Topic: Advantage of accepting bitcoin in business - page 3. (Read 1552 times)
In Nigeria, Bitcoin is very popular since other payment methods such as Paypal are banned and have difficulties sending money there. So I am not shocked by it, and I am just happy that a landlord like you is accepting bitcoin to pay the rent. It would be an easy transaction as there is no actual cash involved, and you will not see him on a monthly basis to collect rent. I am hoping that your other tenants will follow, or any new ones. Also, a quick question: how many people are currently paying you in bitcoin? Are there any new tenants that want to pay in bitcoin or cryptocurrency?
Making bitcoin as a payment alternative besides using fiat currency is a good decision to introduce bitcoin and intrigue people around your target market who don't know bitcoin and will increase bitcoin adoption in the future, both domestically and abroad.
But it's not good if you only accept bitcoin as a means of transaction because bitcoin adoption is still low and of course it will hinder financial circulation, unless your environment and your target market on average know bitcoin and use it.
But it's not good if you only accept bitcoin as a means of transaction because bitcoin adoption is still low and of course it will hinder financial circulation, unless your environment and your target market on average know bitcoin and use it.
For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.
I think transaction costs are not zero but they are cheaper and faster than using fiat currency, especially when making transactions using inter-banks both domestically and abroad.
The first advantage that comes to my mind is tax avoidance through bitcoin transaction. But this is necessary mostly if you do freelance jobs, side jobs or trade random stuff.
For example I can trade my old or unused clothes on facebook market. We have such stupid system, that if through your bank account trading deals exceed specific amount, the government force you to register as individual entrepreneur and pax taxes, as "you get profit from your deal". Sounds absurd. I have already paid VAT when purchased that item, and sell it used below market price.
Or you can craft something. For example you are good at knitting and create merino wool scarfs. Earnings increases specific amount - you are very welcomed at tax center. Digging holes on weekends - ok. Doing it on regular basis at free time for your neighbors, but get paid regularly - share part of your income with government.
Or you are small company. To be able to survive and compete with huge chains and brand, you set price low as possible, just few percent above net cost. Share with government and go bankrupt slowly.
Imho bitcoin usage suits perfectly if you see yourself among my examples above.
For example I can trade my old or unused clothes on facebook market. We have such stupid system, that if through your bank account trading deals exceed specific amount, the government force you to register as individual entrepreneur and pax taxes, as "you get profit from your deal". Sounds absurd. I have already paid VAT when purchased that item, and sell it used below market price.
Or you can craft something. For example you are good at knitting and create merino wool scarfs. Earnings increases specific amount - you are very welcomed at tax center. Digging holes on weekends - ok. Doing it on regular basis at free time for your neighbors, but get paid regularly - share part of your income with government.
Or you are small company. To be able to survive and compete with huge chains and brand, you set price low as possible, just few percent above net cost. Share with government and go bankrupt slowly.
Imho bitcoin usage suits perfectly if you see yourself among my examples above.
Businesses have the advantage of accepting bitcoins but this requires the circulation of bitcoins. Also able to trade but there are many countries around the world where bitcoin is not legally recognized which may result in compensation. It wasn't before but as more people learn to use BTC, it could be a better payment method you don't have to be a technical person. Anyone can do it if the transaction system is more simple it will improve for the business.
The problem is that there are still many countries in the world that have not recognized Bitcoin as currency because it is hindered by laws in their respective countries. I don't think this needs to be worried about because anyone who holds Bitcoin or who stores Bitcoin safely can also be very profitable when the price increases. And if someone wants to spend something in a country that still doesn't accept payment via Bitcoin, he can still convert it to fiat on the exchange. So this is not a complicated problem and does not become a barrier for anyone who holds Bitcoin or keeps it as an investment.
Businesses have the advantage of accepting bitcoins but this requires the circulation of bitcoins. Also able to trade but there are many countries around the world where bitcoin is not legally recognized which may result in compensation. It wasn't before but as more people learn to use BTC, it could be a better payment method you don't have to be a technical person. Anyone can do it if the transaction system is more simple it will improve for the business.
New types of wallets can do more and easier than previous ones. But there's a trap: if some will consider bitcoin too easy they'll probably become too careless and could lose all because bitcoin transactions are irrevocable and you are fully responsible for your money. So we need a balance of easy interface with a remind of staying watchful. IMO bitcoin should never be too easy.
The advantage of accepting bitcoin in business depends on the purpose for which the individual wants to accept bitcoin.
For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.
Therefore, if you want to have seamless transactions, accept bitcoin in your business. If you want to show your support for the technology and attract more supporters of the technology, just accept bitcoin in your business. To me, these are the advantages.
For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.
Therefore, if you want to have seamless transactions, accept bitcoin in your business. If you want to show your support for the technology and attract more supporters of the technology, just accept bitcoin in your business. To me, these are the advantages.
Businesses have the advantage of accepting bitcoins but this requires the circulation of bitcoins. Also able to trade but there are many countries around the world where bitcoin is not legally recognized which may result in compensation. It wasn't before but as more people learn to use BTC, it could be a better payment method you don't have to be a technical person. Anyone can do it if the transaction system is more simple it will improve for the business.
But, it is always better to let people know if you accept BTC by putting some signage. The status of BTC adoption is already high but not too much that all people in each country already knows what Bitcoin is so your right that by accepting BTC in our business is like promoting it but unlike other payment methods Bitcoin can be able to compensate us once it was recognized by many people because along with it is that its value can also grow big but that is of course if we Hodl some if not most of the payments that we are receiving from our costumers.
Bitcoin not strongly prohibited doesn't mean it is now fully legal to use it as a currency because what if it's only legal for use as an asset? But we can always do some research or ask your government directly about its real status before using it on your business.
Bitcoin not strongly prohibited doesn't mean it is now fully legal to use it as a currency because what if it's only legal for use as an asset? But we can always do some research or ask your government directly about its real status before using it on your business.
Being careful with law is a virtue if you are a doing a business (and in other cases also of course). But if it is possible, it is good.
And of course a label "Bitcoin accepted here" can attract customers from the street, but you can also share info about that your spot is bitcoin friendly in Internet as well: some new clients can visit your place purposefully to be involved in a new era of decentralized transactions.
Day by day Bitcoin will be more familiar among general people because it is changing the payment gateway, it is fast, secure and trustworthy. People can save both their time and money by the help of it. Not only in investment but also Bitcoin has many advantages that people are taking at this time.
Someday its accepting will be wide enough to not even to wonder if they accept it in some place. But as for now it can be an additional advertisement if you accept bitcoin as bitcoiners can visit your place even just in curiosity. So IMO if bitcoin is not strongly prohibited in your country it can be a good idea to start accepting payments with it. Not sure there will be many ones who will choose this way of payment, but even few more clients are better then non having them.
These business people certainly accept Bitcoin, without realizing that Bitcoin is becoming more and more familiar among the general public and also among businesses, some countries already know about Bitcoin as well as businesses about the compensation they will get. And Bitcoin makes people more dominant in adopting it, both among business people and the general public.
Day by day Bitcoin will be more familiar among general people because it is changing the payment gateway, it is fast, secure and trustworthy. People can save both their time and money by the help of it. Not only in investment but also Bitcoin has many advantages that people are taking at this time.
Someday its accepting will be wide enough to not even to wonder if they accept it in some place. But as for now it can be an additional advertisement if you accept bitcoin as bitcoiners can visit your place even just in curiosity. So IMO if bitcoin is not strongly prohibited in your country it can be a good idea to start accepting payments with it. Not sure there will be many ones who will choose this way of payment, but even few more clients are better then non having them.
Bitcoin not strongly prohibited doesn't mean it is now fully legal to use it as a currency because what if it's only legal for use as an asset? But we can always do some research or ask your government directly about its real status before using it on your business.
Day by day Bitcoin will be more familiar among general people because it is changing the payment gateway, it is fast, secure and trustworthy. People can save both their time and money by the help of it. Not only in investment but also Bitcoin has many advantages that people are taking at this time.
Someday its accepting will be wide enough to not even to wonder if they accept it in some place. But as for now it can be an additional advertisement if you accept bitcoin as bitcoiners can visit your place even just in curiosity. So IMO if bitcoin is not strongly prohibited in your country it can be a good idea to start accepting payments with it. Not sure there will be many ones who will choose this way of payment, but even few more clients are better then non having them.
The reason many people believe in bitcoin is because they understand blockchain and crypto, cryptography can be checked, transparent and cannot be counterfeited, even if someone fakes it it is very easy to check, even now big companies really believe in bitcoin, even companies have kept their money in the form of bitcoin around 140 trillion, because for people who understand bitcoin or other cryptocurrencies for them this is a digital form, but for those who have never known blockchain it must be very difficult to understand crypto, as well as people who don't understand banking it will be difficult to understand go pay etc because it doesn't exist .
It is music to my ears every time I read about businesses big or small or medium accepting bitcoin or even cryptocurrencies in general. Here in this forum, most of the time it is the Nigerians showing their bitcoin adoptions. More power to you guys and keep it coming. Maybe Nigeria is the next country to legalize the use of bitcoin as a legal tender.
Sadly in my country, we cannot accept bitcoin without a permit from our business bureau which is a very long process. But I am not losing hope that one day I will travel around my country to see stores that accept bitcoin.
Nigeria is certainly a crypto friendly that’s why most of the citizens there have known and have been exposed to crypto particularly with bitcoin. So it’s not surprising at all as it may follow the path of El Salvador and adopt bitcoin as a legal tender. Maybe the reason too why OP has been gaining advantage on accepting bitcoin in her business, as bitcoin is also popular to foreigners as well. Anyway, this could be an eye opener for most of his guests that bitcoin is legit and can be a legal currency as well. Aside from boosting adoption on bitcoin, she could earn a huge amount of income too if she keeps on accepting bitcoin and hold them for long term investment. Sadly in my country, we cannot accept bitcoin without a permit from our business bureau which is a very long process. But I am not losing hope that one day I will travel around my country to see stores that accept bitcoin.
Similar to your sentence that third parties can only control users, but they cannot control Bitcoin.
From here the question arises because as a good citizen does that not include contradicting them?
Corruption is illegal, but a lot of people in government do it, isn't that against the law?From here the question arises because as a good citizen does that not include contradicting them?
The logic is the same, but I don't want to force anyone to go against government regulations which actually will only make us lose if they are debated. This means that you must comply with the applicable rules regarding currency and legal tender in your country, and so far I also cannot spend dollars or any foreign currency (including bitcoin) in the jurisdiction of my country. Of course it has been stated in the law, and obedience to the law is mandatory.
In terms of fulfilling our needs, our activities are the same, that is, we are still unable to spend dollars or foreign currencies. Dollars or other foreign currencies can only be used if we exchange them for fiat in our country.
Corruption is illegal, but a lot of people in government do it, isn't that against the law?
The logic is the same, but I don't want to force anyone to go against government regulations which actually will only make us lose if they are debated. This means that you must comply with the applicable rules regarding currency and legal tender in your country, and so far I also cannot spend dollars or any foreign currency (including bitcoin) in the jurisdiction of my country. Of course it has been stated in the law, and obedience to the law is mandatory.
@Merit.s good work man, thanks for helping with bitcoin adoption in your own part of the world. I'll try to add more details that will make your new initiative attract more customers. You need an ad that’s bold and obvious, it’s a miracle the customer found you, and I think that’s mainly because he’s been searching for a motel he can pay with bitcoins the whole time, if you had a billboard outside that says you accept bitcoin it will be a lot easier to gain that attraction. I assume your motel has a bill board or ad sign outside, you could redo the old one and make a new one that adds some bitcoin hints so people know this motel is different.
OP could also advertise an offer for a discount if the payments are made in Bitcoins or add some freebies and other special benefits for Bitcoin users/Bitcoin payments. Because unless people earn their salaries in Bitcoin, it might be harder for them to spend Bitcoin. Why do, "buy Bitcoin to spend Bitcoin" if the person can merely use fiat directly? It's a different situation from Mr. Heroine Dealer and the Heroine addict in the dark market. Accepting Bitcoin merely for accepting it is not an indicator that people will simply start using it.
He can also get free advertisement since for sure many people will talk about the action he do especially if there are so many bitcoin users in their area.
Plus if there isn't many Bitcoin users in OP's area, he could use his establishment to organize a small Bitcoin meet up for the people to learn, understand, AND later use Bitcoin for payments, HODLing, trading, or buying drugs from Mr. Heroine dealer in the Darknet Markets.
Jokes aside, good education about Bitcoin is very important. It will make you have a true understanding of why Bitcoin could change how we think about money and markets.
As an example, there's the "ransomware market". Because software vendors are generally slow in patching their software, hackers have found an opportunity to create a "market" to profit from their skills through ransomware that uses Bitcoin.
Bitcoin have its impact for it's payment condition, the serious impact i can stand for Bitcoin right now, is that Bitcoin can make a quick payment across the country or continent without delays and during payment system the fees is very cheap than fiat currency kind of payment, Instead of using any other such as Fiat currency to transfer money to me across the country i rather accept Bitcoin kind of payment because of it fastest with payment confirmation.
Bitcoin gives access for cross border transaction with ease. Next thing it doesn't have any limitations, any volume can be transacted. There is no process and procedures to be fulfilled same as that we have with our traditional banking system. For now bitcoin acceptance seems to be different, but things will change as the awareness among people keeps growing high with time. 
Bitcoin have its impact for it's payment condition, the serious impact i can stand for Bitcoin right now, is that Bitcoin can make a quick payment across the country or continent without delays and during payment system the fees is very cheap than fiat currency kind of payment, Instead of using any other such as Fiat currency to transfer money to me across the country i rather accept Bitcoin kind of payment because of it fastest with payment confirmation.
I was encouraged by this information
https://bitcointalksearch.org/topic/m.61479047
This guest house was inherited by my husband from his family,I run and manage it,it is located in a small village.After reading the information that cryptocurrency banned will soon be uplifted and legalize in Nigeria,I decided to help in fast adoption of bitcoin in my country by accepting btc payment from customers who came to lodge or entertain themselves in the guest house. I also want to use the guest house as a medium to give bitcoin awareness to customers that comes to the guest house,
It's equally nice getting to know that you are promoting Bitcoin in the little way you can in your community, because if only just 1% of the people on this forum could do the same either weekly or monthly, I'm sure the Bitcoin community would have grown larger like never before. But moreover, here are some keywords I would have love having it printed black and white and pasted on the wall just like those I could see in the picture above. That are, https://bitcointalksearch.org/topic/m.61479047
This guest house was inherited by my husband from his family,I run and manage it,it is located in a small village.After reading the information that cryptocurrency banned will soon be uplifted and legalize in Nigeria,I decided to help in fast adoption of bitcoin in my country by accepting btc payment from customers who came to lodge or entertain themselves in the guest house. I also want to use the guest house as a medium to give bitcoin awareness to customers that comes to the guest house,
1. Bitcoin is not a scam
2. Bitcoin is indeed a digital currency
3. Bitcoin has come to stay
Example,
Adoption is taking place almost everywhere, but regulatory bodies are having stricter stance on crypto after what happened with LUNA, UST and FTX investors. However, for small, medium and large scale businesses, accepting crypto when it is in bearish mode is still a great idea because it will give good profits later when bull run begins and it is also a technology that needs to be embraced by different industries to take advantage of the same. Let them know what is Blockchain, they will undoubtedly ask for more of it and that's when you may discuss Bitcoin and crypto with them and tell them about its advantages - security, immutable, store of value for their money, etc.
That is not a bad thing if you ask me. Some people think that having a lot of regulations would be crippling bitcoin but it is actually increasing the potential of it without people realizing. There is a lower high cap for bitcoin without regulation, and while short term it could go lower, there is a high high cap for bitcoin when there is regulation.Think about it this way, if there are no regulations then you won't see companies like google, amazon, tesla, microsoft and trillions of dollars worth banking world all go into crypto, why would they invest into something with no regulations? But, if there are regulations they could all get in and make bitcoin go up super high.
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