brought this here because in as much as i trade and also hold Bitcoin as investment purpose, I also have a business running for me, a customer of mine is aware of the fact that I am into cryptocurrency, so he brought the suggestion of paying  for a large amount of goods he took in my shop with Bitcoin, which I agreed, he did the transfer as we agreed, so I was just thinking that how will I restock my shop if more of the same transaction comes in, and when am ready to restock, the price have dip, how would I navigate my way around such situation, and to also know how those business owners do in countries that accept Bitcoin as payment in such a scenario, that's the main reason I brought it here

[LogitechMouse]

~~~
In a situation whereby you accept it as a means of payment while selling off your goods, then when  you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Hmmm, I guess having emergency funds in your bank account would be the best solution for this one.
What I mean is that emergency funds that's in fiat currency.

Can I ask though OP if the supplier also accepts cryptocurrency? I mean there isn't that many establishments out there that accepts cryptocurrency as a mode of payment, but if that's the case, I think having emergency funds in the form of fiat currency would be the best option for you while waiting for the Bitcoin that you're holding to go up again. Can I also ask OP if there's anybody in your store that uses Bitcoin or any crypto to pay their stuff that they're buying? I mean with the current situation of the market right now; it would be better to just hold our assets instead of using it to buy things because you might loss some potential profits if you're using it to buy anything.

Anyway, good luck with your business, and I hope that it will be more profitable for you if you integrate Bitcoin in your payment system.