We should learn about bitcoin before accepting it as payment

[Chinesebaby]

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.

What i noticed happened here is lack of proper price negotiation by the person selling his item in bitcoin, before both parties would have agreed at a certin price rate, both must have checked the current rate of bitcoin and probably add the extra charges he would have collected before the tade is been executed, because this double spending na so double fees dey go too, of which all these would have been done once. And secondly, this volatility of bitcoin  na one major problem wey bitcoin get, wey dey make people choose its alternative "USDT" far pass Bitcoin, as Bitcoin is best suitable for long term savings, and i advice people to stick to bitcoin, rather leaving it in fiat banks.

[osasshem]

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.

I think the shop owner knows what he is doing, cause if the price dropped and it affected his expected amount for the said goods/services to be rendered, and that made him to ask for more, what would he have done if the price had increased, would he have accepted to refund from the increase in price made by the market fluctuations.

People will always want to devise a means to gain more just because a business name is attached to it.

If we look at this situation closely, you'll find out that similar thing also happens in P2P transactions, when it is BTC/NGN. You will see the sellers/buyers coming to start a new negotiation that is off their advert, and if the negotiations doesn't favour them, they'll end up closing the trade.

I'll call what this shop owner did as part of greed and selfishness.

[Cleanshit]

I think the shop owner knows what he is doing, cause if the price dropped and it affected his expected amount for the said goods/services to be rendered, and that made him to ask for more, what would he have done if the price had increased, would he have accepted to refund from the increase in price made by the market fluctuations.

People will always want to devise a means to gain more just because a business name is attached to it.

If we look at this situation closely, you'll find out that similar thing also happens in P2P transactions, when it is BTC/NGN. You will see the sellers/buyers coming to start a new negotiation that is off their advert, and if the negotiations doesn't favour them, they'll end up closing the trade.

I'll call what this shop owner did as part of greed and selfishness.

I do agree with most specially about the past of changing agreement after payment is being made, as far as they not agree on price before transaction as a seller you should prepare for a normal price movement of BTC since of saying that buyer should pay you again if price drops. in case will want a protection from volatility it will have to be consider before even accepting the BTC. That why before using Bitcoin as a payment method they both technical part and terms of transaction need to clear for better understanding .

[Asiska02]

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.

We can’t say for sure that the shop owner is a person that has sufficient knowledge about the cryptocurrency market and the volatility in it. It may be that he is just trying a new payment system out and not knowing fully about transaction fees and that could be the reason for them not settling the first time the money was sent. When there is a knowledge gap, stuffs like this are bound to happen. The best approach of this kind of scenario is that, both parties goes back and get to learn and acquainted to this payment method so that they don’t make such mistakes again or fault each other for what is actually right.