We should learn about bitcoin before accepting it as payment

[EL MOHA]

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.

Like I said Mate, it depends on the agreement. Let me put it for example what was the price you saw on the goods? Was it simply $50 or let’s say in naira 70k and the payment options then you saw was credit card and then bitcoin? If at such you must then make sure that the equivalent before it getting to the seller is first communicated because if it is not then you have situations like what just occurs if the price falls. In your own reasoning which you are definitely right about is that the amount dropped while it was yet to be confirmed but the seller also would’ve not be sure you sent the complete payment at first and I gave a perfect example using signature payment as a case study.

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.

I have always said that it will be difficult to see bitcoin payment been accepted in Nigeria, except in very large amount payment but little payments? I doubt, beyond the fees alone you have confirmation problem too. I think if second layer networks becomes a thing maybe it will be possible but right now I doubt

[Derekfunds]

I could tell how provoked you were when you wrote this,honestly that arrant is nonsense and that merchant shouldn’t try that to other customers because he might lose potential customers.Infact no matter how enthusiastic I am I would always pay with fiat currency not because I don’t want to utilize my bitcoin for payment purposes but I am concerned about my safety.Some merchants might send attackers to chase after you and steal your coins from you,anything can happen or probably I am just overthinking at this juncture.Lastly,to avoid disagreement from sellers it would be better if you make your payment in fiat and hold your bitcoin in your wallet.

The fact that Bitcoin needs to be known doesn't mean we should be the one to do that and there by putting ourselves into serious problem, I don't know what makes the dude to even think of using his wallet to transfers Bitcoin to someone after knowing that Bitcoin is an asset that people place so high. If the person is a member of the bad gang he can assume this folk has funds in his wallet which has caused unnecessary awareness. I will advise folks here not to try this, fiat is okay and it is generally acceptable.

[Hardyrobust]

From your story it maybe that the shop owner was only being greedy and not that he didn't understand how bitcoin transactions works. Although you are right, it is good to understand how bitcoin works before using it for transactions to avoid being exploited by some greedy fellows. So your friend should not have accepted to send any other bitcoin to him and would have explained to the man the reason for the decline in price , probably the man maybe thinking that your friend is a novice that doesn't understand bitcoin volatility.

[Creeper0]

Price fluctuations during Bitcoin payments are a big problem, the price of Bitcoin can decrease and increase before the payment is completed. Since no shopkeeper will refund the extra money if the price of Bitcoin increases, why should I pay extra money if the price decreases? This is like a kind of fraud. I will never agree to make Bitcoin payments according to the rate, because I may also face controversy like you.

For Bitcoin payments, I may agree to pay by determining the amount of Bitcoin. Maybe I will determine an amount of Bitcoin according to the current rate, then no matter what happens in the market, that price will not change. If the price increases, the profit is for the merchant, if the price decreases, the loss is for the merchant. For example, suppose the price of a product is $65, according to the current rate, I may have to pay 1mBTC in Bitcoin, I will make a contract with the merchant for 1mBTC, market volatility will not play any role here.

[Odogwu-Blockchain]

The post has negative and positive results about crypto in it, and many times, we've discussed about the both many times in the forum

Positivity; that Bitcoin is now reached to everyone as a means of payment even to a phone purchase center, that's incredible and good thumbs up for that.

Negativity; that Bitcoin cannot and can never be used as a global form of payment for purchasing goods and services because of its fluctuation ability, only stablecoin can serve this purpose without any complaints from both sender and receiver.

If I was your friend, I wouldn't have sent again because the decrease in value due to price is not my fault, some goods seller will retaliate which may cause fight, but truth be told, Bitcoin isn't good for this purpose, stablecoin is.

[NewRevelation]

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

Very simple, and he was actually lucky, because some people won't agree to that, and like one of the posters here said above, Dem go enter one trouser dat day. What nonsense! I think he was intentional. Okay, what if the value of Bitcoin had added during or immediately after the transaction, would he have returned the additional amount to the buyer? So many times, it has been repeatedly proven that we are our own problems. Accepting Bitcoin as payment isn't bad, it's good we are growing, but to request for an additional money because the rate has dropped a bit after agreement and payment made is madness. In meet better person sha..
 

[Cossyblack]

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.

The problem between your friend and the seller was lack of communication. Your friend didn't commute well with the seller with the payment in bitcoin. You and your friend should have told him that if you send his payment through BTC and if the price drops, You wouldn't be held responsible and if he accept then you can go ahead and send his payment. The seller took advantage of the situation because what you people agreed wasn't what he saw at the time he opened his wallet to confirm the transaction. If your friend hadn't balance the payment,he would have probably labelled you people as 419 and people around there might even threaten to beat you both and that would have been embarrassing. But next time,you people shouldn't visit his shop again to patronised him because he doesn't deserve it.

[Bright0515]

The shop owner is a scammer; he definitely knows what he is doing. He's doing that because he thinks the buyer is a beginner and doesn't know about cryptocurrency. Before someone starts accepting Bitcoin (cryptocurrency), they should know that the crypto market is volatile and prices can change at any moment, so I don't believe the store guy didn't know what he was doing.
Some people will not buy whatever they wanted to purchase from that store anymore because, from the whole act there it shows that the seller is not straightforward, but from your explanation it shows that your friend doesn't like making problems that why he had to pay the extra charge to avoid further incidents, if I'm to be the buyer, I will not go back to that accessories store to get anything next time.

[CryptopreneurBrainboss]

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.

Actually volatility is one of those reasons why majority of businesses aren't buying into the Idea of accepting crypto, that and also the  issue of regulations not yet made but in those countries that are crypto friendly already, business men/women are scared just as most of  us here are with the movement of the price. Business owners aren't hodlers, they need money to be flowing in and out for expenses that brings them more goods to make profits so they don't have the privilege to hodl as you might think when it comes to running a business. But the real Bitcoin adopters can still give Bitcoin the publicity it needs though their business while converting the Bitcoin they receive to fiats instantly to avoid losses for their business.

[Cryptoprincess101]

The shop owner is a scammer; he definitely knows what he is doing. He's doing that because he thinks the buyer is a beginner and doesn't know about cryptocurrency. Before someone starts accepting Bitcoin (cryptocurrency), they should know that the crypto market is volatile and prices can change at any moment, so I don't believe the store guy didn't know what he was doing.
Some people will not buy whatever they wanted to purchase from that store anymore because, from the whole act there it shows that the seller is not straightforward, but from your explanation it shows that your friend doesn't like making problems that why he had to pay the extra charge to avoid further incidents, if I'm to be the buyer, I will not go back to that accessories store to get anything next time.

I also thought as much too because someone who is using bitcoin as payment option for his business is supposed to know that the market is volatile, there's no way he would have received the exact amount because of market fluctuations. What if the price increased immediately after that guy sent the coin would the shop owner tell him that he overpaid? Using bitcoin as a payment option for a business is quite challenging so it is better to accept with stablecoins for now since what you send is what the receiver will see. Making payments with bitcoin is just like some of our signatures campaign payment that always arrives incomplete. The seller just wanted to act smart but that's not smartness for me, it's criminal.

[Versatile_choice]

I also thought as much too because someone who is using bitcoin as payment option for his business is supposed to know that the market is volatile, there's no way he would have received the exact amount because of market fluctuations. What if the price increased immediately after that guy sent the coin would the shop owner tell him that he overpaid? Using bitcoin as a payment option for a business is quite challenging so it is better to accept with stablecoins for now since what you send is what the receiver will see. Making payments with bitcoin is just like some of our signatures campaign payment that always arrives incomplete. The seller just wanted to act smart but that's not smartness for me, it's criminal.

You really think the guy doesn't know what he was doing? Obviously he knew what he was doing, rather it's that guy that initiate the transaction that seem like someone who doesn't know what he was doing or how bitcoin works, because if he had knew. He wouldn't have initiate it back knowing fully well that the price of bitcoin is not stable. Or better still he would have do the transfer via Fiat instead of bitcoin, personally i can't transact with anyone via bitcoin unless it's someone who is from outside the country, but if it's within the country I would prefer using our local Fiat to avoid confusion.

[Obari]

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.

Everything starts in a day and for the fact that vendor knew it's a means of payment then that's very ok and a very good starting point but at some point, I think the vendor might know what he was doing is wrong and just wanted to be very greedy and selfish, I'm just raising an awareness of the extent of greed people can attain  especially when money is involved.

Ive always been on the opinion that one should buy while learning but that doesn't mean that simply because you continually buy makes  you feel you already know your way around the system the you'll be shocked what the results might be that's why I said, we just invest while learning

[IjawMan]

The fact that Bitcoin needs to be known doesn't mean we should be the one to do that and there by putting ourselves into serious problem, I don't know what makes the dude to even think of using his wallet to transfers Bitcoin to someone after knowing that Bitcoin is an asset that people place so high. If the person is a member of the bad gang he can assume this folk has funds in his wallet which has caused unnecessary awareness. I will advise folks here not to try this, fiat is okay and it is generally acceptable.

By common sense the young man took a risk of exposing himself to a stranger he met at a shop as a phone technician, he may be a phone technician at daylight but what if he is a different person at night. Most of the wrench attacks that we hear of all began this way, and the Bitcoin holder might be contemplating deep on who may have leaked his identity.

[Crypto_Timothy]

The guy just wanted more out of your friend, I'm pretty sure he understands how volatile the market is but he just wanted more out of that transaction. Of course, we need proper education alongside the adoption of Bitcoin but this shop owner here was just greedy, I can tell. It is possible for the adoption to be growing because of the popular need to grow assets but we must ensure that that adoption comes with proper education, so people don't just invest in what they don't know. Luckily your friend is the type to avoid wahala.

[Callido]

You really think the guy doesn't know what he was doing? Obviously he knew what he was doing, rather it's that guy that initiate the transaction that seem like someone who doesn't know what he was doing or how bitcoin works, because if he had knew. He wouldn't have initiate it back knowing fully well that the price of bitcoin is not stable. Or better still he would have do the transfer via Fiat instead of bitcoin, personally i can't transact with anyone via bitcoin unless it's someone who is from outside the country, but if it's within the country I would prefer using our local Fiat to avoid confusion.

The person who made additional payment clearly did not want any issues and decided to pay extra, I dont see it as ignorance. Before he would have bitcoin in his possession, he should know about its volatility so he only accepted to pay using bitcoin because that was what the merchant suggested.

But it would have being better using a stable coins as payment means to avoid such situations. The merchant clearly was wrong to ask for additional payment but we could see that it's his own way of ripping customers off their money which is clearly the wrong business ethics.

[Zigabel]

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.

Both your friend and the person who was receiving the coin do not have proper knowledge of Bitcoin and how it works if i am to follow your explanation, when you encounter such situation, it is always important to make sure that the person you are making the payment to understands Bitcoin well enough as you do, so as to avoid complications as this, if you have an agreement with the person that at this particular rate, this is the units or amount of Bitcoin i will be sending, when you do, even if there is a sharp drop in price at the moment, you will not have to take the blame even after shouldering the transaction fee. they will understand that the price fluctuation is not from you and not your responsibility to bear but to stick by the supposed agreed units you were to transfer.

Lets say if at the time of the purchase, by the current rate as at the time, 0.000052BTC unit was worth $50 and the price of the item was $50, i think what is expect of you to transfer to the recipients wallet will be the 0.000052BTC , since it has been agreed that is the worth of the item you are buying in BTC and the dollar Equivalent, if there be e sharp drop in cause of the transfer, it will not be in your place to bear because if it has increased, the recipient will not say you should cut down on the quantity either. the agreed amount should be what they should look out for, because that is how Bitcoin works.

[Out of mind]

Due to market volatility, the price of transactions often fluctuates, so when the transaction is completed, if the dollar amount decreases, there should be no problem with it later. If a place accepts Bitcoin payments, it should consider all the factors and accept Bitcoin later. According to the volatility of the Bitcoin market, every customer should pay attention to this issue in advance and accept payments later, so this will not cause a problem. Using Bitcoin for payments is a good sign that the customer will be able to create a wealth for the future since the market will not be in the same position. However, what happened to your friend is definitely a fraud, I think he has cheated because the amount of money he receives first and then decreases, it is not the customer's hand. Due to market volatility, it can decrease, so it is a very bad practice to pay again later, so it can be called fraud. Moreover, currently, if you pay through the Bitcoin Lightning Network, it is a very low fee, so if you pay in Bitcoin when making a transaction, these issues should be clearly settled in advance.

[KawasakiNinja1_]

I could tell how provoked you were when you wrote this,honestly that arrant is nonsense and that merchant shouldn’t try that to other customers because he might lose potential customers.Infact no matter how enthusiastic I am I would always pay with fiat currency not because I don’t want to utilize my bitcoin for payment purposes but I am concerned about my safety.Some merchants might send attackers to chase after you and steal your coins from you,anything can happen or probably I am just overthinking at this juncture.Lastly,to avoid disagreement from sellers it would be better if you make your payment in fiat and hold your bitcoin in your wallet.

The fact that Bitcoin needs to be known doesn't mean we should be the one to do that and there by putting ourselves into serious problem, I don't know what makes the dude to even think of using his wallet to transfers Bitcoin to someone after knowing that Bitcoin is an asset that people place so high. If the person is a member of the bad gang he can assume this folk has funds in his wallet which has caused unnecessary awareness. I will advise folks here not to try this, fiat is okay and it is generally acceptable.

You have to understand that Bitcoin is used differently by different people because those who see it only as an investment choose Bitcoin as an investment, while those who consider Bitcoin as a means of payment only consider it as a local currency. Maybe the OP's friend wanted to pay with Bitcoin, i.e. he wanted to use this currency commercially, for which he paid the mobile shopkeeper with Bitcoin.

However, those of us who have a long-term investment mindset with this currency may only consider its investment benefits,  For that reason, you may have mentioned, why that person might consider paying with Bitcoin using their wallet, despite Bitcoin being such a valuable asset. I think innovations like the Lightning Network have increased the transactions on the Bitcoin network, making it possible for everyone to make fast transactions using this medium.

What Can You Buy With Bitcoin: Products and Services Available https://www.investopedia.com/what-can-you-buy-with-bitcoin-5179592

[Jubilee58]

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.

One of the uses of Bitcoin is to be used for payment purposes. It is not actually wrong to accept Bitcoin as payment but I think it is necessary for an individual to really understand how the Bitcoin payment transaction works. Am meant to know that those who accept Bitcoin as payment, don't just accept it to use the Bitcoin immediately, but they store it in their Bitcoin wallet for long time, and then sell or use for other transaction after making some profits from their Bitcoin. Bitcoin is volatile in nature, so when it is sent to your wallet, it either rise or fall in price, and only Long term hodling can enable you make profit from it, but without properly understanding this , and someone sent you Bitcoin, and it drops in price, such person can be very upset because he or her Lacks the knowledge on how Bitcoin transaction or payment system works.

[WhoYouCantKill]

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.

That’s why adopting Bitcoin as day to day currency or bitcoin replacing fiat can be difficult, especially for the average business owners. What these folks need is stability and not some asset that fluctuates and is very volatile. They may decide to adopt bitcoin as a form of investment, but definitely not as some kind of legal tender because it’ll really influence their profits and loss margin, either in a positive or in a negative way, and with the way Bitcoin moves, we tend to experience more bearish trend than a bullish in the short term, which only means one thing, and that’s that it’ll most likely affect them negatively.