Topic: Accepting Bitcoin - page 4. (Read 783 times)

Speaking from experience, integrating Bitcoin into traditional businesses, such as your mom's tailoring shop, is far from an effortless stroll in the park. However, I firmly believe in this cause, and it is worth every bead of sweat. Some would argue the challenges posed by your government and currency valuation make this a futile endeavor. I challenge such defeatist thinking!

While I respect your desire to hodl, think about the potential benefit of accepting Bitcoin payments and converting a portion into your local currency. This could cushion you from extreme volatility while still allowing you to benefit from long-term growth.

And for the love of Satoshi Nakamoto, if your government is lukewarm towards Bitcoin, let's show them what they're missing out on! Public opinion can and does change policy. Let your mom's shop be the Bitcoin torchbearer in your community.

It is a good idea by OP. I think OP works with her mother to have come up with such plans for her to accepting bitcoin as a means of payment. I believe OP could be able to convince, teach and handle the process for her mother which should not be a problem till her mother knows more about bitcoin and Crypto generally but where lies the challenges Is that OP mentioned that their government frowns at bitcoin and Crypto which means that it will be against the laws of their country of they should do that but I will suggest it that they opt for a p2p which is a safe ans better option for which I believe her customers into Crypto would definitely opt for.

If the government isn’t supporting bitcoins, then I'm afraid that you might run into legal issues if you accept bitcoins in your tailoring shop. The government isn’t making bitcoins legal because they cannot control them; hence, bitcoin's decentralised nature overrules the government. Yes, you can invest in bitcoins or hold them for the same purpose. You need to open an account on any P2P platform. If bitcoins aren’t legal in your country, then trading through peer-to-peer transactions is the only option left. I hope you will consider my suggestions.

Since Opie knows about Bitcoin payments and since he will be controlling the Bitcoin payment system, I think his mother will be fine even if he doesn't know about it. But since the OP said that their country's government is not very positive towards Bitcoin, we can initially assume that Bitcoin is not legal in their country. The OP has clearly not said anything here about their country's Bitcoin status. However, if Bitcoin is a legal currency in your country, you can choose Bitcoin as your alternative payment method. Before starting the Bitcoin payment system, discuss it with all the customers of your tailors, if more than fifty percent of the customers support you, you can take this decision.

You intended to convince your mom to start accepting Bitcoin in her tailoring shop? It might sound like a good idea, but to me, it is actually not one.
First, the business is not yours; accepting Bitcoin in a business is in the owner's best interest if the owner of the business is the one who wants to start accepting it, so full responsibility will be on the owner. If there is anything negative that comes after, no one will be to blame.
 
You convincing your mother into accepting Bitcoin in her tailoring shop means you are going to assure her about the only positive things it comes with without letting her know about price movement or how to manage her wallet. If she happens to agree to your idea and start accepting Bitcoin as a payment option, what do you think will happen if she wants to make use of her funds, which are in Bitcoin, and as of the time she wants to use them, the Bitcoin price is down? She will have to hold you responsible for misleading her into doing something she never planned on doing.
 
To me, it will be good if you could just tell her what Bitcoin is, how it works, the little benefits it comes with, and the risks involved, and then allow her to make her own choice if she wants to start using it in her daily life or not. That should be a choice she needs to make on her own.

        -  What do you mean Bitcoin is not easy there in your area or country? Why is Bitcoin ban in your country? So don't even think about convincing your mother about Bitcoin because you have no obligation to do that and Bitcoin is not designed for that.

Why is your currency too weak when it comes to dollar exchange? What country are you in mate? But you know I think you still need to go a lot deeper into learning about Bitcoin first, just in my opinion.

Never force anyone to invest in bitcoin mate . better to let your mother learn crypto first and understand what is underneath so there will be no blaming when bitcoin goes downwards than upwards.
that is correct , she must know this first .
and also the risk of crypto , there are many that gets nothing but losing that those who earn because they are pushing to understand this market instead of learning little by little.

Since you have enough interest in investing in Bitcoin, you can invest in Bitcoin in any way you like. As per your description your mother owns a tailors shop and you have not mentioned any of your work here so we understand that your family depends on your mother's tailors shop. You need to think about how much support you will get if you start trading bitcoins at a tailors shop. Because if your mom's customers don't know much about Bitcoin, introducing a Bitcoin transaction system in your tailor shop won't do much good. In this case, you can invest a part of your mother's monthly income from your mother's tailor shop and the money that survives without family expenses and other expenses in Bitcoin and save the other part. If you can do this then your investment dreams will come true and you will be able to save some money for future.

Investing in Bitcoin is not a difficult task. But investing for a long time is a difficult task. I have seen some investors who can't wait long after investing and sell them for some reason. I think investing requires enough time and patience.  If there is, money can be made successfully. And if you lose patience and sell, there will be a possibility of huge loss. We always have to investment carefully.

I can see a little bit of contradictory statement here. You said it's not easy to have bitcoin in your country plus your government does not support cryptocurrency - so that means, there are only a slim chances for people to choose to pay in bitcoin.
Not unless if your tailoring service caters a massive amount of clients, big clients who pays in bulk orders, then I guess there might be someone who is wealthy enough to have bitcoin and may possibly use it to pay for your service.
But good luck in convincing your mom anyway. That won't gonna be easy.

But isn't there another process like verifying transactions, right? OP's mom's ability needs to be questioned first, if she's not too old then teaching the things needed to adopt bitcoin in business might not be too bad. Most of the older people in the neighborhood aren't very used to operating e-finance apps, there is skepticism everywhere about this.

From what he said, their government doesn't support bitcoin, they don't ban it outright. But since this is his mother's shop, I think it will be inconvenient to apply for bitcoin payment because it is also a problem to convince her to learn about bitcoin because old people still like to use fiat.
I encourage OP to invest and store bitcoin instead of fiat because fiat is dying as we all know. But it would be better for him to invest the money than to convince his mother to accept bitcoins for the shop. I have the same advice for OP as you.

Does your mother understand Bitcoin? Is she not afraid of Bitcoin's volatility?

Accepting Bitcoin payments cannot be prohibited in some countries, as long as there are no laws explicitly forbidding it. However, this is not about our idealism concerning Bitcoin. We might obtain something more advantageous than embracing a new payment method.

I do not intend to paint a negative picture when you use Bitcoin as a payment gateway. But please understand that there are other ways to utilize Bitcoin and regard it as an investment asset. It would be wise for you to carefully consider your decision to adopt Bitcoin as a payment method in your mother's tailor shop.

If bitcoin is illegal in your country, accepting bitcoins at your mother's tailor shop may be a bad decision for you. Because accepting bitcoins in your tailors shop will create a lot of discussion around you due to which you may get into administrative trouble. To avoid this administrative hassle you can take another approach like you can convert the amount of money that your mother gets from the tailors shop to Bitcoin so that no one but you will know about your investment in Bitcoin. If you can be patient and regular and hold that investment then the future will be positive for you.  .

If bitcoin is not legal or restricted in OP's country, then it's better not to use bitcoin for his mother's business. Using p2p and quietly does not benefit his mother's tailor shop, on the contrary, it is more risky. It's a disproportionate trade-off in terms of what we can lose and what we can gain in return. Instead, the OP should convince his mother to learn about bitcoin and possibly use the money to invest bitcoin silently.

OP, as you say, your country's currency is seriously depreciating, I would recommend investing in bitcoin or other stable assets if you don't want more trouble in the future.

The Government is not supporting but I assume it's not prohibited so you can still use Bitcoin, am I right? As you've said, you're convincing your mom to accept Bitcoin as payment, that means the customers can also use it without issues about the legality.

Well, there's always a way to accumulate Bitcoin if you really want to. Accepting Bitcoin in your mom's tailoring shop is another one, however since it's your mother's business, I think she prefer to get paid through fiat. Thus, you have to explain the pros and cons incase she agreed. We know Bitcoin is high volatile and the value can turn ups and down so it's a must that she understand this before making a decision. Unless you're willing to pay her cash and you'll be the one getting the Bitcoin since you also want to invest.

Accepting Bitcoin for goods and services are banned in Türkiye. If your country have similar laws you can't accept Bitcoin. Otherwise there is no reason to not accept it. In fact, making such an innovation puts you one step ahead in that sector. Of course, the country also needs to be advanced in Bitcoin awareness and ownership.
This is of little use if the number of Bitcoin users in your country is low or the internet usage rates are limited.

Suppose your government does not give Bitcoin acceptance and a green card. In that case, it is not a good idea to make it the primary payment method for your mother's tailoring shop. Also, the customers can deceive your mother because she does not understand anything about Bitcoin and its transactions and the like. I advise you to make the tailoring shop payment method in any acceptable currency in your country by the government, and through the store’s revenues, you can invest in bitcoins; there are many safe ways, such as exchange platforms and others. Also, if you want to invest in Bitcoin and you and your mother do not blame you for wasting the store’s revenues because, as you know, the Bitcoin market is volatile and involves risks. You have to gain experience, learn the basics of investment, educate yourself from popular books and YouTube, and then invest what you can lose, not the entire revenue, but the small amount you want to hold for the long term.

The OP didn't mention which country it was, but only a few countries that accept bitcoin as a means of payment can be said to be counted as countries that legalize bitcoin while there are many prohibitions on bitcoin in various countries, so if the OP is in a country that prohibits bitcoin as a means of payment then it will be difficult and it is true that you said that potential problems will come later if the government knows about it.

For me, who already knows bitcoin, who doesn't want their business to accept bitcoin, but this is constrained by several state regulations that make it difficult for them to adopt bitcoin for payments, but it would be better if it comes from a physical store income and then invests in bitcoin, so that method is also good for future.

It would be best to see the effectiveness of accepting Bitcoin as option of payment to your mom's business.  Together with that, your mom must also learn how Bitcoin payment works so I suggest that you learn about bitcoin as currency and how it can be beneficial to your mom's business.  It is not about you wanting to invest in Bitcoin but rather how Bitcoin will help your mother to cater more customers.  If you are able to provide result from studies that accepting Bitcoin is beneficial to your mon's tailoring business then I your mom will consider your suggestion.