Advantage of accepting bitcoin in business - page 6.

indah rezqi

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Quote from: yudi09 on December 27, 2022, 03:42:49 AM

My general point of view is that a business that accepts Bitcoin as a means of payment needs to be implemented. Even I personally really want this step to be implemented but can't yet because the government only allows Bitcoin as a commodity asset.

Adoption that is hampered by legality and government regulations, of course, is not new news. There are still quite a number of countries including Nigeria that have not legalized bitcoin as currency, it's not illegal but if the government has regulated it in law then clearly the OP may not adopt it publicly.

Hey, I also accept bitcoin (for example), but I don't need to stick that paper on the wall as an advertisement to make people wonder what bitcoin are. Adoption is expected to continue to increase despite governments in most countries still banning it, but in private this is always possible. Come on, the government is only able to control bitcoin users, that means they can't control bitcoin.

bitzizzix

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Quote from: Jody.Drummer on December 27, 2022, 10:47:22 AM

I often see several threads that are almost the same about this and indeed the background is still the same as Nigeria. Indeed, that is quite good, but something like this is a little difficult to do in other countries, especially if they are still in a neutral stage in the adoption of bitcoin and there are no regulations governing payments in bitcoin.
Because there are still some policies that are a little difficult to break, especially with a number of things that can still happen and of course it's inconvenient if you keep forcing payments via bitcoin if you keep forcing them.

Yes, lately a lot of people have created business threads that use bitcoin as payment and that comes from Nigeria.
and it turns out that adoption continues to increase there and also many Nigerians are more inclined to use bitcoin, so many businesses there have started using bitcoin as their payment alternative. And even though there is no law in effect yet, it does not mean that they are prohibited from using bitcoin as a means of payment and also for investment.
and in my opinion any business that can use bitcoin as an alternative means of payment is very good and this is proof that in their area or in their country bitcoin is growing rapidly and many are using it.

Zaguru12

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Quote from: JoyMarsha on December 27, 2022, 04:48:09 AM

The fact that Nigerians are accepting bitcoin payments in their businesses is positive. But I want to know whether Nigeria doesn't have a long-term bitcoin investing strategy. Because the majority of the forum posts that I have read so far describe how customers paid using bitcoin.

When a Nigerian citizen is fully aware of the potential benefits of hodling, it will be unusual to see him make a payment in bitcoin. In spite of everything, he would rather pay in fiat, not with bitcoin

Every true bitcoinier understands the advantages of holding of bitcoin. In this scenario I think either the payment is done in bitcoin to encourage the marketer since the adoption is still small and stuffs like this could aid in it mass acceptance. The second reason may be ght be that the investor is out of enough fiat and pays in bitcoin instead. But regardless of which option I feel this payment method is not done on a regular basis and that's why we read threads of testimonies when a payment is done through bitcoin

Wiwo

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Quote from: Poker Player on December 26, 2022, 11:12:05 PM

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have. Sadly, it is not representative of what happens in the rest of the world, where Bitcoin is mainly acquired as an investment, and although there are sites to pay with it, people rarely do it. But anything to help expand the knowledge and use of Bitcoin is welcome.

I agree with you, recent threads from Nigeria have become an advocative threads and all with a push to Bitcoin adoption, what will like my African brothers to know is that bitcoin is not a get-rich-quick scheme or a crowdfunding scheme but a technology that needs in-depth knowledge both theoretical and technical aspects to see it full utilization and at that Bitcoin. It's better to take bitcoin as an asset than a currency because Bitcoin has a high value, especially when exchanged for the Nigerian naira and other Africa country's currencies the fact is Bitcoin adoption is on a high rate in Nigeria even without government adoption or ban in Nigeria, there have been some level of limitation to bitcoin adoption and since the government have blanket regulations against the bank with cryptocurrency transaction most citizens have moved on to p2p just in few place their are public acceptance the great is just under the cover of p2p.

Jody.Drummer

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I often see several threads that are almost the same about this and indeed the background is still the same as Nigeria. Indeed, that is quite good, but something like this is a little difficult to do in other countries, especially if they are still in a neutral stage in the adoption of bitcoin and there are no regulations governing payments in bitcoin.
Because there are still some policies that are a little difficult to break, especially with a number of things that can still happen and of course it's inconvenient if you keep forcing payments via bitcoin if you keep forcing them.

CryptoPanda

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@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.

Spaceman1000$

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I like your concept of taking cryptocurrency to those remote areas, it help spread the knowledge of crypto to those areas.

Wind_FURY

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Quote from: Poker Player on December 26, 2022, 11:12:05 PM

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have. Sadly, it is not representative of what happens in the rest of the world, where Bitcoin is mainly acquired as an investment, and although there are sites to pay with it, people rarely do it. But anything to help expand the knowledge and use of Bitcoin is welcome.

It's a choice. You want to buy Bitcoin and HODL because it's a good investment? You can. You want to buy Bitcoin and spend/use them where fiat is not an option in your region? You can. You want to criticize the HODLers? You can. But you must understand that it's the market that took Bitcoin from nothing to more than $10,000 per coin, WHICH was also what made more people become more attracted to accept it, and use it.

JoyMarsha

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The fact that Nigerians are accepting bitcoin payments in their businesses is positive. But I want to know whether Nigeria doesn't have a long-term bitcoin investing strategy. Because the majority of the forum posts that I have read so far describe how customers paid using bitcoin.

When a Nigerian citizen is fully aware of the potential benefits of hodling, it will be unusual to see him make a payment in bitcoin. In spite of everything, he would rather pay in fiat, not with bitcoin

Lida93

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Quote from: Despairo on December 26, 2022, 11:31:37 PM

Quote from: Poker Player on December 26, 2022, 11:12:05 PM

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have. Sadly, it is not representative of what happens in the rest of the world, where Bitcoin is mainly acquired as an investment, and although there are sites to pay with it, people rarely do it. But anything to help expand the knowledge and use of Bitcoin is welcome.

Based on many statistic and research, Nigeria is the top 1 country with the highest usage of Bitcoin P2P platform and I think it's already become a new normal if people transacting using Bitcoin or accept Bitcoin payment on a merchant.

The high usage of the bitcoin P2P platform by every Nigerian is because that is the only channel through which cryptocurrency transactions can be made between persons without any trace of crypto financial deal from the government regulatory agents since the crypto ban. It has been easy but one thing Nigerians involved in cryptocurrency industry is recently observing is that their die-hard decision to stick stick to crypto has made the government to gradually having a rethink on their ban policy and it's something we hope for in the nearer future to see a Nigeria that is totally crypto legalized.

dezoel

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I think it would be better to wait for the official announcement that crypto is already fully legal in your place and then the people are aware of it, so that they won't hesitate anymore to use a Bitcoin.

For now, you can run your business normally and accept only fiat and other payment methods which doesn't have any restriction.

If you have difficulties getting a customer then you are right that it's about the location of your business. Maybe you are located on a farther area away from the city? If yes then it's normal that less people will be able to reach you out there. Maybe you can try relocating your business or just add another branch. Okay, goodluck!

Aanuoluwatofunmi

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Accepting bitcoin in a business makes it creates a functional means to acceptance of digital currency as payment media from customer interested in this category, it also makes the busi attractive to those kinds of customers that will patronage you because they know that payment wouldn't be an obstacle for them to do anytime anywhere, it also help prevent person interest, privacy and anonymity in making business transaction whereby one wouldn't want his identity to be traced or tracked down by a central authority, acceptance of bitcoin indeed comes with alot of benefits because it has made payment at the very ease of simplicity.

rby

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Quote from: yudi09 on December 27, 2022, 03:42:49 AM

As long as you give the freedom to customers who visit to pay with Bitcoin because according to my guess not all customers who stay at your hotel have Bitcoin. If most customers are from outside your country, then this concept is quite helpful and for me it's good management.

My general point of view is that a business that accepts Bitcoin as a means of payment needs to be implemented. Even I personally really want this step to be implemented but can't yet because the government only allows Bitcoin as a commodity asset.

Op is lucky and I am surprised it happened if it happened. Most businesses accepting bitcoin in cities can stay months without bitcoin customer coming. Let alone the one in the village. Many people don't like to lose their btc easily, not even in this bear market that it will rise in the future.
Congratulations and we will never cease to hear this type of stories and testimonials
They save their bitcoin and spend fiat.

yudi09

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As long as you give the freedom to customers who visit to pay with Bitcoin because according to my guess not all customers who stay at your hotel have Bitcoin. If most customers are from outside your country, then this concept is quite helpful and for me it's good management.

My general point of view is that a business that accepts Bitcoin as a means of payment needs to be implemented. Even I personally really want this step to be implemented but can't yet because the government only allows Bitcoin as a commodity asset.

CryptoBuds

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Quote from: Poker Player on December 26, 2022, 11:12:05 PM

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have. Sadly, it is not representative of what happens in the rest of the world, where Bitcoin is mainly acquired as an investment, and although there are sites to pay with it, people rarely do it. But anything to help expand the knowledge and use of Bitcoin is welcome.

Bitcoin has been and is succeeding, but it didn't go in the right direction from the beginning with its original purpose, we considered it an investment from the beginning due to its volatility. Honestly, given its volatility, it is more suitable for investment than a payment method. Nobody wants to use their bitcoin when everyone knows its value is going to go up, and nobody wants to spend more bitcoin on a product when we are in a bear cycle.
If bitcoin is not so volatile, I agree it should be used more as a payment method, but when it is too volatile, it is clearly not suitable.

noorman0

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Quote from: Poker Player on December 26, 2022, 11:12:05 PM

I see many stories like this on the forum, from African countries but mainly from Nigeria, which is the largest African community we have.

If bitcoin payments are a trending method, then you will see Nigerians eager to create similar stories until the atmosphere cools down. So let them express as much as possible.

Quote from: mk4 on December 27, 2022, 12:10:59 AM

Let me guess — is the customer/tenant a foreigner? People who tend to pay with Bitcoin on brick and mortar stores are mostly people from other countries based on what I've seen.

Maybe this article will shed some light, so it makes sense that even civilians in the countryside would start using bitcoins for daily spending.

xSkylarx

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Quote from: yazher on December 27, 2022, 12:37:58 AM

Quote from: bitterguy28 on December 26, 2022, 11:04:06 PM

Good for you and your business mate, yes you are actually helping people to understand what is bitcoin and what could bring to them but your business is what will benefits big from this , I know Nigerian is one of the most promising country in your continent to use and adopt Bitcoin(and other cryptocurrency as well) so maybe in sooner time you'll gain popularity from this and may earn lot of support and payments from crypto users.

He can also take advantage of what has going on in the crypto market today because he can also hold the bitcoin payments until the price will rise again next year. It would be a great business for him since he might be one of the first doing it in their place. In this kind of implementation, you just need to be patient, and also you need to understand that people might also ask you some important questions regarding your new innovative payment.

Others would prefer to convert it directly to their own fiat because they need that money to add again to their capital as it needs to keep rolling, but there are also others that will be holding it for a short period of time when they need to buy supplies and will then use it. The majority of bitcoin adoption in business is to raise public awareness that you can pay with it, and if the owner's goal is truly to accumulate the bitcoin, he or she should be saving it to gain profit in the future.

worle1bm

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It's good to see when members share their stories of such incidents on the forum and help us all to know how btc is being used around the world.There are many people from Nigerian community who accept it as payment mode for their business and many who are willing to use it while paying for goods and services.But on the same note see how btc has helped you in business and developing new customers who are into crypto payments so hope you have more people like him.

laurenB7742

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I also read the news about the Nigerian government lifting the bitcoin ban, which is congratulatory for the investors here and another success of bitcoin in conquering governments. The advantage that I see bitcoin gives businesses is that they will have more customers because nowadays, bitcoin is becoming more and more popular and widely used. Especially foreign guests, because they will not need to bring too much cash, nor need to convert to your national currency, and can use bitcoin directly, which is really convenient.

But I want to ask, accepting bitcoin payments, will you continue to hold bitcoins in your wallet, or after receiving your bitcoin payment, will you convert to fiat immediately?

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Quote from: inthelongrun on December 27, 2022, 12:36:51 AM

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.

It also brings uncommon joy and excitement to me each time I read about businesses accepting Bitcoin as an alternative form of payment. No matter how small or insignificant this effort might seem, it has the potency of spreading the gospel of Bitcoin. At least any customer that comes in would get to know that there is an alternative currency to the local fiat.

I want to encourage you to keep up this good initiative, although you might not have regular customers but ensure you inform the few you come across about Bitcoin. You can even give a little discount to customers that are willing to pay with Bitcoin. I know most people in rural areas are unbanked, one advantage of this innovation is that these rural dwellers would have access to Bitcoin transaction services. Congratulations mate.

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