Topic: Bad market for businesses wey de accept bitcoin. (Read 216 times)

The suggestion no bad as e go help make confirmation faster since some blockchain get a very fast confirmation speed pass Bitcoin blockchain but why I no go advice make we use Bitcoin on other blockchain na say, you no dey promote the use of Bitcoin well to begin with and you dey exposed yourself and customers to the volatility of Altcoins as those Bitcoin wey dey those other Blockchain are basically altcoins. Scammers fit send you a different Bitcoin wey no dey the main smart contract of the real pegged Bitcoin and if you no dey very observant dem go scam you. Scammers will create multiple pegged Bitcoin that are fake and newbies wey no sabi wetin dey sup go fall victim.

I don't like this one but you can also use bitcoin on other blockchain, I think bsc has one of the biggest liquidity of bitcoin. You can simply receive bitcoin token in large quantities and when you are done, send them to an exchange and then withdraw real bitcoin quick. Note that the bitcoin on other chain are not be hold, once you are done having them, send them to exchange where you can withdraw real bitcoin to your personal wallet address.

But if you are scared that the Naira will lose it's value before the the high transaction cost for bitcoin network go reduce, I go come suggest you use the same amount you sell out and convert it to USD or USDT. By doing this you won't run any loss, and you can easily use the usd or usdt and buy bitcoin when the high cost is reduced. As a business man don't ever lose a customer because of one payment platform is experiencing little problem.

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

It's very bad to deal with btc in business now if you are not conducting a large transaction where you can make the fee negligible but if you like using exchanges and you prefer to have your payment in bitcoin, you can use an exchange to receive your payment through internal transactions. This transaction usually don't require any fees except when you want to withdraw through on chain transaction, so you can basically use an exchanges to transact and when you are done, kindly take your coins off the exchange.

I don't like this one but you can also use bitcoin on other blockchain, I think bsc has one of the biggest liquidity of bitcoin. You can simply receive bitcoin token in large quantities and when you are done, send them to an exchange and then withdraw real bitcoin quick. Note that the bitcoin on other chain are not be hold, once you are done having them, send them to exchange where you can withdraw real bitcoin to your personal wallet address.

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

I follow for people wey de advocate for businesses to de collect bitcoin, as payment. I even de encourage my customers dem to de open bitcoin wallet so dem go fit to de do decentralized crypto transactions. I believe say different business people for all over the world go de do di same thing, to grow di adoption of bitcoin, for payment transaction matters.

But as e be now di matter don fall hand, based on say all di preaching for customers to pay with bitcoin, don partially cast for now. Dis congestion of di mempool, wey come make transaction fees to come high like iroko tree so, na big minus for businesses wey de accept bitcoin, as payment. Na from which person account wey dem wan minus di high fees? Na from seller or buyer money? Imaging say you sale market of $66, and you need to pay transaction fee of $14,  dat na approximately 25% of the total money wey you wan take pay di high fee. If you wan use lightening network, di customer wallet need to enable am too, before una go de reason di technicalities, before di transaction proper.

So in short to accept bitcoin for businesses now no de profitable at all, because seller and buyer no go wan bear the cost of the high fees.

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

You might say you have not seen a physical business that has to do with Bitcoin as a means for payment. But there are lots of digital products that uses Bitcoin as a means in funding, trading, payment etc. in Nigeria.

I have purchased some football kits (Jersey and thug from an online store which i paid in Bitcoin). But currently I can't do that because of the congestion so perhaps if there are many customers in Nigeria it will surely affect their business.

Op wattin you talk no be lie oo, this matter na another problem wey we get like this for this bitcoin network and na very bad market for business men and women wey dey accept bitcoin, due to this current mempol congestion, if you no use high fee your transaction fit just hang for air for like 3 day and nothing don happen, so na very bad time for person wey dey accept bitcoin for transaction be this. I just dey imaging how this issue don cause so many business to collapse, most of our young boy them, dem dey use exchange of bitcoin and other crypto currencies take dey get small small money, that is them dey function as vendors. So now wey this matter don be like this how dem wan take dey do the work dey get their money.

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.

The common means of payment is the use of fiat, just like the use of naira for paying for goods and services in Nigeria. I hardly see any business that is accepting bitcoin in Nigeria and I do not think this should be a problem. You can not do what will affect your business, you can still include bitcoin but let customers pay the fee. I am expecting no one to use bitcoin for now for paying for goods and services. Naira is better and which is what that is used.

I follow for people wey de advocate for businesses to de collect bitcoin, as payment. I even de encourage my customers dem to de open bitcoin wallet so dem go fit to de do decentralized crypto transactions. I believe say different business people for all over the world go de do di same thing, to grow di adoption of bitcoin, for payment transaction matters.

But as e be now di matter don fall hand, based on say all di preaching for customers to pay with bitcoin, don partially cast for now. Dis congestion of di mempool, wey come make transaction fees to come high like iroko tree so, na big minus for businesses wey de accept bitcoin, as payment. Na from which person account wey dem wan minus di high fees? Na from seller or buyer money? Imaging say you sale market of $66, and you need to pay transaction fee of $14,  dat na approximately 25% of the total money wey you wan take pay di high fee. If you wan use lightening network, di customer wallet need to enable am too, before una go de reason di technicalities, before di transaction proper.

The common means of payment is the use of fiat, just like the use of naira for paying for goods and services in Nigeria. I hardly see any business that is accepting bitcoin in Nigeria and I do not think this should be a problem. You can not do what will affect your business, you can still include bitcoin but let customers pay the fee. I am expecting no one to use bitcoin for now for paying for goods and services. Naira is better and which is what that is used.

So how una reason di matter, na for di businesses to suspend to de collect bitcoin for now, till di congestion clear? For business owners to bear di fees alone, or push am to dem customers? Have in mind say customers fit to say dem no go pay am and di seller go lose di sales wey im for make profit ontop.