We should learn about bitcoin before accepting it as payment

[I_Anime]

I will just go straight. So me and my friend to a phone shop cause he phone was faulty, so he was planning to repair and swap it same time , so he found out that the shop owner also accept bitcoin has a means of payment ,which is nice cause it’s shows that bitcoin is getting the adoption it deserves. But deep down I wanted to ask if the guy accept stable coins also , but I let it slide so my friend did the transaction using the recent rate at that moment and also paid the extra $1+ fee on top. So when the money landed in the guy’s wallet, the exact quantity of bitcoin landed but the value later drop due to price fluctuation and he was like my friend should complete the amount , which was crazy my friend had to comply to avoid any issue making my friend to spend more than he should.

It’s good that Bitcoin is gaining more adoption, but we should understand how it works before adopting it for our businesses and stuff . In order to avoid any potential issues.I believe that, over time, Bitcoin will continue to grow and see even greater adoption as more people become aware of how it works.

[gracreavix]

I don't think the issue is learning Bitcoin. I believe the shop owner knows what he is doing. So i pay for something. And I was supposed to get it that minute. Just because inflation hit that moment I should add extra money. Looks like me and you will enter the same trouser.

How was the sale priced? You priced something at an amount and changing it just because I sent you money. Giving excuses the rate has dropped. It's like, it's like........They played your guy.

For me as long as you are accepting Bitcoin as payment. Be ready for the fluctuation or you accept fiat currency and to buy Bitcoin yourself. Nobody should get me angry.

[Jammy01]

I believe the shop owner knows what he is doing. So i pay for something. And I was supposed to get it that minute. Just because inflation hit that moment I should add extra money. Looks like me and you will enter the same trouser.

The shop owner definitely knows what he's doing
He definitely knows enough about bitcoin before he say he wants to use it as a means of a payment
He just tried his luck on them and they fell for it

[Odohu]

Volatility is one of the major problems that makes some people refuse to accept Bitcoin. Some people that even accept Bitcoin as means of payment usually convert those funds to stablecoin so that the value does not drop so fast thereby making it difficult for businesses to balance their accounts. The case you narrated in this posts is a very good example of how the volatility of Bitcoin is discouraging a lot of merchants from accepting Bitcoin.

[Joy- maker]

It’s good that Bitcoin is gaining more adoption, but we should understand how it works before adopting it for our businesses and stuff . In order to avoid any potential issues.I believe that, over time, Bitcoin will continue to grow and see even greater adoption as more people become aware of how it works.

This is the reason why I created this thread a few months ago on Bitcoin discussion board, what if Bitcoin never becomes every day money? It is not longer hidden that volatility is one of the major reason why most businesses hasn't adopted Bitcoin as a payment method.

No business owner want to under receive and no buyer want to over spend. A currency meant for daily spending is supposed to be relatively stable, and Bitcoin price is not stable.  Bitcoin price can fluctuate dramatically within a short period of time,  which means volatility has now become a barrier to everyday use of Bitcoin.  As the matter of fact, I'm still wondering how those businesses that have adopted Bitcoin as payment method usually do it when they want to restock.

[promise444c5]

After payment in Bitcoin, your friend doesn’t have any business with what happens after.

The vendor is a scammer because according to him, if Bitcoin appreciates at that particular moment then he also need to send the profit back to your friend which will all know he’s going to disagree..

That’s pure nonsense unless you both agreed on float rate instead of fixed and I don’t think there should be a significant change within the time it took to confirm, that calls for extra charges [plus extra fee from your friend].

[EL MOHA]

I will just go straight. So me and my friend to a phone shop cause he phone was faulty, so he was planning to repair and swap it same time , so he found out that the shop owner also accept bitcoin has a means of payment ,which is nice cause it’s shows that bitcoin is getting the adoption it deserves. But deep down I wanted to ask if the guy accept stable coins also , but I let it slide so my friend did the transaction using the recent rate at that moment and also paid the extra $1+ fee on top. So when the money landed in the guy’s wallet, the exact quantity of bitcoin landed but the value later drop due to price fluctuation and he was like my friend should complete the amount , which was crazy my friend had to comply to avoid any issue making my friend to spend more than he should.

I think both you and your friend didn’t even understand what the guy was upto, the guy was actually asking of usd in bitcoin equivalent and not direct bitcoin itself. From my understanding your friend added $1+ why was it in usd? It means your bargain currency wasn’t actually bitcoin but USD but it is accepted in bitcoin equivalent. This like me asking you to pay me for a signature campaign and my payment is $50, when the bitcoin arrives and it’s not $50 in equivalent I might ask for a top up.

When you’re faced with situations like this you actually have to tell the person before sending what their bitcoin equivalent was as at your time of sending. For example if 0.0005 bitcoin is actually $50 then you show the seller or receiver that the bitcoin they will be getting is 0.0005 and you send, if it drops in USD equivalent that’s not your business. You can understand this by how CMs on this forum Send you payment with the rate indicated for clarity sake

[Amphenomenon]

Volatility is one of the major problems that makes some people refuse to accept Bitcoin. Some people that even accept Bitcoin as means of payment usually convert those funds to stablecoin so that the value does not drop so fast thereby making it difficult for businesses to balance their accounts. The case you narrated in this posts is a very good example of how the volatility of Bitcoin is discouraging a lot of merchants from accepting Bitcoin.

Volatility exist the vendor ought to be very much aware I believe next time it is better to ask this before making any transaction with bitcoin as means of payment in order to have full justifiable reason not to pay more but that aside the phone is actually aware and should have accepted it because that was the rate they both agreed.

I don't know for me if I would have agreed to send more, although this will highly be dependent on my mood or his/her manner of approach still like promise444c5 said this is more likely from the fact yhat he/she is acting greedy and is a scammer.

[I_Anime]

I will just go straight. So me and my friend to a phone shop cause he phone was faulty, so he was planning to repair and swap it same time , so he found out that the shop owner also accept bitcoin has a means of payment ,which is nice cause it’s shows that bitcoin is getting the adoption it deserves. But deep down I wanted to ask if the guy accept stable coins also , but I let it slide so my friend did the transaction using the recent rate at that moment and also paid the extra $1+ fee on top. So when the money landed in the guy’s wallet, the exact quantity of bitcoin landed but the value later drop due to price fluctuation and he was like my friend should complete the amount , which was crazy my friend had to comply to avoid any issue making my friend to spend more than he should.

I think both you and your friend didn’t even understand what the guy was upto, the guy was actually asking of usd in bitcoin equivalent and not direct bitcoin itself. From my understanding your friend added $1+ why was it in usd? It means your bargain currency wasn’t actually bitcoin but USD but it is accepted in bitcoin equivalent. This like me asking you to pay me for a signature campaign and my payment is $50, when the bitcoin arrives and it’s not $50 in equivalent I might ask for a top up.

When you’re faced with situations like this you actually have to tell the person before sending what their bitcoin equivalent was as at your time of sending. For example if 0.0005 bitcoin is actually $50 then you show the seller or receiver that the bitcoin they will be getting is 0.0005 and you send, if it drops in USD equivalent that’s not your business. You can understand this by how CMs on this forum Send you payment with the rate indicated for clarity sake

Is actually same thing . So for instance the amount we paid was $50 , which is actually 0.0005 BTC assuming Bitcoin is around the range $100k , so you are saying if I send the 0.0005 BTC which is $50 and the price of bitcoin drop I’m going to top it up how? . The guy literally sent bitcoin address , and the reason I use $1+ instead of BTC is because is quite easier to show the amount the fee was at that moment. After everything I told him next time is better to use stable coin and he was like yeah he also do receive through that means so the guy literally know what his doing , which force me to tell him that next time he should use stable coin instead to avoid stuff like price fluctuations.

[Hypnotizer]

I don't think the issue is learning Bitcoin. I believe the shop owner knows what he is doing. So i pay for something. And I was supposed to get it that minute. Just because inflation hit that moment I should add extra money. Looks like me and you will enter the same trouser.

How was the sale priced? You priced something at an amount and changing it just because I sent you money. Giving excuses the rate has dropped. It's like, it's like........They played your guy.

Likee.. just imagine, nah why pesin need to make confirmation about all this informations before dealing with someone in bitcoin and it is even better to avoid buying stuffs and paying with bitcoin especially when it isn’t that necessary. Most of these vendors that say they accept bitcoin payment in this country assume everyone that will pay with bitcoins to be some big shot (a rich person).

Knowledge is really important if we want real adoption because this should have even been an issue if there was clear understanding of the market. Also @OP was the $1 extra fees added by the shop owner for people paying in bitcoin? If so then there’s something fishy about that shop owner’s adoption.

[Fiatless]

I don't think the issue is learning Bitcoin. I believe the shop owner knows what he is doing. So i pay for something. And I was supposed to get it that minute. Just because inflation hit that moment I should add extra money. Looks like me and you will enter the same trouser.

How was the sale priced? You priced something at an amount and changing it just because I sent you money. Giving excuses the rate has dropped. It's like, it's like........They played your guy.

For me as long as you are accepting Bitcoin as payment. Be ready for the fluctuation or you accept fiat currency and to buy Bitcoin yourself. Nobody should get me angry.

What if the price of Bitcoin increased in the course of payment? Would the seller have refunded some amount? As soon as the amount has been sent, the transaction should be sealed.

The seller might think he is smart, but he is harming his business. I don't think you or your friend will patronize him again. And you guys would keep sharing your bad experience with him with other people, which could deter future customers.

[Cleanshit]

It’s good that Bitcoin is gaining more adoption, but we should understand how it works before adopting it for our businesses and stuff . In order to avoid any potential issues.I believe that, over time, Bitcoin will continue to grow and see even greater adoption as more people become aware of how it works.

This is the reason why I created this thread a few months ago on Bitcoin discussion board, what if Bitcoin never becomes every day money? It is not longer hidden that volatility is one of the major reason why most businesses hasn't adopted Bitcoin as a payment method.

No business owner want to under receive and no buyer want to over spend. A currency meant for daily spending is supposed to be relatively stable, and Bitcoin price is not stable.  Bitcoin price can fluctuate dramatically within a short period of time,  which means volatility has now become a barrier to everyday use of Bitcoin.  As the matter of fact, I'm still wondering how those businesses that have adopted Bitcoin as payment method usually do it when they want to restock.

Facts I do believe that volatility it a challenge but it does not mean that Bitcoin can’t be a everyday payment, the main deal is just how merchants will want to manage their risk. Like now if a business price goods in fiat Bitcoin amount should be calculated at exchange rate if the payment is made making  sure that transaction are considered complete if confirmed. If price swings is reason why they don’t want to hold Bitcoin they can do well by converting it to a stable coin or fiat immediately. Because to now be asking customer to pay extra amount from the agree amount from scratch it not a fair way for one to handle volatility.

[Silverstonez]

Frankly speaking, your friend was not supposed to send that seller the Bitcoin for the second time. I know he did that just for peace sake, but it doesn't make sense to let someone cheat you simply because you don't want troubles. There are times when people need to stand on their ground provided they have done the right thing. Your friend has already sent him the exact amount in Bitcoin, whether the price depreciate or appreciate is not your friend's business, and as for the seller what he or she did is criminal act.

[ColdLava40]

It’s good that Bitcoin is gaining more adoption, but we should understand how it works before adopting it for our businesses and stuff . In order to avoid any potential issues.I believe that, over time, Bitcoin will continue to grow and see even greater adoption as more people become aware of how it works.

I was thinking of a better way to view the problem here. In cases of such transactions, to avoid drama, you shouldn't calculate cost in terms of usd. It should be calculate in sats.

If the price of the service cost around let's say $100, then everything should be concluded in sats that's equivalent to 0.00155 approximately. So when you send the exact amount of sat, you have no business if the value drops or increase during the transaction.

But even if price were to drop at that time, it will not be significant. I think you are right, people should really understand how price works before accepting it for payment. Or just rather use the fiat or stable coin to avoid drama.

[Orpichukwu]

It’s not about the vendor not knowing how Bitcoin works; it’s just him not being ready to accept that small difference that appears in value, as most of them just don’t receive Bitcoin payments and hold them. They swap them automatically to a stablecoin. Only a few among those vendors in Nigeria actually accept Bitcoin and hold it, and with this type of experience, next time if anyone wants to deal with the guy, the trade should be agreed on Bitcoin volume and not the value, which is where some of them make the mistake.

[Mr Reporter]

I will just go straight. So me and my friend to a phone shop cause he phone was faulty, so he was planning to repair and swap it same time , so he found out that the shop owner also accept bitcoin has a means of payment ,which is nice cause it’s shows that bitcoin is getting the adoption it deserves. But deep down I wanted to ask if the guy accept stable coins also , but I let it slide so my friend did the transaction using the recent rate at that moment and also paid the extra $1+ fee on top. So when the money landed in the guy’s wallet, the exact quantity of bitcoin landed but the value later drop due to price fluctuation and he was like my friend should complete the amount , which was crazy my friend had to comply to avoid any issue making my friend to spend more than he should.

Bro that really painful lesson from your friend which he went through alot, but let's not all lie to ourselves about making payments or using Bitcoin in our local community it would be very hard ohhh…because some days, it would be kinda tricky on small-scale businesses…now I would not say that your friend didn't fully send out the correct amount of BTC but the tricky events that happened were the volatility dropped by the time it got to the wallet and it was so annoying when such cases happened because it made you look like a cheat…from my own ideas next time it's best to agree or use a payment processor to convert it into naira, well when the customer pays BTC, the shop gets Naira/USDT instantly and their would be No volatility risk or anything… next time it's best to come to an agreement of such before any transfer….

[Cityhunter34]

It's good that your friend did the needful immediately. If not, it would have definitely resulted in something else. That's why we don't need to be too greedy when dealing with some people, because they are always ready to go extra mile just to embarrass you in the public, especially when it comes to something reasonable like Bitcoin.

Of course, I think it's very essential for us to always learn the ins and outs of Bitcoin before accepting it, because it's something that easily depricaite anytime, so it makes no sense when you are accepting it without knowing how it works.

[CryptopreneurBrainboss]

It’s good that Bitcoin is gaining more adoption, but we should understand how it works before adopting it for our businesses and stuff . In order to avoid any potential issues.I believe that, over time, Bitcoin will continue to grow and see even greater adoption as more people become aware of how it works.

Well said, I remember when Moniepoint POS started dominating the market earlier and every market women started using one. I can remember how frustrating it was when they couldn't operate it quick or understood how to report failed transaction. I can imagine a similar experience for Bitcoin users for businesses that don't know how to operate either payment gateways or BTC wallets and will begin to encounter problems. It won't be funny as Bitcoin don't have any service centers to solve problems so it's better anyone or business looking to adopt BTC make themselves familiar with the currency before it begins to discourage people since it comes with issues trying to make purchases with Bitcoin.

[Asiska02]

It’s good that Bitcoin is gaining more adoption, but we should understand how it works before adopting it for our businesses and stuff . In order to avoid any potential issues.I believe that, over time, Bitcoin will continue to grow and see even greater adoption as more people become aware of how it works.

I know that your friend may be trying to avoid trouble after sending that money and the value dropped, but he should have explained to the phone guy how it works, so that a repetition of that don’t happen to another person who may not agree to balance it up for him. I know that many people will be willing to adopt the use of bitcoin for payment services because of the actual message it passes to people and a general intuition of what bitcoin is to most Nigerians. But knowing how they work should be prioritised and wherever we get an opportunity of meeting people like this that don’t know how it works, we should share a little with them to be enlightened and feel more encouraged for adopting that method of payment. This is what we want but we have to collectively still help out in making this becoming a reality.

[Amphenomenon]

It won't be funny as Bitcoin don't have any service centers to solve problems so it's better anyone or business looking to adopt BTC make themselves familiar with the currency before it begins to discourage people since it comes with issues trying to make purchases with Bitcoin.

While Bitcoin doesn't have any explicit centre, we have something special which is the resources online and platforms and media where one can make enquiries and be put through about something, in fact I remember there's a book in Proverbs that said you don't do something just because of enthusiasm, Proverbs 18:2-3.

This is something that's quite common with people starting something without proper research or right knowledge and when it fails they blame it or something else.

We Bitcoiners are the service center of Bitcoin we give support to others while also minding security in order not to be victimized.