We should learn about bitcoin before accepting it as payment

[Somto9Light]

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.

Bitcoin is not here to replace fiats, it is just an alternative to fiat currencies. Using bitcoin for everyday business transactions is really difficult as a result of volatility but a business that wants to adopt Bitcoin as a means of payment should be a big business and not small businesses. Bitcoin can he used as a means of payment if the business owner wants to use it as a way of buying bitcoin and hold but if he plans to still use it to buy goods, it will be so difficult in the sense that a customer can buy something with bitcoin and the price decreases which means that if he wants to use same bitcoin to buy new products, he will be at the losing end so it is better to have stable coins or fiats that he will use to restock his business while payments made in bitcoins will remain in his bitcoin wallet. Bitcoin can still serve as a legal tender but you will know how to make use of it so that you don't be at the losing side when you are using it to make payments.

[Alonso_]

Price Volatility is a huge problem when it comes to doing bitcoin transactions, I think your friend should have know that there is always going to be a reduction because of charges, and the shop owner knows about this which is why he immediately asked to transact with bitcoin, for him to ask for bitcoin, he should have known and ask about the Charges which is something that would always going to happen.

Personally I’m not going to send any extras bitcoin for the charges of the transactions, both of them are at fault, they should have know what they’re getting into, but your friend just had to complete the money to avoid some sort of problem, the shop owner definitely knows what he is doing since your friend doesn’t know much about bitcoin.

[Sulegzy39]

The digital currency Bitcoin does not intend to take the place of fiat economies; in fact, it serves as a backup currency. Adopting bitcoin for ordinary business transactions is extremely challenging due to its volatility, but a company that wants to use Bitcoin as a payment method should be large, not tiny. Bitcoin can be used for a method of payment if the owner of the business wants to utilise it as a way of buying cryptocurrency and holding it, but if that person still expects to use it to buy products.

This is going to be very hard in the way that a buyer is able to buy goods with bitcoin and the price drops, which means that if he wants to use the same bitcoin to buy new goods, he will lose money, so it is preferable to have a stable currency or fiats that he can use to restore his businesses while bitcoin purchases are kept in his bitcoin wallet account. Bitcoin can still be used as legal tender, but you'll know how to use it properly so you don't lose money when making payments with it.

[WhoYouCantKill]

Bitcoin is not here to replace fiats, it is just an alternative to fiat currencies. Using bitcoin for everyday business transactions is really difficult as a result of volatility but a business that wants to adopt Bitcoin as a means of payment should be a big business and not small businesses. Bitcoin can he used as a means of payment if the business owner wants to use it as a way of buying bitcoin and hold but if he plans to still use it to buy goods, it will be so difficult in the sense that a customer can buy something with bitcoin and the price decreases which means that if he wants to use same bitcoin to buy new products, he will be at the losing end so it is better to have stable coins or fiats that he will use to restock his business while payments made in bitcoins will remain in his bitcoin wallet. Bitcoin can still serve as a legal tender but you will know how to make use of it so that you don't be at the losing side when you are using it to make payments.

True. But let’s tell ourselves the truth, there are several optimists who are still hoping the bitcoin would replace fiat in the future, whether directly or indirectly, and that bitcoin would somehow become the future of everyday finance, even though we know that won’t be possible. Just like you said, Bitcoin is merely an alternative fiat, even though it was initially created to give people complete control and freedom of their money.

[Pablo-wood]

Bitcoin is not here to replace fiats, it is just an alternative to fiat currencies. Using bitcoin for everyday business transactions is really difficult as a result of volatility but a business that wants to adopt Bitcoin as a means of payment should be a big business and not small businesses. Bitcoin can he used as a means of payment if the business owner wants to use it as a way of buying bitcoin and hold but if he plans to still use it to buy goods, it will be so difficult in the sense that a customer can buy something with bitcoin and the price decreases which means that if he wants to use same bitcoin to buy new products, he will be at the losing end so it is better to have stable coins or fiats that he will use to restock his business while payments made in bitcoins will remain in his bitcoin wallet. Bitcoin can still serve as a legal tender but you will know how to make use of it so that you don't be at the losing side when you are using it to make payments.

True. But let’s tell ourselves the truth, there are several optimists who are still hoping the bitcoin would replace fiat in the future, whether directly or indirectly, and that bitcoin would somehow become the future of everyday finance, even though we know that won’t be possible. Just like you said, Bitcoin is merely an alternative fiat, even though it was initially created to give people complete control and freedom of their money.

Bitcoin becoming a legal tender will mean strict regulations to put things in check. I don't expect nor hope for bitcoin to become a legal tender any day. I enjoy the way the government is skeptical about its adoption making every user responsible for their investment decision. As an alternative to fiat I think many businesses are already integrating into their business ventures which makes it even safer for both parties but the limitation still remains volatility and it might cause so much dispute between small and medium business operators due to price inconsistency.

[WhoYouCantKill]

Bitcoin becoming a legal tender will mean strict regulations to put things in check. I don't expect nor hope for bitcoin to become a legal tender any day. I enjoy the way the government is skeptical about its adoption making every user responsible for their investment decision. As an alternative to fiat I think many businesses are already integrating into their business ventures which makes it even safer for both parties but the limitation still remains volatility and it might cause so much dispute between small and medium business operators due to price inconsistency.

Well I see it in a slightly different context. One thing we need to understand is that Bitcoin doesn’t need government recognition or acceptance as legal tender before it can become relevance in everyday finance/commerce. The government has been trying for so long to tackle Bitcoin via regulatory hurdles, but so far, there are only so much they have been able to achieve, and I believe even when more people get to adopt bitcoin, Bitcoin would still be just fine even with the regulations.

[Nightwatchmare]

No phone vendor will accept Bitcoin in his business without knowing how Bitcoin works, i believe your friend was trying to rip the phone vendor by sending him the quantity of Bitcoin that did not worth the value of the phone he wants to buy/swap but he could not get away with it because the phone vendor was able to detect he sent him below the quantity of Bitcoin they agreed initially that was the reason your friend had to send another Bitcoin without arguing with the phone vendor.

[Bryan jessy]

Most people actually accused others falsely in this case it could be that the shop owner thought the guy did not know much about Bitcoin and he takes advantage of that or himself ( the shop owner) is the one that does not have knowledge about Bitcoin, maybe someone just spoke to him about using Bitcoin for his business and he dives into using it without basic knowledge, also was there no way your friend could show him evidence of the first transaction rather than doing another one, I know he is trying to avoid issues but it would have been better if Op and your friend show him the evidence of the first transaction and explain to him why he is seeing a less amount in case he encounters something similar, because somehow it looks like a scam scheme.

[iBaba]

Price Volatility is a huge problem when it comes to doing bitcoin transactions, I think your friend should have know that there is always going to be a reduction because of charges, and the shop owner knows about this which is why he immediately asked to transact with bitcoin, for him to ask for bitcoin, he should have known and ask about the Charges which is something that would always going to happen.

Personally I’m not going to send any extras bitcoin for the charges of the transactions, both of them are at fault, they should have know what they’re getting into, but your friend just had to complete the money to avoid some sort of problem, the shop owner definitely knows what he is doing since your friend doesn’t know much about bitcoin.

Yeah, Both of them should have understood the transaction before they agreed to do it, if the owner of the shop accepts bitcoin he should know that there is a network charges and also the amount received can be bit different from what was sent. Me too, I would not send extra bitcoin just because the shop owner did not account the transaction charges, the sender already paid for the network charges, so asking for more bitcoin later is not really fair.

At the same time, if the buyer was trying to avoid argument, he probably made the right decision by completing the payment. The major lesson here is that both the seller and buyer should agree on the amount and who will pay for the charges before making the transaction.

[POPOLUV]

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].

I'm also viewing from the same angle because i will not accept such condition of sending any extra money out side on what we have agreed from initial price and if the vendor real understand on how Bitcoin truly works to the fullest, he should be aware that money can't just drop immediately after being revived by him and given it a second thought on what the OP was explaining above, if that the Bitcoin received by vendor happen to drop after a while and the OP and his friend happened to still be that shop for the any other reason and the vendor asked for a top up due to a drop of Bitcoin, means that you should be more careful on the kind transaction you should deal with because the vendor might be a scam that you are not aware of.

[Humblevirus]

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.

It is very possible that the shop owner knows what he is doing; he is just trying to play smart with you people. In the first place, if someone does not know how Bitcoin works, they would never try to accept it as a form of payment. How will someone that has been making use of Bitcoin not know that Bitcoin is volatile in nature and that the price is always fluctuating?But it was the best thing you did to avoid the issue. Sometimes, people may try to argue, and other people may notice. That can still put you in danger because they will know that you own Bitcoin, and that can make you a target for thieves.

As for me, even if I want to spend my Bitcoin, unless I want to pay a reasonable amount, I will never try to transact small amounts. But at least, you have learned your lesson. Next time, even if you want to pay in Bitcoin, be more careful because some people are just trying to act smart.maybe you will always have agreement first.

[Donk1]

​Well I think the shop just cheated him because if they accept Bitcoin as payment, it means that they are fully aware of how it works except the employees aren't. Still it's easy to say that he could have just converted his Bitcoin in an exchange before he made payments. That way it would have been much more better and reasonable. Bitcoin is a volatile asset, which means it would rise but when it would rise, nobody knows. Still, the shop is the one actually at fault. To me I think adoption of Bitcoin is only significant if people truly understand the asset. Best to say if they don't, it would cause issues in transactions. I think this is one of the major issues facing Bitcoin payments lack of understanding of people who make use of it. It's safe to assume that they treat it like a bank instead of a store of value...that's all.........

[I_Anime]

​Well I think the shop just cheated him because if they accept Bitcoin as payment, it means that they are fully aware of how it works except the employees aren't. Still it's easy to say that he could have just converted his Bitcoin in an exchange before he made payments. That way it would have been much more better and reasonable. Bitcoin is a volatile asset, which means it would rise but when it would rise, nobody knows. Still, the shop is the one actually at fault. To me I think adoption of Bitcoin is only significant if people truly understand the asset. Best to say if they don't, it would cause issues in transactions. I think this is one of the major issues facing Bitcoin payments lack of understanding of people who make use of it. It's safe to assume that they treat it like a bank instead of a store of value...that's all.........

Well he has learnt his lesson even go further telling the guy that next time he won’t use bitcoin, instead he make use of usdt to prevent any issues. But was nice seeing people using bitcoin for what it was actually made for , but still folks has to start acquiring the knowledge on how cryptocurrency works in general, so that they won’t be left behind . Because it’s here to say , and with time it will gain adoption it deserves .

[JimaGod]

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.

This is the perfect illustration why merchants and customers should diversify and understand how Bitcoin functions because it's literally one of the project that it's volatility is very much high and the price keeps fluctuating because because the change in market movement will always affect Bitcoin.

OP, in this case, we should point all our fingers to the shop owner because he's responsible for the whole problem and your friend is just been fair because he doesn't want trouble because that alone will bring another problem of shouting and they might even exchange punches, violence is not just necessary. Your friend handle the whole situation with so much calmness and he already earned my respect.

[JoyceBTC]

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.

You won’t tell me the shop owner doesn’t understand how bitcoin works or how volatile it can be, before using it as a mode of payment in his business, he clearly does. That act was just an act of greediness and selfishness from his angle and I think if his not ready for his coins to keep dropping when the market is down, he shouldn’t accept it as a mode of payment. To tell you the truth, not every customer can be like your friend that had to top the money up to avoid any further issues, some customers will clearly not top up any money because it was the money agreed upon that was sent and they will be ready to make it an issue because the shop owner is actually gaining more while the customer is losing.

[Showlove01]

You won’t tell me the shop owner doesn’t understand how bitcoin works or how volatile it can be, before using it as a mode of payment in his business, he clearly does. That act was just an act of greediness and selfishness from his angle and I think if his not ready for his coins to keep dropping when the market is down, he shouldn’t accept it as a mode of payment. To tell you the truth, not every customer can be like your friend that had to top the money up to avoid any further issues, some customers will clearly not top up any money because it was the money agreed upon that was sent and they will be ready to make it an issue because the shop owner is actually gaining more while the customer is losing.

You are absolutely correct, it is not every customer that will resend or add up more BTC to complete the money especially those that can quarrel or argue very well, and some business men or women can also quarrel or argue and i guess that was the kind they met. but like i always said, it is not safe i mean i can not advise people to be using BTC as a means of payment or exchange because you do not know who you are dealing with even though it is your friend, you have to be very careful.

[Silikiem]

You won’t tell me the shop owner doesn’t understand how bitcoin works or how volatile it can be, before using it as a mode of payment in his business, he clearly does. That act was just an act of greediness and selfishness from his angle and I think if his not ready for his coins to keep dropping when the market is down, he shouldn’t accept it as a mode of payment. To tell you the truth, not every customer can be like your friend that had to top the money up to avoid any further issues, some customers will clearly not top up any money because it was the money agreed upon that was sent and they will be ready to make it an issue because the shop owner is actually gaining more while the customer is losing.

You are absolutely correct, it is not every customer that will resend or add up more BTC to complete the money especially those that can quarrel or argue very well, and some business men or women can also quarrel or argue and i guess that was the kind they met. but like i always said, it is not safe i mean i can not advise people to be using BTC as a means of payment or exchange because you do not know who you are dealing with even though it is your friend, you have to be very careful.

Of course anyone who truly understands how bitcoin volatility works wouldn’t dare to send extra bitcoins, come to think of it what if it happens the other way round that immediately the bitcoin was sent to the shop owner, and the bitcoin value increased more than what was actually obtainable do you think the shop owner will return some funds back to the sender, absolutely no. This issue is a very important one to look into especially as many are clamoring for bitcoin to be used in different transactions like this one, because without the right knowledge and understanding of how it works, it will cause some uprising among people. Hence I think there’s need for a thorough sensitization of how bitcoin works for various usage.

[Lembo69]

Of course anyone who truly understands how bitcoin volatility works wouldn’t dare to send extra bitcoins, come to think of it what if it happens the other way round that immediately the bitcoin was sent to the shop owner, and the bitcoin value increased more than what was actually obtainable do you think the shop owner will return some funds back to the sender, absolutely no. This issue is a very important one to look into especially as many are clamoring for bitcoin to be used in different transactions like this one, because without the right knowledge and understanding of how it works, it will cause some uprising among people. Hence I think there’s need for a thorough sensitization of how bitcoin works for various usage.

It is not that the price increases when you trade Bitcoin, but the value increases according to the buyer of Bitcoin. The price is higher for those who want to buy at a higher price and lower for those who want to buy at a lower price. This is how the price of Bitcoin fluctuates. But while trading here, we should be really aware so that we do not face losses by making excessive transactions. It is

better to trade with the person with whom you want to trade. Because if he takes more Bitcoin and accepts Bitcoin from you as payment for selling at a lower price, it will be your failure. So if you pay with a little awareness on your own, I hope you will not face any problems.

[Audrey Simmons]

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 won't pay with Bitcoin, I have a big heart to see Bitcoin extend its usage. A phone repair shop is not one of the places I would pay with Bitcoin, whether they accept it or not. If it were a big restaurant or a hotel, despite the sudden price fluctuation, it wouldn't result in a dispute over an extra charge.

Only pay with Bitcoin in a physical store when what you are paying for costs a huge sum, all calculated interest, market fluctuations must have been accumulated before payment. Small shop owners accepting Bitcoin payment don't know how best to manage risks without confusion.

[Agbe]

what you said e dey very correct because really many wey dey do business e no dey understand am and dem like to accept bitcoin, mostly phone sellers. I don see one guy wey dey sell phone in my territory last two years wey dey accept bitcoin but later him come removed di banner and when I ask him removed am because government no dey accept am for di country. And weti you talk go happened for many shops.

And dis also reminded me to something wey I buy last year, di guy bring di tin to my place and we agreed to pay with altcoins and the time of sending di coins everything been dey okay and wen him want sell am di rate come dey come down nai him say him money no complete again so make I complete. I try to explain but guy man no gree so I come dey send another coin to balance di guy before him go oh.