Accumulate and Hold Bitcoin only, and nothing else if we want to have a profit assurance in the future. Why? Because Bitcoin doesn't just show profit potential but also, a project that has strong fundamentals and uses case which we could really think that it will sustain and stay for many years. Bitcoin represents crypto and as long as cryptocurrency still exists, we are also too hopeful that Bitcoin will stay and remain valuable.
Bitcoin is not a failure investment but it was indeed, a great investment that could possibly change one's life.
Topic: Accumulating Bitcoin with ease (Read 317 times)
Bitcoin is a dream to hold for every crypto hodler. This may look difficult for a poor or an average man with low income especially in an economic situation where most people find it difficult to feed themselves very well on regular basis
And for a person who is poor and unable to meet his need, it will be very bad of him to take the decision and risk of accumulating Bitcoin and i believe such a person will need advice not to partake in buying Bitcoin.
This I will also say. There is actually nothing or just a few things you can do with ease and bitcoin is not among them. For you to own bitcoin, you should have certified one of the below criteria;
- Have money to buy bitcoin
- Render services that pay in bitcoin
- Sell products and accept payment in bitcoin
- Have a job from which you can maintain your DCA method
This whole context makes me convinced you ain't got no techs/knowledge about Bitcoin profoundly.... You see the reasons why I keep telling 'em newbies to read endlessly?? Rhetorical!
You definitely wrote this on the notion that Bitcoin is an existing legal tender, but that's not entirely true... Alot of peeps don't have the ideas on how to trade or run the easiest trnxs; especially 'em traders and business personnel...so how do you relate your post to this instance?..
Have you thought about the volatility and price action? How do you think it'd affect your business positively??
Sandra 🧑🦰
You definitely wrote this on the notion that Bitcoin is an existing legal tender, but that's not entirely true... Alot of peeps don't have the ideas on how to trade or run the easiest trnxs; especially 'em traders and business personnel...so how do you relate your post to this instance?..
Have you thought about the volatility and price action? How do you think it'd affect your business positively??
Sandra 🧑🦰
I can somewhat agree with what you mean by Bitcoin Payment on Discount. I provide some services and I surely charge extra as the Fiat payment system or the legacy systems like PayPal do charge you a lot on your payments. I add that amount to the service fee and then the customer has an option to not pay those extra bucks by simply going with Crypto and they can save their money and I get what I asked for, win-win for both the parties involved.
That's a pretty good option, however a service fee is still required if paying using Fiat or Paypal, but with crypto there are different benefits. Do you use a payment gateway that directly converts crypto to fiat, or do you just collect Bitcoin without converting it?Bitcoin price fluctuations are quite fast, it can provide profits and losses, but the price listed must of course follow the latest Bitcoin exchange rate.
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👉👉 By giving a discount on service render or purchase made with BTC.
Doing this will be attractive to the buyer but a discount mightn't be profitability to you, you could be at a loss when you give out a discount for a product that you could have sold at full price and still received payment in Bitcoin. You can convinced them in many ways to pay you in Bitcoin for your business but if you're doing this just to accumulate bitcoin, you can still get paid in fiats and you use the profits made from that particular trade to buy Bitcoin. Also a Cashback policy would be more appropriate (when they buy something from you or pay for your service, you give them a cashback through Bitcoin and this can be done from your website or app). If you don't have those you can display Bitcoin ads on the walls of your shop so whenever your buyers come to the store they know you accept Bitcoin as payment. You can also put an announcement out that all buyers that pays for your service or goods using Bitcoin will be put into a lottery system that one winner will be picked and rewarded regularly, it'll also be attractive.
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BTC is a coin worth holding for the future. Creating a means to accumulate it is more than sacrificing for the betterment of ones future. Although the above sacrifice may not look easy now but will definitely pay in multiple folds in future.
You should do things in a way that it won't stress you, you don't need to put yourself at a discomfort. Since you're not trying to contribute to the adoption of Bitcoin from your explanation on your thread but only looking to accumulate bitcoin then you can receive all your payment in fiats without doing any of the things you listed and at the end of the day still buy Bitcoin with the profits you made as I said from the beginning of my reply. When you do that you don't put yourself under any stress and your business function as it was supposed to while you accumulate bitcoin with more ease because when you keep giving out discount, you might run down your business without knowing. The price of Bitcoin could also fall and make your whole transaction for that day to be at a loss. Just accept your fiats as you usually do and take out some part of the profits for Bitcoin accumulation.
I'll take the buyer's side. I am a person who owns bitcoins, meaning I understand why I hold them and where I get them from. Why should I spend it if I can also buy everything for fiat? The only solution for me is to spend Bitcoin if your product is so unique that it can only be purchased with Bitcoin. In this case, I think no discounts are needed. But do you know what you can’t buy with fiat?
With the measures you have listed op, I think it could help you to accumulate more Bitcoin as people are always looking for discount in payment for services rendered. It just might work out fine for you mate.
It would definitely not be sustainable for many businesses, remember that people are not just sending you Bitcoins, they are purchasing goods from you, goods you bought with money, now they are getting those goods on a discount, meaning you are losing money, and if you want to convert some of those Bitcoins back to fiat, you also lose money again in fees. All of these when you can basically just accept only fiat for your goods and use that fiat to buy Bitcoins eventually.My response was based on the fact that OP said if the profit on the business is way much bigger then he or she would not mind giving discount to his or her customers to encourage them to pay in bitcoin which is not a bad idea but when there is just minimal profit and the business is not having steady customers trooping in and out, it would not be advisable to do such because it is more or less trowing away your profit for nothing but if there are other means like skilled labor, then that would do just fine because OP is not investing anything but just time, knowledge and expertise in doing his or her work and at the end getting paid in bitcoin. This can only be feasible if OP country accepts bitcoin as a means of payment.
Bitcoin is a dream to hold for every crypto hodler. This may look difficult for a poor or an average man with low income especially in an economic situation where most people find it difficult to feed themselves very well on regular basis
Sincerely on this i do not see an average income earner unable to accumulate Bitcoin neither it is difficult. it is base on ones willingness and on how he has pictured the real essence of buying. There is a strategy where one can use to accumulate bitcoin on a gradual process without him putting himself at risk or low on emergency funds, using the DCA METHOD
Using the DCA method as mentioned, one can buy bitcoin at a particular amount and particular interval based on his little earning and there you see gradually the person becomes a Bitcoin owner at the very end.
And for a person who is poor and unable to meet his need, it will be very bad of him to take the decision and risk of accumulating Bitcoin and i believe such a person will need advice not to partake in buying Bitcoin.
With the measures you have listed op, I think it could help you to accumulate more Bitcoin as people are always looking for discount in payment for services rendered. It just might work out fine for you mate.
It would definitely not be sustainable for many businesses, remember that people are not just sending you Bitcoins, they are purchasing goods from you, goods you bought with money, now they are getting those goods on a discount, meaning you are losing money, and if you want to convert some of those Bitcoins back to fiat, you also lose money again in fees. All of these when you can basically just accept only fiat for your goods and use that fiat to buy Bitcoins eventually.
With respect to the percentage discount, I think that would help very much better in helpful to accumulate more Bitcoin as you have said. This could be achieved only when in contact with Bitcoin holders if they are within your residence or area of work or based on recommendations or referral for jobs. People would also prefer this measures because it is free from third parties involvement. As a skilled worker, if accumulating Bitcoin is a target for you, the steps you have stated could be of help to you so far as your clients are all Bitcoin inclined and are willing to do your biding since there is percentage discount for them.
With the measures you have listed op, I think it could help you to accumulate more Bitcoin as people are always looking for discount in payment for services rendered. It just might work out fine for you mate.
With the measures you have listed op, I think it could help you to accumulate more Bitcoin as people are always looking for discount in payment for services rendered. It just might work out fine for you mate.
what I understand from all these, using this method to accumulate Bitcoin, will incure you will a lot of loss. Using Bitcoin as a means of payment, shouldn't be far different from using other payment method. It is just an alternative means that should be added to your payment system. If a customer decides to use it, then it's up to them. I don't see any reason why you should do many discount.Just as @ _act_ has said, they aren't necessary it will only run you at a loss.
Most of the time, this is what I see on other stores online because they don't really have any special freebies when you want to pay using BTC because they are doing their business as well and they are just making it easy for their customers by giving them options to pay with their decide cryptocurrencies. this alone is a good thing for bitcoins because when the customers look at it, they find that cryptocurrencies are not scams and they might interested in it and learn more in order to understand everything. Just doing this, you are not compromising your business and at the same time, you are actually a promoter of bitcoins in your community.
I can somewhat agree with what you mean by Bitcoin Payment on Discount. I provide some services and I surely charge extra as the Fiat payment system or the legacy systems like PayPal do charge you a lot on your payments. I add that amount to the service fee and then the customer has an option to not pay those extra bucks by simply going with Crypto and they can save their money and I get what I asked for, win-win for both the parties involved.
👉👉 By giving a discount on service render or purchase made with BTC.
Comparing with Fiat payment, little discount may be giving to any product or service render that will be paid with BTC. Just 1% discount can make some customers change their mind from Fiat payment to BTC.
👉👉 Accepting to pay part or all of the transaction charges especially if products purchased comes with good profit.
BTC transaction charges most times may scare customers away from paying with BTC. If service rendered or goods purchased come with good profit, one may decide to pay the transaction charges in other to encourage his/her customers to make payment in BTC.
👉👉 Giving incentives to customers for service render or products purchased with BTC especially if good profit are made from the service render or products purchased.
Little incentives like BTC customized biro, books, handband etc can do alot to attract customers. Remember this customized items can attract them to pay in BTC at the same time help to publicize BTC more in your community.
To earn bitcoin, you can sell some goods and provide some services, but if your finances are unstable, you won't be able to hold onto it for very long while going without food.
If your answer to either of the above question is YES, then you can easily accumulate Bitcoin with ease. Remember, alot of people are out there that are ready to pay for that your service or buy that your products with part of the Bitcoin they hold.
No they don't!
This forum is full of people claiming it's stupid to buy a pizza with Bitcoin, it's stupid to buy a car with Bitcoin i's stupid to buy anything with Bitcoin, all you have to do with Bitcoin is to store them as Scrooge McDuck, and wait for the halving!
Sorry, but that's reality!
As for your tactic, as _act_ said you're just losing money!
Why offer a 5% discount when paying with BTC when you can get the full sum normally and then exchange that to BTC?
Not to mention the fees you're going to have to deal with when taking that money because, unlike cash, you need to pay when you spend it.
That's weird! You can easily transfer $1 Million worth of Bitcoins for less than a couple of dollars, but you can't achieve something similar while using the traditional methods to transfer such amounts!
When was the last time you transferred $1 million?
Paying with BTC every time is expensive, if you look at poor countries where 200$ is a lot of money incurring a 50cents -1$ every time you pay for something might lead to paying 10% of your wage in fees. It's clearly a NO!
Second, there is another total misconception that the seller doesn't incur any fee.
Assuming you get paid by 10 people for stuff worth $5, when you need to actually use that money you're looking at 10 outputs you have to move, a bad day in fees and you're again losing 10%, do you think is worth it? Of course, when I send $1000 I don't even care if it's 10 or 40 sat/vb but if I'm receiving 5$ payments and the fees are on average at 30sat/vb I might simply top-selling that stuff.
If I have a service offering services or selling products online, I still prefer to accept payments via fiat. From the profit I get, I can accumulate Bitcoin using DCA. At least, that's what I've done so far.
I can't introduce Bitcoin to potential buyers because many of them still do not know about Bitcoin and how to use it. So, instead of confusing them or telling them to learn about Bitcoin before they start buying, it's better to stick to fiat as a means of payment.
I have been an advocate of what you are doing for so long time. I used to advice business people, especially the small-scale business people that it is not a matter of compulsion for them to drag their customers to begin to buy their products with Bitcoin. You should introduce the payment method that is very easy for customers to use than to bring a system that is complicated and the customers do not understand very well. It is high time we began to differentiate between business and bitcoin. You can decide to promote Bitcoin in whatever ways but differentiate it with business. I can't introduce Bitcoin to potential buyers because many of them still do not know about Bitcoin and how to use it. So, instead of confusing them or telling them to learn about Bitcoin before they start buying, it's better to stick to fiat as a means of payment.
Accept payment in fiat and you can buy bitcoin with the profit you make from your business. It is very simple.
If I have a service offering services or selling products online, I still prefer to accept payments via fiat. From the profit I get, I can accumulate Bitcoin using DCA. At least, that's what I've done so far.
I can't introduce Bitcoin to potential buyers because many of them still do not know about Bitcoin and how to use it. So, instead of confusing them or telling them to learn about Bitcoin before they start buying, it's better to stick to fiat as a means of payment.
After all, at another time, I can explain more about Bitcoin to them if they are interested in Bitcoin. We can not force them to pay using Bitcoin.
I can't introduce Bitcoin to potential buyers because many of them still do not know about Bitcoin and how to use it. So, instead of confusing them or telling them to learn about Bitcoin before they start buying, it's better to stick to fiat as a means of payment.
After all, at another time, I can explain more about Bitcoin to them if they are interested in Bitcoin. We can not force them to pay using Bitcoin.
Bitcoin is a dream to hold for every crypto hodler. This may look difficult for a poor or an average man with low income especially in an economic situation where most people find it difficult to feed themselves very well on regular basis. What is the way out here?
The way out of this is to learn how to deal with economic hardship not to buy and hold bitcoin hoping to get rich! For example if someone is having a hard time "feeding themselves" they should rethink their life decisions, get a better job and make better investments in their lives.I know this is a bitcoin forum but introducing bitcoin as the solution to all economic problems is wrong.
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At least one item is missing from the OP's list. Namely: if you get income in bitcoin, save at least part of it. I think many of us who get paid for signature campaigns do this.
odunybiz is talking about paying for goods or services. Do you regularly pay $1 million for goods or services?
BTC transaction charges most times may scare customers away from paying with BTC.
That's weird! You can easily transfer $1 Million worth of Bitcoins for less than a couple of dollars, but you can't achieve something similar while using the traditional methods to transfer such amounts!odunybiz is talking about paying for goods or services. Do you regularly pay $1 million for goods or services?
CONCLUSION
BTC is a coin worth holding for the future. Creating a means to accumulate it is more than sacrificing for the betterment of ones future. Although the above sacrifice may not look easy now but will definitely pay in multiple folds in future.
Anybody can accumulate Bitcoin not just by offering those services or products online even someone with a job a pensioner or even an offline business or those with a renting business it's not only in specific sectors if you have money then you can buy Bitcoin as long as you have the means you can buy Bitcoin anytime on exchanges, I prefer working offline to buy Bitcoin than doing faucets but if there's opportunity to work for Bitcoin like participating in signature campaign I'd be happy to do that.
I am not doubting what you have stated OP, but you should know that for people to accept or adopt bitcoin is not by force and no matter the strategy that you come out with, it is the peoples choice to say if they will use bitcoin for their payment or not, even with the discount price.
I agree, it is the people choice whether to use Bitcoin as payment option and we cannot force the idea to them. The good thing is that, giving them information on options on how to accumulate Bitcoin.
From my own understanding, the best way to accumulate bitcoin with ease, is for you to use DCA method, where a certain portion of your will be used to buy bitcoin weekly, or monthly regularly. If you don't have a means of income then it is better that person look for one, to enable him use part of his money to buy bitcoin. OP, what you are dayng are ways to promote bitcoin and not ways to accumulate bitcoin because there are some countries that bitcoin is banned, how to you render your service in such place and get paid with bitcoin. You can use p2p method to DCA through exchanges, even though bitcoin is banned in that country.
DCA will be easy for those people who have extra funds but for those people who barely meets their daily needs, it would be very hard. Looking for a job and get paid with Bitcoin is also not easy to do. Since a freelancer have to compete against other applicant and have to build his portfolio to be better than others in order to get chosen to do the job.
This simply means that the ease of accumulating BTC is not the same for every people.
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