Topic: I Opened another business were I accept Bitcoin - page 2. (Read 1102 times)

The legal status if is banned then its problematic for you because the government will take actions to curb your activities despite your efforts so make wise moves as when you have open business then you are under surveillance by the authorities so keep all things in mind.

But it's really appreciable that you have opened up new business accepting btc giving customers a new opportunity to pay through this medium but are there sufficient customers paying in it ?

I think this is a really good idea for a business you run using Bitcoin. If you have employees who don't understand how Bitcoin works, you should really tell them or teach them how to send Bitcoins as well as receive Bitcoins, so they can understand how Bitcoin works. If you don't teach your employees about Bitcoin, the business you run using Bitcoin will be in vain and everyone will be at risk of losing money.

Good decision when opening new business accepted bitcoin as payment currency transaction,  I think your country Nigeria have been popular with bitcoin around I saw many member from Nigerian in Bitcointalk forum. I think not really expensive when payment charge fees about $3 but I hope you can use comparison with charge fees, if transaction above $1,000 maybe you can add little fees transaction or depending with huge amount transaction for fees payment.

In my country, this kind of business may soon be closed by the local government because it uses digital currency which is not allowed to replace fiat currency.

This business will run well and continue to grow if you also provide education to your customers, because there are customers who of course do not fully understand bitcoin.

First of all, congratulations for being a successful Bitcoin marchant. This feels really happy for you. You know what, I have the same dream that one day I will open a business with a bitcoin payment section; I want to pay my bills with bitcoin wherever I go or buy anything in my country. So it would be really simple for me as a tech lover. But our bad fate is that my country still does not recognise bitcoin's powers. And they banned it. It's really sad. Let's apart from this, I just want to say all the very best for your business. Thank you.

<...................>

if Bitcoin is illegal on the op country then this is my same questions how can op start his business by accepting Bitcoin publicly . If he continues his business like this, he may face legal problems according to the laws of his country's government . And it will bring a bad experience for him. I would like to ask the OP again how he is going to proceed with his system if Bitcoin is considered illegal in his country.

I just Opened the business on 1st/September/2022 and on the 2nd/Sep/2022 I was surprised to receive a call from my employee that a customer wants to take #18,000 (Nigeria Naira) and pay in Bitcoin, I did the calculation and added $3 fee for my business charge and sent the details across and the customer sent 0.00155 BTC. I asked my employee to give cash to the customer when she confirms the transaction is processing, so the customer initiated the transaction and receive the cash he needed.

It took over 35 minutes before the transaction was finally successful and arrived in my wallet. Due to the delay, I started thinking 🤔 its a scam but I was also convinced that it might be a congestion in the Bitcoin network.

POS (Point of sales) business is a major lucrative business in my region.
in my region, Bank ATMs is usually crowded with people trying to cash out or cash in (withdrawal/transfer). this become a challenge to most people who can not undergo the stress of joining a long que or having to wait under the sun, stand for long time or being patient until it's turn to carry out their transactions. in some cases bank is not close to some residential area and people living in the area would have to pay for transportation fee to get to a close by ATM and carry out their transactions, some times you get to the ATM and find out there is no cash (unable to dispense or out of service). Due to this reasons lots of people are now into POS business which is actively saving people Bank/ATM transaction stress.
the service offered by a POS business Agent is to save individuals the stress of going to the Bank/ATM to make cash withdrawal or send money to their loved ones, another stress it saves individuals is to help them pay for their cable subscribetions like (DSTV, Startimes) without having to drive down to the network providers office, they can also recharge airtime (VTU) to their desired network.
  Another thing it does is assist individuals pay for their electric bill, they need not go through the stress of going to the NEPA office before they can pay their bills.
 there are lots of people doing this Same business in my region but I did not find any one with the idea of accepting and exchanging Bitcoin and other crypto for their customers. So I decided to Open this same business with a different idea of accepting Bitcoin, i think am the first person with this move in the POS business.
I am happy I now have Two business in different areas that accepts Bitcoin. Thanks to the things I have learned in this forum about Bitcoin payment, I am being practical of things I learned in this forum.
  I just Opened the business on 1st/September/2022 and on the 2nd/Sep/2022 I was surprised to receive a call from my employee that a customer wants to take #18,000 (Nigeria Naira) and pay in Bitcoin, I did the calculation and added $3 fee for my business charge and sent the details across and the customer sent 0.00155 BTC. I asked my employee to give cash to the customer when she confirms the transaction is processing, so the customer initiated the transaction and receive the cash he needed.
It took over 35 minutes before the transaction was finally successful and arrived in my wallet. Due to the delay, I started thinking 🤔 its a scam but I was also convinced that it might be a congestion in the Bitcoin network.

 Apart from a short explanation I have given to my employees on how to receive payment in BTC from customers, I have decided I will organize a special class to teach all my employees things they need to know  in details About Bitcoin. The fact that I want to teach my employees things about Bitcoin and also accepting and exchanging Bitcoins for customers, do you think it's a risk am taking and should i discontinue the Business?

Attracting more people to use cryptocurrencies is a very good thing because it will help the progress of the crypto space that can become famous faster. And obviously in the beginning there is no need to explain about things that are complicated or difficult to understand because those who have never used it will be discouraged before he tries to use cryptocurrency like people who have used it for a long time.

it seems your business inspires me a little. because previously I was a little confused about what business I should start. but when I read this I became almost the same idea as you. but in a different field.
however your idea is to accept bitcoins to cash in your shop. is a wonderful thing. after people know you accept bitcoin. so I'm sure in the future there will be many customers who become regular customers to your store to cash out bitcoins into cash. I hope your business will be more successful.

It took over 35 minutes before the transaction was finally successful and arrived in my wallet. Due to the delay, I started thinking  its a scam but I was also convinced that it might be a congestion in the Bitcoin network.

Possibly the biggest Bitcoin problem is that there aren't any physical bitcoins. There are loads of people who deal in cash only. The question is, how do we make physical bitcoins that maintain their value? Of course, the public can't trade them safely with the SEC around. But that answer is to go private, with a Private Membership Association.

One network confirmation is not enough to actually confirm a bitcoin transaction, get at least three confirmation on the blockchain before handing out money to any customer. Even big exchanges do not make the mistake of accepting only one network confirmation, why should a small business take that risk? How about you tell your customers about lightning network for faster transaction.