We need solutions.

[Joy_learns_crypto]

Please don't take this my comment as an attack try to see reasons in what am saying, because When I first came across this your comment I was excited at first from the beginning where you said that there are some apps that can auto convert our cryptocurrency to Naira, but at the end I was disappointed whereby you said such apps exist without mentioning any, because I have been looking for such apps which I have not found any yet, so for me  it will make more sense whereby you said  that you think that such apps exist but you don't have idea of any, instead of saying what you above.

No I don’t take your reply as an attack, I apologize if guy felt disappointed by be not mentioning names of apps that can convert cryptocurrency straight to Naira, I didn’t do that because I have not used those apps services but I do see some ads, especially from a very popular Nigerian socialite and instagram influencer. I no go like recommend something way I never use or know anyone way don use am without any problem.

[DonaldCryptoTalk1]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in accepting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.
Having auto-convert to naira will be helpful because shops can now be accepting payment through Bitcoin without fear of volatility.

Some people may say it those not matter and that why should a shop owner be scared of Bitcoin volatility when even if Bitcoin falls in price it will surely rise again, if you are having this thought you need to understand that this is a business and they sell and restock there goods and they do this with the money they have already sold so you see they need to always have there money complete.

I'm happy to be here, I never knew we have Nigeria discussion place here.
Other forum I join don't have a place like this.

You actually raised a solid point bro. Right now the closest thing we have is apps like Bitnob, Bundle, Binance Pay etc, they let you receive Bitcoin or USDT and then quickly swap to naira, but it’s still not “instant naira” like a normal POS.

The challenge is regulations, banks no gree allow direct auto-convert yet. Most shop owners that really want to accept Bitcoin just tell customers to pay in USDT, then they P2P it to naira almost immediately.

If one fintech can build a crypto POS that auto sells BTC to naira through P2P/OTC, that one go blow. Until then na manual runs we dey manage.

[Hatchy]

Some people may say it those not matter and that why should a shop owner be scared of Bitcoin volatility when even if Bitcoin falls in price it will surely rise again, if you are having this thought you need to understand that this is a business and they sell and restock there goods and they do this with the money they have already sold so you see they need to always have there money complete.

I'm happy to be here, I never knew we have Nigeria discussion place here.
Other forum I join don't have a place like this.

Adding bitcoin as an alternate payment option in your business is not actually a bad idea. But to be more logical like you said, a business would want to retain it's capital and avoid the markets volatility. Then the use of bitcoin shouldn't be more often. You can offer something less volatile like stable coins to help retain your capital.

The idea is to offer a cryptocurrency payment option, so it doesn't necessarily have to be bitcoin to be precise. It can be added but instead of constantly converting into naira, you can receive payment using stable coins, which can be accumulated an later on converted to naira at a much convenient time...

[Hyphen(-)]

You are correct, businesses should not risk volatility because it needs steady cash inflow to enable them restock.Unless there's solutions to naira's auto-convert,  then replying on P2P or stablecoins such as USDT is considered the one practical means. Immediate conversion tool can hel Bitcoin become more attracting for daily shop payments.

Small scale business owners cannot cope with this method, they mostly don’t have extra money to risk because they are using all their money for business, so if they accept Bitcoin now and it dumps, how are they going to get their exact money back since they don’t have that time to wait for the market?

Having a tool to directly convert your Bitcoin into Naira will be good, but the p2p is there to help since anyone that will use fiat do convert their Bitcoin into fiat before they buy because no one will know how you get the money from, it safer for security reasons. Using Bitcoin in public might not be safe because of security reasons; but for big supermarkets, it will work.

[Anayochukwu]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in accepting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.
Having auto-convert to naira will be helpful because shops can now be accepting payment through Bitcoin without fear of volatility.

Some people may say it those not matter and that why should a shop owner be scared of Bitcoin volatility when even if Bitcoin falls in price it will surely rise again, if you are having this thought you need to understand that this is a business and they sell and restock there goods and they do this with the money they have already sold so you see they need to always have there money complete.

I'm happy to be here, I never knew we have Nigeria discussion place here.
Other forum I join don't have a place like this.

I don't supermarkets accepting Bitcoin has a means of payment anytime soon and I'm not bothered about it because I wasn't going to use my hard earned Bitcoin to purchase anything in the supermarket. It would have been better if you had said a landed property but using Bitcoin to get groceries at the supermarket? That's a no no for me, and I don't really advice any supermarket to publicly announce that they are now accepting Bitcoin as payment for security purposes to avoid being robbed.

[Achalugo BTC]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in accepting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.
Having auto-convert to naira will be helpful because shops can now be accepting payment through Bitcoin without fear of volatility.

Some people may say it those not matter and that why should a shop owner be scared of Bitcoin volatility when even if Bitcoin falls in price it will surely rise again, if you are having this thought you need to understand that this is a business and they sell and restock there goods and they do this with the money they have already sold so you see they need to always have there money complete.

I'm happy to be here, I never knew we have Nigeria discussion place here.
Other forum I join don't have a place like this.

You are right in what you said but for me, I don't think everyone will be interested to participate in Bitcoin or any crypto related discussion, because they see it as another me hint or ways to scam people, no matter how many times one explain to them, they won't adhere to it or will even change their mindset on anything crypto, instead they use the old method to get what they want.

[BitBakerr1]

You are correct, businesses should not risk volatility because it needs steady cash inflow to enable them restock.Unless there's solutions to naira's auto-convert,  then replying on P2P or stablecoins such as USDT is considered the one practical means. Immediate conversion tool can hel Bitcoin become more attracting for daily shop payments.

WhoYouCantKill you are correct, a business needs steady income in other to run the business, if a business don't have access to steady income it can't function it will fall, so if a business wants to accept Bitcoin as a means of exchange for there goods or services they need to quickly exchange any Bitcoin they receive to Naira so volatility won't affect their money or reduce it because if they don't exchange it to Naira immediately it will reduce, Bitcoin is always going up and down and if you have 100 thousand naira in Bitcoin it can either raise or fall and since a business needs to always use there money to go to market so buy more goods they just need an app or exchange that allows for auto convert from Bitcoin to Naira, I believe there are app or exchange that can do that so any business that accept Bitcoin as a means of exchange should consider having an auto Bitcoin converter to naira.

[Yablee0]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in accepting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.
Having auto-convert to naira will be helpful because shops can now be accepting payment through Bitcoin without fear of volatility.

Some people may say it those not matter and that why should a shop owner be scared of Bitcoin volatility when even if Bitcoin falls in price it will surely rise again, if you are having this thought you need to understand that this is a business and they sell and restock there goods and they do this with the money they have already sold so you see they need to always have there money complete.

I'm happy to be here, I never knew we have Nigeria discussion place here.
Other forum I join don't have a place like this.

My friend it really matters a lot in every business because a super market or super stores is what needs constant refilling of goods when it's down to keep the business going and also to keep a healthy relationship you and your customers. When business capital is been kept in bitcoin what happens in times of dip? Their will be definitely be a huge shortage in your total capital which can be harmful to any business. 

however holding business capital in bitcoin could be unfriendly and harmful to any business because of it shortage it might cause when experienced a slide dip in bitcoin.

[DonaldCryptoTalk1]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in accepting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.
Having auto-convert to naira will be helpful because shops can now be accepting payment through Bitcoin without fear of volatility.

Some people may say it those not matter and that why should a shop owner be scared of Bitcoin volatility when even if Bitcoin falls in price it will surely rise again, if you are having this thought you need to understand that this is a business and they sell and restock there goods and they do this with the money they have already sold so you see they need to always have there money complete.

I'm happy to be here, I never knew we have Nigeria discussion place here.
Other forum I join don't have a place like this.

Good point OP. The real solution is using crypto payment gateways that already exist in Nigeria. Apps like Bitnob, Breet, or Chiji14Xchange let a shop accept Bitcoin and instantly convert it to naira, no need for manual P2P. It works like a POS,customer pays BTC, shop receives naira in bank. If more supermarkets adopt this, volatility won’t be a problem.

[JoyceBTC]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

I don't see a reason for business owners to avoid volatility by converting their bitcoin to naira or stablecoin, because we can still earn more from what we are holding if the market rises the more and be in profit, while if the market dumps we may lose, but that is not always permanent because it often rises back and we can from this volatility be selling and buying and go into partial trade converting from Bitcoin to stablecoin and buying again, but it's not a perfect idea that we should convert to naira because of currency devaluation and inflation affecting the fiat economy.

I don’t totally agree with you Mr Nathrixxx because the original post used a shop owner as a case study of how solutions can be provided so as to allow shop owners accept bitcoin.
In your quote, you said you don’t agree with the idea of business owners converting bitcoin to naira or stable coins to avoid volatility. So what do you expect a business owner to do when goods are been purchased from him in Bitcoin worth 1 million naira and when he wants to restock he founds out that the price of bitcoin has dipped, do you expect the business owner to start waiting until the price of bitcoin increases? That is not possible.

So I believe solutions should be created to avoid volatility in Bitcoin for business owners. It would be a great idea if payment are received in bitcoin and then converted to stable coin.

[Princess Leah]

Please don't take this my comment as an attack try to see reasons in what am saying, because When I first came across this your comment I was excited at first from the beginning where you said that there are some apps that can auto convert our cryptocurrency to Naira, but at the end I was disappointed whereby you said such apps exist without mentioning any, because I have been looking for such apps which I have not found any yet, so for me  it will make more sense whereby you said  that you think that such apps exist but you don't have idea of any, instead of saying what you above.

No I don’t take your reply as an attack, I apologize if guy felt disappointed by be not mentioning names of apps that can convert cryptocurrency straight to Naira, I didn’t do that because I have not used those apps services but I do see some ads, especially from a very popular Nigerian socialite and instagram influencer. I no go like recommend something way I never use or know anyone way don use am without any problem.

You did well dear, and it's better you just tell them to do their research on it rather than mentioning any app you've not tried so as not to mislead people into using applications that are not reputable or scam related atleast creating awareness alone is enough to let people know that such app exist, however they should go research on it themselves.

 I feel this is the reason why fiat currency is still much more accepted for businesses than bitcoin due to the high volatility of bitcoin and they can't be fluenctuating the prices of their goods every now and then, bitcoin would serve the purpose of an investment option more for now, maybe later in the future there would be better solutions that would make it suitable to be used more for businesses.

[Derekfunds]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in accepting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.
Having auto-convert to naira will be helpful because shops can now be accepting payment through Bitcoin without fear of volatility.

Some people may say it those not matter and that why should a shop owner be scared of Bitcoin volatility when even if Bitcoin falls in price it will surely rise again, if you are having this thought you need to understand that this is a business and they sell and restock there goods and they do this with the money they have already sold so you see they need to always have there money complete.

I'm happy to be here, I never knew we have Nigeria discussion place here.
Other forum I join don't have a place like this.

You are right in what you said but for me, I don't think everyone will be interested to participate in Bitcoin or any crypto related discussion, because they see it as another me hint or ways to scam people, no matter how many times one explain to them, they won't adhere to it or will even change their mindset on anything crypto, instead they use the old method to get what they want.

It is not even necessary or compulsory that everyone must invest in Bitcoin or believe what you tell them about Bitcoin investment, everyone has the right to believe and chose whatever they want until they realize they are either making the wrong decision or choice or they are making the right choice. The way Bitcoin has grown and the way the world is getting civilized I don't think people who still sees Bitcoin as scam are that plenty as a matter of fact some people are striving to gain the knowledge on how to start because of the potential they have seen in Bitcoin there is no where you would mention Bitcoin that people won't see it as a big asset.

[Achalugo BTC]

It is not even necessary or compulsory that everyone must invest in Bitcoin or believe what you tell them about Bitcoin investment, everyone has the right to believe and chose whatever they want until they realize they are either making the wrong decision or choice or they are making the right choice. The way Bitcoin has grown and the way the world is getting civilized I don't think people who still sees Bitcoin as scam are that plenty as a matter of fact some people are striving to gain the knowledge on how to start because of the potential they have seen in Bitcoin there is no where you would mention Bitcoin that people won't see it as a big asset.

Well, you are right.. everyone has the right to make decisions of their choice, whether the results will be positive or negative, it's their choice. But there are still more people that don't get the idea of Bitcoin, even though they have heard the name but they are not interested to know what it's all about.
So, just you have said, because of how potential Bitcoin is, it has also motivate some people to pick interest in it, which is good for people to have the idea or even invest in it, because it's going to be a very beneficial assets to them and others too.

[Lolipo]

I think sensitization and creating more awareness should be the solution because some market woman don't even want to hear anything about online business talk more of hearing of Bitcoin, due to some ponzi schemes they think there is no genuine online business, so creating more awareness about Bitcoin should be the solution.

[Agbe]

I think sensitization and creating more awareness should be the solution because some market woman don't even want to hear anything about online business talk more of hearing of Bitcoin, due to some ponzi schemes they think there is no genuine online business, so creating more awareness about Bitcoin should be the solution.

Agree with you one good solutions is creating awareness in our Nigerian society because truth be told the ordinary market women may not even be aware of what is called Bitcoin not to talk about anything online and even the once that are aware is afraid, because of the wrong messages that has been passed down by ignorant people who lost money in crypto due to lack of sufficient knowledge about crypto before entering so one good way for business owners to start accepting bitcoin as means of payment is via creating awareness.

[Donneski]

Op, personally, I think you didn't just make a very important point but also an interesting creative inspo. Businesses don’t really have the luxury of waiting for Bitcoin to “rise again,” because as you said, they need to restock immediately with naira. Right now, most people do it manually through P2P but an instant-convert solution would be a real game-changer for supermarkets and other shops. I think this is an area where fintechs in Nigeria should come in and innovate a solutionary app. Maybe build a wallet that accepts Bitcoin and auto-swaps it to naira via liquidity pools or exchange APIs. That way, shop owners can enjoy the ease of crypto payments without carrying the volatility risk.

[Rgram]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in accepting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.

The idea of a direct conversion undermines Bitcoin for a currency. It makes Bitcoin a less valued currency when matched with fiat. It actually shouldn’t be so and maybe that’s why we don’t have this innovation.

You could always trade it as it is and that would mean, you having to use centralized exchanges in receiving these coins to cut down on fees, processing time as, you would have first received it in a wallet (after waiting on confirmation) then you would have to transfer to an exchange and still wait on confirmation before selling directly or swapping for USDT. Think of the many times you would want to do this, it would make you want to use a direct exchange address and that would be equally risky.

Not your keys not your coins remember.

[Asiska02]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

I don't see a reason for business owners to avoid volatility by converting their bitcoin to naira or stablecoin, because we can still earn more from what we are holding if the market rises the more and be in profit, while if the market dumps we may lose, but that is not always permanent because it often rises back and we can from this volatility be selling and buying and go into partial trade converting from Bitcoin to stablecoin and buying again, but it's not a perfect idea that we should convert to naira because of currency devaluation and inflation affecting the fiat economy.

You can’t pitch a new idea to someone and then make it difficult for them to not get in exactly what will make them love the idea the more. Immediately you begin to tell them about another tendency of them losing their money or not getting the exact amount they’ve sold with in their wallet, they will develop discouragement and not embrace the idea. Volatility of Bitcoin should be avoided by them, so converting into stable coin is the best for them to still be in the business of accepting bitcoin for payment. In the future, when they come to understand what potential advantages does leaving your money in bitcoin has, they can then venture into it as a business.

[I_Anime]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.

I don't see a reason for business owners to avoid volatility by converting their bitcoin to naira or stablecoin, because we can still earn more from what we are holding if the market rises the more and be in profit, while if the market dumps we may lose, but that is not always permanent because it often rises back and we can from this volatility be selling and buying and go into partial trade converting from Bitcoin to stablecoin and buying again, but it's not a perfect idea that we should convert to naira because of currency devaluation and inflation affecting the fiat economy.

Op gave good reason why volatility should be avoided and I also see things in your point of view also but still we can’t tell when the market will go up , don’t forget those at the market selling are literally running a business and they need the morning to restock so volatility will only delay their market unless they just choose to buy themselves to hold as a for of investment, not to put all their egg in one basket and stuff . And pretty sure that such tools like auto convert can be created but with time we will get there and find solution to such issue because if we those selling in the market can make use of bitcoin without no stress it will only bring more adoption to the bitcoin space .

[Faazs]

solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.
What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in acc
epting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.
Having auto-convert to naira will be helpful because shops can now be accepting payment through Bitcoin without fear of volatility.

I understand the point you are making but converting the Naira instantly is not a problem as there are many applications that can convert to USDT which is relatively stable and solves the problem of volatility of Bitcoin. I know of Bitpay, coingate, NowPayments and even PayPal now have such payment processor. There even some customised payment processor out there, it all depends on the willingness of the business owner to accept Bitcoin payment. There are even some that are open source such as BTCPay which is more recommended on the basis of security.

After converting to USDT, whenever you want to restock, you can easily convert to Naira through any of the exchanges or use other payment systems that are localised in Nigeria.

The only challenge is that USDT is not naira. Even though it is stable, the shop still needs naira for daily operations. That means one extra step P2P, exchange, or OTC. While this is workable, it introduces friction and possible delays. For example, not all shop owners are comfortable with crypto exchanges or P2P,  naira conversions may attract fees or depend on liquidity, Businesses might need funds instantly (not after waiting hours for P2P settlement). So, while USDT solves volatility, it doesn’t fully solve the liquidity and immediacy problem for Nigerian businesses.


✓ So the debate is not whether the tools exist cause they actually do. The real challenge is ease of use and localisation. For mass adoption in Nigeria, solutions must be as simple as “tap, pay, get naira in your bank.” cause thats what I feel Nigerian would be able to key into,  easy accessibility and user friendly interphase i.e simple to operate.