Topic: Accepting Bitcoin - page 2. (Read 783 times)

Accepting bitcoin into any business is really profitable and this doesn't happen all of the sudden and we should have the patience to experience the goodness of bitcoin acceptance. Even the large corporate firms have failed in bitcoin acceptance into their business even after big promotions. So, when we make a plan to accept bitcoin we should have the better understanding and have the waiting time to receive good business.

To begin with, you need to conduct research on how many people use crypto in your city and how many of them are willing to pay for services in it. The second question is why is this for your mother and what will it give her? You need to study the topic very deeply in order to understand for yourself what exactly you want and what you expect from Bitcoin.

If you are sure that there will not be too many people using bitcoin for payment, then accepting bitcoin should not be done because the instability will also make his bitcoin investment difficult. Why doesn't he do it the way many others are doing by using the money to invest directly in bitcoin? That way, things will be easier, and he can be more proactive in controlling his finances.

I am not entirely against accepting bitcoin as a means of payment for businesses, but we should consider it according to the circumstances of each person and each region we live in.

Just because the information is free and available on the internet doesn’t mean everyone reads them. For example, the forum rules can easily be found in B&H yet we see new threads pop up everyday asking about the dos and donts of the forum. OP is actually planning on buying the bitcoins from his mother if and when she gets customers to pay for her services in bitcoin, he seems to believe it is the best way to get bitcoins for himself. 

Investing in Bitcoin is great but if you think that investing in Bitcoin is going to put you in trouble in your country it's better not to do it since that could just lead to losing your investment, But if you have enough knowledge and know what your doing then go and invest on it. I mean Bitcoin is decentralized so it's natural actually doesn't really need the support of the government. I mean in my opinion, the Bitcoin price at this moment was already a good value, accepting Bitcoin on your Bitcoin is not that great since it's a volatile currency your investing the money directly on Bitcoin meaning you are forced to buy Bitcoin every time there was a customer who pays Bitcoin which is probably great but that could end up bad on your business because your not really going to sell that Bitcoin right away your just going to leave it as a bitcoin then sell it if you have a opportunity for profit that just mean that your business need a lot of cash flow so make your you could still sustain your business if your going to accept Bitcoin payments.

I mean if your really interested on investing on Bitcoin just do it and start your journey already, what you can do is dollar cost average to lower your risk and at the same time you could just invest the money that you want weekly or monthly.

I don’t see this being feasible as you have clearly stated that investing in bitcoin in your country is not easy and made mention of your government not in support of it. If this is the case, how then do you get customers to pay for your mom’s tailoring services with bitcoin?
Are they aware of bitcoin?
Are they comfortable paying with bitcoin?
Does your government consider using of bitcoin illegal, and if it is, won’t you be making them do something illegal by making them pay with bitcoin?
Also, using bitcoin for daily minor purchases isn’t feasible in many countries as it has not been generally accepted yet and even, despite the wide range of awareness of bitcoin, billions of people are still yet to know about it.

I think it is up to @OP if she wanted to explain the mechanics of Bitcoin or blockchain to his parents.  It is not taboo to explain it as long as she can rightly explain how blockchain works and I believe she can since there are lots of information about the how blockchain works on the internet.  It isn't actually a secret that requires heavy digging just to get the correct information.  Btw, @OP is not planning to buy Bitcoin but rather encourage her mother to accept Bitcoin as options to pay for their service.  Though I wonder who's tailoring business it is since @OP stated that she will be saving the BTC paid to them... when I believe @OP stated that the business is owned by her mom.

I don’t think you should be explaining the mechanics of bitcoin or the blockchain to anyone, I’m afraid you would not be giving the right information because you do not completely understand the concept yourself. If you did then you would have known that there are many ways you could buy bitcoin even without compromising your identity. First learn how bitcoin works and if the law restrictions on bitcoin in your country before opening a business that accepts bitcoin payment.

I am glad to see your interest in Bitcoin and I appreciate your move. But I don't get it that Why buying bitcoin is difficult with the country's currency.  If you want, you can use these types of exchangers without going directly to the cash option. You can just take a look on binance and kucoin for visit. Even then you can also exchange the currencies on this forum by Currency exchange for extra support you can also visit your local community.

If you are facing this issue with currency value, don't you think that others will face the same problem? Will they be willing to buy Bitcoin and use it for payment in your mother's shop? Always think about your surroundings and try to think from their point of view. You will understand every situation more clearly. Also if the government is not supporting this kind of movement, it is better to stay away from it. Don't get involved with illegal activities which cal lead to major problems. Taking from my own experience. I am from a country where Bitcoin is banned. So if this is the same case there, better stay away from it.

The market is volatile and in order to keep the shop running, you will need more money in the future. What if the price falls and you are in need of emergency money? You will be in big trouble, not be able to sell those Bitcoin or sell at a loss. As I said, look at everything from another's perspective. If you think that everything is according to plan and you can carry out this, then go for it. But be sure to research and create a plan beforehand.

Yeah, acceptance is going to be slow, just like when the Internet was at the beginning. But we all know that people can change their attitude towards bitcoin. So with that, the best gauge could be a monthly view but we don't know the real numbers are.

The opportunity will always be there, I mean it's easy to setup bitcoin as means of payment method. And then there is LN that as far as I know, are being used in some UE and Asian countries already, because it's fast.

Bitcoin acceptance is fast becoming global and I actually don't know where you are from but acceptance isn't far fetched and it's a gradual process which would be achieved.

I think your major concern is you personally accepting Bitcoin we could start from there, there are many opportunities to use Bitcoin even from a country where the government have issues with Crypto-currency I know this because I am also from such country.

I would respond to the last part of your write-up. Believe me when I say that you would have no regrets whatsoever holding bitcoins. The next halving is happening next year so if you hold Bitcoin and add more bitcoins to your wallet the price would increase after the Bitcoin halving. So imagine having $100 worth of Bitcoin right now and after they having you have 150 or $200 worth of Bitcoin. I support you holding bitcoin but please hold it in a non-custodial wallet.

Bitcoin is currently leading all crypto currencies and has the highest value among all crypto currencies. Due to which not everyone can buy it.Investing in Bitcoin requires a good amount of money. If you are convincing your mother to invest in Bitcoin and convincing her about the benefits of Bitcoin then this is a great effort. If all people like you provide information about Bitcoin to their friends and relatives and convince them to invest in Bitcoin. So this can be a great campaign to promote Bitcoin. You are also right that if a country's currency is not strong, it can be very difficult to invest in Bitcoin. However, we must continue our efforts.

I don't know you country and I won't jump into any conclusion but if your are from a developing country I would say you should have a better thought about this. I believe critical thinking of every situation can make things right.

Let's say your mum is a Tailor well to break it down to other who doesn't know how things work in developing country, your mum is not a big time fashion designer, she sows for client let's say mainly her age and if she is above 50 years then that's range and maybe some few younger females are her customers.

Adding to the fact you wrote about your country government stands on Bitcoin, I don't think your mum would have more of Bitcoin holders so stressing her to accept Bitcoin isn't promoting Bitcoin adoption but actually making your mum confused. You should first teach your mum about bitcoin, about the benefits and disadvantages and everything, then let her make her choice then I think she can talk to her customers and friends about it. Only when they full understand and accepts Bitcoin then can she put it as a medium of exchange in her business. What's the essence of making Bitcoin a means of exchange when you may not have anyone using it.

Don't be surprised by this mate, because someone can still invest in Bitcoin without the government knowing what's in their country or without having to tell the government about what they're investing in. But if he wants to use Bitcoin at his tailor shop in terms of payment, I think he can only do it with certain people if in his country Bitcoin is still not legalized by the government for payment terms.

So he can still do these two things as long as he knows how and doesn't have to spit on many people for what he did as long as the government still views Bitcoin as a bad thing. But on the one hand, he actually has to try to convince the government about Bitcoin so that the government can issue special rules for Bitcoin users in their country. It's just that of course it's not easy for him to do because it really needs a special moment and way to do it because what he's facing is the government in his country.

As long as the internet exists, owning Bitcoin is not an impossible feat. We can still sell it to buyers online even if the government prohibits the use of Bitcoin.

However, if government regulations have already banned transactions using Bitcoin, the original poster (OP) should not create this thread. It would undoubtedly go against the law. My assumption is that, up to this point, in the OP's country, there is still no prohibition on Bitcoin transactions, so such transactions can currently be conducted using Bitcoin.

If all transactions are handled by the OP, I believe their mother doesn't need to understand Bitcoin. However, if their mother wants to have a clear view of the flow of her money and ensure transparency, she should be aware of the volatility that not everyone may appreciate.

Well it's better if the government "does not support" crypto so that they wouldn't be able to tax your earnings. We need more context for this post, OP such as what country do you reside in.

As long as it does not put you behind the bars, you should be fine but again you should give us more context about this. There were other people that just resort to P2P transactions when their government bans the usage of any forms of crypto and using VPN to access exchanges.

I mean it isn't being used as an investment anyway, just storage of the earnings from the tailor shop rather. It's not really "earning", but rather "storing" Bitcoin according to OP. If OP really intends to "hodl" as an investment then it would be better off just separated from what the shop earns due to volatility of the market.

Setting up a wallet isn't that hard at all.

i think , the monetary value for bitcoin no matter which country you are in it is the same . Most countries still don't accept bitcoin as payment

I am a fashion designer and I own a tailoring center too, it would have been better if the shop belongs to you, it makes less sense if the shop belongs to your mother because how will she accept something she knows nothing about? I am guessing she is an older woman, I bet that she will say no to this if you tell her about your plan and I don't blame her.

Older people finds Bitcoin too complicated, they can't even make transaction from one bank account into another without their sons or daughter standing next to them to put them through and we all know that Bitcoin is different.  

What do you expect her to do after receiving Bitcoin in a wallet? Can she send to exchange and trade? Do not Stress your mom, it's not as if she will make double gains accepting Bitcoin in her business, what is her gaining doing it?

If the shop is yours then you can, I am accepting Bitcoin because I want part of my money in Bitcoin anyway, I am a long term holder too and I also want to create awareness.

Think about it very well, it's better if its your business.