How can Nigerian Businesses Starts Accepting Bitcoin easily?

[Btcdeybodi]

OP, accepting Bitcoin as a means of payment is not that easy considering the nature of it's volatility and the fact that most countries are yet to adopt it as a means of payment but however, I doubt if it would happen anytime soonest because countries are afraid of the fact that their citizens would neglect their own local currency for Bitcoin to avoid any trace or anything that would make government want to come take tax or whatever you call it. Aside that, the Nigerian government is yet to recognise crypto and Bitcoin as a means of payment but rather they approve of it as a trade able asset which is why it seems the clamp down on crypto transactions is reduced except for those that as re suspicious and connected to illegal activities.

You already said that volatility will cause people not to use bitcoin as a means of payment so why will a country feel threatened if people start using bitcoin for their businesses. Bitcoin is an alternative means of payment so it's not like it will replace the use of fiat currency or a country's official currency. Anyways you have already stated the major setback of using bitcoin as a medium of payment for businesses which is the volatility you talked about because it's not everyone that would love to accept payments and the price begins to DIP since it may also affect the business in a case where the business owner needs to buy new goods, unless the person plans to hold those bitcoins then he will need fiats to restock his business anytime he runs out of stock. In the area where you said that countries will not like a situation where they cannot track transactions in order to tax a business i don't think it will be a problem because there are still crypto friends and associates that transact with each other using bitcoin so they don't even need to come openly to tell people that they do crypto transactions with each other so they can still evade being taxed.

[Gost ms]

In the case of using Lightning Network, we have to take some precautions when choosing a wallet. Some wallets do not support Lightning Network. So if we are willing to use Lightning Network, then we have to take precautions when choosing a wallet.

If businesses start accepting Bitcoin, it will be very good for them. You mentioned some special benefits, these will be very good for businesses. Especially in the case of large transactions and foreign transactions, they will get a lot of benefits.

[Orpichukwu]

What do you think is actually the biggest factor preventing Nigerian businesses from adopting Bitcoin?

If there is one thing I have updated about most businesses in Nigeria and their owners, they are more concerned about using what they truly understand and also prefer to use something which they can account for the same value whenever they want to do accounting for the business, which Bitcoin, being volatile, won't allow them to do.

Not all businesses in Nigeria here talk about reserves, and unless you are receiving Bitcoin as a means of payment which you can send to your reserve, it will make things a little more difficult for them in terms of accounting if the price of Bitcoin goes down.

Another thing which could also be the reason is that businesses might want to accept bitcoin in their business, but they are not doing it because they have not seen a trusted and secure payment processor, which will enable them to receive payment in bitcoin, and automatically they can convert it into stablecoin whenever they like without risking losing value from the coin.

Most businesses which I have seen out there that accept crypto as payment – some of them don't use non-custodial service; it all goes directly to an exchange, which most I have encountered are people using Binance Pay – they just answer the name of who is accepting crypto (most of them specifically ask for USDT), but they convert immediately to what they have faith in.

When you start to run a business, will you consider adding Bitcoin as a payment option?

I will accept, but that depends on the type of business I'm into and how the country's security sector has increased. The truth is, such publicity can bring in customers; at the same time, it could also put a target on you, not in your business place but outside, as you have publicly declared that you are into crypto, and all who deal in crypto are, to some extent, seen as wealthy people around here.

[CryptoHeadlineNews]

3. Managing Volatility

Price changes are one of the biggest worries for businesses. Price in Bitcoin can be really unpredictable.

To reduce risk, a business could:

. Convert Bitcoin to naira as soon as they get the payment
. Only hold a small amount in BTC
. Use Bitcoin for cross-border transactions only

So, businesses can accept Bitcoin without having to take a lot of risks due to Bitcoin’s price changes.

In the aspect of volatility, a business man who intends to receive payment with Bitcoin can simply just tagged the price of the goods in dollars, and when someone comes to purchase, they can pay it's equivalent in Bitcoin, and instead of converting it to Naira whose value can easily gets devalued due to poor economic policies, you rather just swap the Bitcoin  into stable coins like tether USDT. So as to also avoid the value of the Bitcoin falling below the exact capital you bought the goods, since it is a volatile decentralized digital currency.

[Marvelockg]

What do you think is actually the biggest factor preventing Nigerian businesses from adopting Bitcoin?

When you start to run a business, will you consider adding Bitcoin as a payment option?

I think the issue with running a business and accepting to use bitcoin as a mode of running the business is dependent on the kind of business you are running and wether or not your patronizes are people that are tech inclined to the point that they can comfortably make use of bitcoin for their transaction. If you are doing a crypto related business or a business that involves usage of a huge amount of money, it is easy to use bitcoin as one of the payment option without necessarily bothering about volatility though you should be ready to keep your asset for a long period of time without quickly touching it. those are things you have to come to terms with easily.

[IceLincoln]

With the way things be for the country, accepting bitcoin as a means of payment at a business level is a No No. Many factors Dey affect the business adoption of it as you don mention some of them.
Yes the Government never really place ban or restrictions on it but there’s an instruction given to banks to flag accounts with bitcoin and crypto related transactions, this alone makes it a huge problem for business owners.
Another thing is the number of people who own and use bitcoin in the country is very insignificant too, I’m not sure we are upto 10% of the country’s population.

[iBaba]

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In the aspect of volatility, a business man who intends to receive payment with Bitcoin can simply just tagged the price of the goods in dollars, and when someone comes to purchase, they can pay it's equivalent in Bitcoin, and instead of converting it to Naira whose value can easily gets devalued due to poor economic policies, you rather just swap the Bitcoin  into stable coins like tether USDT. So as to also avoid the value of the Bitcoin falling below the exact capital you bought the goods, since it is a volatile decentralized digital currency.

But if we are to still go back to using USDT, It kind of tell on me that we are not promoting our domestic currency which is Naira. Any transaction that will not add value to the growth of the Naira currency is not really patriotic to me. I like the fact that we are always looking forward to promoting bitcoin as countrypeople and we will not give up in our quest for financial freedom especially through the bitcoin but let us not also forget that USDT is not Naira and let’s also discuss about how we can promote Naira in all of these discussions. I don’t know how possible, but we should device a means to also add Naira strengthening into bitcoin promotions discourse.

[Bryan jessy]

Adding Bitcoin as an option for payment method is a nice idea but somehow it is difficult because Bitcoin is not generally known and accepted by everyone, the only way out is; if the business owner is collaborating with a Bitcoiner then he or she might accept Bitcoin payment unless that, because someone who knows nothing about Bitcoin will find it strange at the mention of such method of transaction. The only way Bitcoin payment can generally be accepted is when it is announced or made known publicly and repeatedly in every platform by the government, because individually it is likely impossible except in cases of businesses between two Bitcoiners.