We should learn about bitcoin before accepting it as payment

[Nheer]

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.

Some people are just being greedy especially when it's related to money. Just because you accept Bitcoin payments doesn't mean you demand for extra money, no one is obligated to pay additional money when the price fluctuates.  Whoever wants to accept Bitcoin payments in their business must definitely understand Bitcoin thoroughly and be aware that the price can fluctuate. Not everyone will be lenient enough with him to add extra money that's why understanding Bitcoin is very important.

Sometimes the fluctuation might not go in your favor and sometimes it will. What it goes in favor of you and the customer also request for refund, is he going to send the refund? I doubt that.

[Samlucky O]

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 understand what you meant, just that the guy was not knowledgeable enough to understand that Bitcoin is not a stable coin that can maintain it balance, Rather it fluctuate due to the constant demand and supply, so I will be better for this type of people to adopt a stable coin sothat the price will not drop. I believe this artitude displayed by that Marchant was because Bitcoin was going down, had it been that Bitcoin was going higher, would he have refunded your friend the profit after an increments in Price? People are just wicked. Next time you guys should just pay with fiat instead of facing such kind of situation.

[Rockson1]

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.

I think that is a sharp practice by the shop owner and because the guy did not react, he feels he has succeeded and I believe he will still do the same to another person if he is not called to order, I do not also believe that someone that has adopted bitcon as a mode of payment in his shop will be daft, bitcon is not like other means of payment, and I think before anyone decides to adopt it to that level, such person should not be seen as a novice, I have read many reply here but i do not agree that the shop owner has no knowledge that Bitcoin is a volatile asset that drops and rise at any given time, or is someone trying to tell me that the shop guy is just receiving Bitcoin for the first time, although the guy that made that payment just wanted peace nothing more.

[Dr.Bitcoin_Strange]

If you were there with your friend, are you sure him and the business owner actually agreed on the amount of Bitcoin he sent to him? If the value they agreed on was what your friend sent, then it's obvious that the shop owner just purposely wanted to extort more money from you guys. In such a situation, I will urge the shop owner to send back the exact amount of Bitcoin I paid to him and then I will pay with cash or bank transfer, there's no course for alarm.

I really doubt that this shop owner doesn't have enough knowledge of Bitcoin, he won't even agree to accept Bitcoin as part of the option in receiving payment but because he wanted to get more money from your friend, that's why he did what he did.

[Cryptomultiplier]

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 understand what you meant, just that the guy was not knowledgeable enough to understand that Bitcoin is not a stable coin that can maintain it balance, Rather it fluctuate due to the constant demand and supply, so I will be better for this type of people to adopt a stable coin sothat the price will not drop. I believe this artitude displayed by that Marchant was because Bitcoin was going down, had it been that Bitcoin was going higher, would he have refunded your friend the profit after an increments in Price? People are just wicked. Next time you guys should just pay with fiat instead of facing such kind of situation.

It is because of such incidents I prefer to use cash instead, mostly in a country like ours where the use of Bitcoin for payments is still in its baby stage, because not many merchants understand how volatility affects the price of Bitcoin or how the mechanics of using it for settlement via use of other tools at any moment is effective and it's even better to use a stablecoin if cash is unavailable in this kind of scenario.

At the point where real case adoption can be defined for any business in this country, is the point where merchants learn to use payment gateways as the tools or stablecoins like I already said or even learn the use of layer 2 protocol, so that the transaction is fair to both parties without delays too.

[Showlove01]

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.

For safety sake i will suggest people should be very careful with the way they do use bitcoin as a means of exchange of goods and services because it is not everyone you will transact with it using bitcoin as we may not know the intention of the of person you are dealing with or what the person is capable of doing. i do not think i can transact with someone i do not know using bitcoin ( physically), i can do it online to be anonymous because you can not easily trace... unlike physically where someone can easily arrange people and ambush you.

[Richbased]

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.

I don't think that volatility is a challenge why businesses ain't accepting bitcoin as a means of payment. What people do not understand is that the value of bitcoin you have will remain even when a DIP happens. Anyone who is accepting bitcoin as a means of payment should do that with the intention of holding it. With that it won't be a problem when someone sends bitcoins and the price drops immediately.

I don't understand why someone will accept bitcoin as a payment method only to convert it to stable coins, instead they can just use stable coins directly so that they won't need any conversion except for someone who wants to exchange with fiats.

Merchants don't have intentions of holding their coins because they do transactions all the time so it's not literally because of volatility.

[Antotena]

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.

So we have vendors in Nigeria that accept Bitcoin for services, this is interesting because I know for a fact that a Nigerian will not pay $1 as transaction fee, that's $1380 if you convert it to NGN. That alone is a big money to everyone and as a shop vendor he accept Bitcoin not even stable coins and to say the guy didn't accept internal transaction which people do often, you see people send Bitcoin using exchange through internal transaction without any fee.

If you are going to do a business, I will advice that the person should stick to local currency. Accepting Bitcoin is good if you are going to use centralized exchange internal transaction. The reason I'm saying this is because people love to spend their coins as business people, this way you are relieving the sender the transaction fee and you are also reliving yourself the fee to send to an exhange or merchants, that money can be used to do something better.

[Agbam]

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.

Bitcoin cannot be used same way as cash to run day to day buying and selling of goods and services. Often times people who use it as a means of payment know the value and are using it as a means of investing or saving their revenues for the future.

OP is correct that guys who use it should know the value and what to expect in dealing with the volatility of it. But the vendor in the OP is definitely a fraudster and he definitely knows what he’s doing. It’s just that OP and his friend was not bold enough or they just simply resorted to peace. But my brother peace no b for where money dey oo when you know say person wan deliberately cheat you. Stand your ground ajeh!!

[ejikeme24]

This is not about learning I'm sure the guy knows what he was doing, it seems that most of this business men or women that accept Bitcoin as another means of payment are using it to collect more Bitcoin from people. Since I know that bitcoin is a volatile asset I dont like using it as a means of payment especially when transacting with people around me, since it is someone who is from Nigeria not a foreigner he would have pay via our local currency (naira) instead of Bitcoin. But to be frank whether he understand how Bitcoin works or not if I was in your guy's shoe I wouldn't have send any extra Bitcoin to complete it because he has already sent the money using the current rate.

[Miles2006]

The shop owner is fully aware of bitcoin volatile nature, how can a person create bitcoin wallet without understanding bitcoin first. Shop owners act this way, I don’t understand why this is becoming so popular whereby they feel the need to extort customers all the time although this is my own understanding due to past experience.
Personally I will not use bitcoin as a means of payment not minding how I want bitcoin adoption to grow instead I will always prefer the traditional means, with all the news circulating about bitcoin fraud and the rest I would never trust a random person to such extend meanwhile few are genuine beginners who just got to know about bitcoin from a customer or an online program and they’re not learned enough to start holding bitcoin but, which ever way I think it’s best we avoid the use of bitcoin for payment.

[Stable090]

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.

Wait u sure say na d other of d shop u meet? Because anybody wey fit Dey accept bitcoin as payment method supoose know about bitcoin very well, him suppose know about volatility aspect of bitcoin before him start to Dey accept bitcoin. Seriously Wetin d person do no really make sense, because if to say bitcoin price increase before d bitcoin drop, and d money increase, him no go return d money wey increase ontop for them.

If na d right owner of d shop na him do dis rubbish, then awi say him do am intentionally, and him don Dey do something like that before. If u send money give am, and d price drop, him go wan collect extra money, but I know say person wey wan Dey accept bitcoin as payment method knows about bitcoin volatility.

[Marykeller]

I hope that the shop owner would have given your friend some cash if the amount of Bitcoin sent increased more than the amount agreed to pay.

This is madness for the shop owner to demand extra money just because the Bitcoin sent to them had decreased in price. I can't be calm about this sort of shit no matter how cool I am. Don't you know that as you and your friend were quiet about this, that means you both fall mugu big time to the shop owner. He will then think the strategy is working for him, as he is wise to be playing with people's intelligence on Bitcoin

[Samuel47]

Bitcoin makes money when its price goes up. You buy it at a lower price and sell it later at a higher price. It also makes money through mining, where computers solve hard math puzzles to earn new coins for example Buying and Holding Purchase Bitcoin on an app, wait months or years, and sell if the price grows.Mining Use powerful computers to help run the network and get paid in new Bitcoin go up and down you might lose money but the easy way is you can buy in low price and sell high price that's it

[GiftedMAN]

I hope that the shop owner would have given your friend some cash if the amount of Bitcoin sent increased more than the amount agreed to pay.

This is madness for the shop owner to demand extra money just because the Bitcoin sent to them had decreased in price. I can't be calm about this sort of shit no matter how cool I am. Don't you know that as you and your friend were quiet about this, that means you both fall mugu big time to the shop owner. He will then think the strategy is working for him, as he is wise to be playing with people's intelligence on Bitcoin

Funny but the question is a very logical one since he wants his customers to bear the burden of the market when the price of Bitcoin drops after paying him for the goods they bought. To me the shop owners just want to extort money from them because he thinks they do not understand how it works cause if the op and his friend made a proper agreement before doing the transaction the shop owner wouldn't have the right to demand for extra payment when the price of Bitcoin decreased. This is another reason why you shouldn't go into Bitcoin transactions with a greedy person they will make you look stupid if you do not stand in your ground.

[CryptoHeadlineNews]

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.

What Bitcoin wallet was your friend and the seller using if I may ask? Because sometimes I have noticed that some wallets do have a price difference in dollar from another Bitcoin wallet. And it is very possible in cases like this that the original value of the bitcoin might be the same, but the wallet made it look like it depreciated, which is why I would have loved to know, because Trust wallet is very similar of behaving such way, which means if I was to be present there, we would have checked the value of the Bitcoin sent on the blockchain directly to know if it was below or above the exact amount.

[Jerrycrypto2024]

This is really call of concern, from the title it's more emphatically correct that investor or whatever that deem it fit need gather the least primary knowledge, though knowledge can't be completely gather without venturing into the system but the preamble is very essential, many failure today and inability to stand the market or system is the lack of understanding, forgetting in a haste that people who runs business without deep search or knowledge about the business they venture usually don't make it because the tactical measure to overcome the challenges of the system will be difficult, , because it's hard to learn how to solve problem in the exam hall instead of doing practice or practical on how to hold such situations before facing it.
The price of Bitcoin make many outside society to cherish it as asset to lay hold but are not ready to learn or have idea before diving into it when the challenges come as per lack of knowledge the condemned the system even said things that will make the system look bad.

[PremiumcryptoHub]

The phone shop owner may have intentionally failed to understand that the price of Bitcoin is not stable because the price of this digital currency can change within seconds. Since the market is always buying and selling, we all should understand that the price of Bitcoin also fluctuates constantly and suddenly any good or negative news can affect the Bitcoin market. but the owner of that mobile shop is not honest in his business,Otherwise, he might have accepted the first Bitcoin payment your friend sent since the price of Bitcoin had dropped slightly after the payment was made.

This really proves that if a business person accepts Bitcoin or wants to accept Bitcoin from customers, then he should still have basic knowledge about Bitcoin, if that shop owner had had basic knowledge of Bitcoin, they might have been able to understand that the price of Bitcoin could change instantly, so the price of Bitcoin could increase or decrease even before the payment was made, and the price of Bitcoin could decrease or increase even after the payment was made. However if your friend OP had used the Lightning Network to pay with Bitcoin at that mobile shop, he might have been able to pay much faster and with lower fees.

[cxtreenal]

Your friend had to send more SAT due to the fall in the price of Bitcoin. This was not fair, but it is certain that the adoption of Bitcoin is increasing. In the future, this adoption will increase further and Bitcoin SAT will prevail in digital transactions, not dollars. If your friend had dealt with the shop owner at that time by setting a price based on the price of Bitcoin, he might not have had to pay the extra amount.

If that shop owner had known how Bitcoin works, he probably would not have put too much pressure because the price of Bitcoin could have continued to increase at that time and he might not have demanded the extra amount. Your incident is a lesson for us that it is better to set a SAT instead of setting a dollar equivalent during Bitcoin transactions.

[Grace333]

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.

In times like this where the market seem to be a lil bit stable the price difference shouldn't be much. In fact the owner on his own should be able to tell that the difference in sending time and when he checked must have caused a slight change in price.
This is why it's good we learn and adapt to knowledge quickly maybe if the seller or repair person had paid attention to the price from other clients payment he would have been able to understand and tell the difference. So learning alone is not enough, we also need to pay attention to details.