good advice and you are brave enough to give advice on payment with btc ,
sorry in advance do you know the risks of using btc. we take when btc has decreased where the btc received previously was higher than tomorrow. this is the risk that must be considered when accepting payments with btc I think. I only pray that your boss' business will go well and not have a negative impact on your career when BTC experiences a price drop
Topic: Bitcoin as means of exchange in happy day supermarket (Read 216 times)
OP I think you were carried away by seeing others post about accepting bitcoin in their business that you decided to bring that into your place of work. Not a very bright idea if you ask me. I don’t believe your boss bought the idea, if he did there would be a banner outside that says “bitcoin accepted here” or at least some indications in the shop to tell customers that you accept bitcoin payments. I’m guessing for now is just word-of-mouth publicity. Looking at the goods you sell, I doubt there will be customers who would want to pay with bitcoins for such small amounts. l for one wouldn’t.
so for now we are still inform our customers about the welcome development in happy day supermarket while we are still working to was it, I said let me drop it in the forum I need advice from you guys.
So, how do you do it?
Because you posted normal pictures from a store, not pictures showing how you accept bitcoins, how people pay for it, or one customer using that payment option. These are genuine questions, what wallet do you use, what do you use to convert the prices from naira to BTC, do you use LN or on-chain transactions, how do you deal with confirmation time if it's the second? As others said, it's easy to propose something when you're not the one at risk of losing money.
but I believe all will go fine when it comes to stay.
Yeah, everything will be fine, this statement sounds like you're asking for it.
I think bitcoin payment has potential in OP's locality which is why they are going to think about this.
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But I have checked the pictures and I don't think people will have any interest to pay with bitcoin for small transactions..
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But I have checked the pictures and I don't think people will have any interest to pay with bitcoin for small transactions..
So, which one is it?
nice to hear your story. but somehow you convinced your boss that he accepted your suggestion and finally you guys accepted Bitcoin as a means of payment.
Of course, this also relates to regulations in your country, that's important. and also with regards to how many of your customers are using Bitcoin or owning Bitcoin? I hope you have done some research before you suggest it to your boss.
Of course, at the end of the month, you can update this thread with news from evaluations of using the new payment system in your business. this will be a more interesting discussion.
Of course, this also relates to regulations in your country, that's important. and also with regards to how many of your customers are using Bitcoin or owning Bitcoin? I hope you have done some research before you suggest it to your boss.
Of course, at the end of the month, you can update this thread with news from evaluations of using the new payment system in your business. this will be a more interesting discussion.
It looks like you're from Nigeria, right? I have a question, do you already know about bitcoin, but does your director know about bitcoin? Because I am quite surprised if he does not know what it is, he cannot quickly accept your offer. He is the director of a business, so he will be very cautious and calculate everything reasonably so as not to lose or damage his business. I'm really surprised that he accepted without first considering your offer.
your advice to your director was excellent as long as you explained bitcoin to your director and the risks of accepting bitcoin as payment.
now times are advancing and the world of crypto is spreading in my opinion this is a good step.
now times are advancing and the world of crypto is spreading in my opinion this is a good step.
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You must inform your customers who frequently shop at your place that you have started accepting bitcoin as an alternative payment to fiat. Maybe you can also put up a banner or sticker for paying bitcoin available here so that people who pass in front of your shop can also see it and try to buy things in your shop using bitcoins.
You have gotten permission from your director and now it's time to get everything ready before you start implementing those bitcoin payments. It would be better if you could also explain how to use bitcoins to your customers who don't understand about them so that there is interest in using them too.
You have gotten permission from your director and now it's time to get everything ready before you start implementing those bitcoin payments. It would be better if you could also explain how to use bitcoins to your customers who don't understand about them so that there is interest in using them too.
I would like to know what will happen to you when Bitcoin price decrease for 50% because your owner will think he's not making money by accepting Bitcoin, but actually he's lose and it just wasting his time to add Bitcoin payment.
You might get promoted and have a good relationship with your owner if accepting Bitcoin payment do increase selling rate of the product. You can give an update whenever your owner angry with you or he's happy with your idea.
If one must accept Bitcoin as a means of payment in their stores they must be the rightful owner of the business, if not, there will be problem when Bitcoin declines in value. You might get promoted and have a good relationship with your owner if accepting Bitcoin payment do increase selling rate of the product. You can give an update whenever your owner angry with you or he's happy with your idea.
Whenever I accept Bitcoin payment I do not hold all the Bitcoin, I respect the volatility and swap the major part to get goods back in store for other customers, I only hold some part of the Bitcoin for long term holding.
I believe the best solution is to be the rightful owner and also understand that Bitcoin is not a stable digital currency, be prepared for any decline in price after accepting payment in Bitcoin.
I would like to know what will happen to you when Bitcoin price decrease for 50% because your owner will think he's not making money by accepting Bitcoin, but actually he's lose and it just wasting his time to add Bitcoin payment.
It is what happened in El Salvador after Bitcoin Day 3 years ago. 1 year after Bitcoin Day in El Savaldor, poll shows that (read below) and I believe it only got worse later when Bitcoin fell down more.Majority of El Salvadorians do not want Bitcoin, poll shows
The use of bitcoin in El Salvador appears to be low, as the currency has lost about 60% of its value since the experiment started
Mini stores that accept Bitcoin will have same problems. How they will store those Bitcoin in long term but still be able to manage the store operation and financial budget.
Being able to use Bitcoin for something as regular as buying groceries is something I'd love to see happen one day. That being said, the major issues that immediately come to my mind are the time it takes for a transaction to get confirmed (which would make queues even longer and waiting time not worth it) and transaction fees (which aren't that high in general but are pretty high if your receipt at the supermarket isn't big). I've seen the photos, but I don't see anything Bitcoin-related in them. How are you planning to accept Bitcoin? What will the waiting time be, what will the fees be like?
I would like to know what will happen to you when Bitcoin price decrease for 50% because your owner will think he's not making money by accepting Bitcoin, but actually he's lose and it just wasting his time to add Bitcoin payment.
You might get promoted and have a good relationship with your owner if accepting Bitcoin payment do increase selling rate of the product. You can give an update whenever your owner angry with you or he's happy with your idea.
You might get promoted and have a good relationship with your owner if accepting Bitcoin payment do increase selling rate of the product. You can give an update whenever your owner angry with you or he's happy with your idea.
Maybe something added to the back part of the bill could make people look about bitcoin. Having a board stating bitcoin acceptance is a must. Apart from that, there is need of more awareness so that your business will get transaction in the form of bitcoin. The initiative taken through your director is good, but the execution needs to be done in the right way. Even small mistakes would cause you big loss. So, handle it well with the right wallet usage.
It looks like bitcoin is getting to be more common in your locality. This is an advantage against other locations that doesn't have much of people using bitcoin. Maybe you don't get good business at the beginning, with time things will change and you need the patience to experience good business.
It looks like bitcoin is getting to be more common in your locality. This is an advantage against other locations that doesn't have much of people using bitcoin. Maybe you don't get good business at the beginning, with time things will change and you need the patience to experience good business.
Op you should be aware that there's a difference between owing a business and being employed by someone so also there are level to which you can take risk.
I don't think op will face any issues regarding this. Also OP shared the idea with his director about the implementation of bitcoin. I think bitcoin payment has potential in OP's locality which is why they are going to think about this. OP I don't know what advice you are seeking here, but if you want to know about the idea of implementing bitcoin as a payment in your store, I would say it is a great move if only people want to pay with bitcoin. But I have checked the pictures and I don't think people will have any interest to pay with bitcoin for small transactions. But you can always test it.
I guess that's you in the picture, right? And from the way you appear in that picture you don't look like a seller but a regular customer (thou, I'm so sorry to say that). And secondly, you also claim you accept Bitcoin without any written sign to show that your supermarket truly accepts Bitcoin, because how are customers suppose to know that your store accepts Bitcoin without any written notice pasted indoor or neither outdoor, so as to enable Bitcoin lovers buy goods during your current scarcity of currency.
So in conclusion, I will suggest you go get a piece of paper and write to everyone's notice that your store accepts Bitcoin.
So in conclusion, I will suggest you go get a piece of paper and write to everyone's notice that your store accepts Bitcoin.
but I believe all will go fine when it comes to stay.
This is the highest joke of the century, you not telling the owner of a business the risk involved in bitcoin payment is a big turn-off, and I advise you to take time to educate the director about everything regarding bitcoin because leaving the director in the dark may not go well if things go side way and there is a need to wait for something, and as a business that offers retails services such as supermarket, there will not have plans to hold Bitcoin for the long term, but to hold as a currency for exchange and daily payments.So it os advisable you teach the director everything he needs to know both advantages and the disadvantages.
Gradually the interest to buy with a currency other than fiat will keep increasing. Most especially because of the inflation rate and the cashless policy introduced by some government, and btc seem to be the right choice. It wasn't a bad idea to convince your employer to have an alternative means of payment. In fact, the earlier this type of service is introduced the better it will be for happy day supermarket. By the type others are trying to get in, this supermarket already far ahead.
It is important you and your boss understand the btc network and the exchange rate against fiat.
It is important you and your boss understand the btc network and the exchange rate against fiat.
Op you should be aware that there's a difference between owing a business and being employed by someone so also there are level to which you can take risk.
I have seen so many threads in this forum about how they are now accepting Bitcoin in their businesses but one thing that I noticed is that those people own those businesses and if anything should go wrong nobody's going to o blame them or sue them to court for certain action they did. I believe the reason why your director accepted your idea of accepting Bitcoin as a payment option was because you told him about the advantages that's involved did you by any chance let him know the disadvantages that are also involved? Like I said earlier owing a business and working for someone are not the same because if any problem should arise you'll be the one they'll point accusing finger to. I also wish you the best and the grace for you to owe your own someday.
thank you very much for that information to be a successful business man you must take risk but I agree with you not telling my director about the disadvantage is not a good one but I believe all will go fine when it come to stay.I have seen so many threads in this forum about how they are now accepting Bitcoin in their businesses but one thing that I noticed is that those people own those businesses and if anything should go wrong nobody's going to o blame them or sue them to court for certain action they did. I believe the reason why your director accepted your idea of accepting Bitcoin as a payment option was because you told him about the advantages that's involved did you by any chance let him know the disadvantages that are also involved? Like I said earlier owing a business and working for someone are not the same because if any problem should arise you'll be the one they'll point accusing finger to. I also wish you the best and the grace for you to owe your own someday.
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You are all welcome to de happy day supermarket I am the manager here in happy day supermarket because of the information I have hear so many people in my locality talking about bitcoin how to make exchange with it in our small and medium business, that gives me the courage to talk to my director that let us accept bitcoin as means of transactions couple with the current situation in scarcity of currency I convince him to see beyond reasonable doubt that if the supermarket accept bitcoin as means of exchange it will attract more customers an he said ok,so for now we are still inform our customers about the welcome development in happy day supermarket while we are still working to was it, I said let me drop it in the forum I need advice from you guys.
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Just like Cantsay said I think it was too much of a boldness from you to get your director into accepting bitcoin as means of payment. The outcome of this will definitely affect your relationship with him. The risk involved in it at the moment is too much to handle for a business owner. I hope you actually told him about the phases of bitcoin (bear period and bull period) because most at times people that lure others into bitcoin only talk about how the price increases with time and not the price fall aspect of it. This has made some new investors panicky when ever a bear period suffices. You need to tell your boss everything most importantly the security aspect of it.
You don't need more advice as you already did what you think is right and suggested it to your director. Let that time of informing your customers see the result of that survey you're doing if many of them will respond positively.
Not just because you've announced that you'll accept bitcoin, many customers will be on it already. That's not how it goes but not that much also will change if you adopt that as you've given the customers more payment method choices.
Not just because you've announced that you'll accept bitcoin, many customers will be on it already. That's not how it goes but not that much also will change if you adopt that as you've given the customers more payment method choices.
Going to the manager and giving him the idea of accepting Bitcoin as a form of payment was a bold step. This move might lead to the publicity of Bitcoin. There is no harm in trial, it is possible that some customers might decide to use Bitcoin for payments. But you cannot conclude or like you said "prove beyond reasonable doubt" that accepting Bitcoin will lead to increase in sales. The number of customers your supermarket would attract depends on how popular Bitcoin is on your area. Your boss must also be aware that the price of Bitcoin can change at anytime which might affect the business either positively or negatively. Good luck Mate.
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