I Opened another business were I accept Bitcoin - page 3.

AmoreJaz

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Quote from: SatoPrincess on September 16, 2022, 06:28:03 PM

Quote from: Detritus on September 16, 2022, 05:35:17 PM

Quote from: Sandra_hakeem on September 16, 2022, 11:00:06 AM

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

I am not going to keep my customers waiting, once one network confirmation is done, I can allow the customer leave.

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.

i was also actually thinking about introducing the LN to his customers. which is cheaper and maybe faster. but you need to orient your staffs or people that will directly be involved in this. for me, one or 2 confirmations is enough. some exchanges are crediting even just one confirmation. but giving the money without confirmation at all is very risky. try to orient your staffs with at least blockchair or blockchain, to see how the btc transaction is doing.

SatoPrincess

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Quote from: Detritus on September 16, 2022, 05:35:17 PM

Quote from: Sandra_hakeem on September 16, 2022, 11:00:06 AM

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

I am not going to keep my customers waiting, once one network confirmation is done, I can allow the customer leave.

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.

Detritus

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Quote from: Sandra_hakeem on September 16, 2022, 11:00:06 AM

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

I am not going to keep my customers waiting, once one network confirmation is done, I can allow the customer leave.

noormcs5

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Quote from: Detritus on September 14, 2022, 08:42:00 AM

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?

Educating other people about what is bitcoin is always a good deed. It will also lessen the increase of scam victims that involves crypto since we know that scammers commonly use it to deceive people on their investment schemes.

The only risk you have is bitcoin's volatility. Since its price fluctuates quickly, you could lose some profit if you received a bitcoin payment at a high price then it suddenly dumps.

At current market conditions when the price of bitcoin is not that high, this risk of bitcoin's volatility is minimized because the chances for bitcoin to dump are way less as compared to the chances for bitcoin to pump from the major support level. Anyways until the bitcoin is more adopted we have to face this challenge of bitcoin price volatility and business should incorporate this risk if they want to adopt bitcoin payments in their day to day business transactions.

The Cryptovator

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Great initiative. I have to say it's a win-win situation for both. You can make some money also your customer would take advantage of quick cash out instead of hassle. Although it's a good initiative but always make sure the transaction is confirmed before cashing out. There is a risk involved in double-spending. Train very well your salesman, so they won't make mistakes.

dlightag

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That is a nice business by accepting bitcoin through POS by deposit/withdraw and transfer transaction are stress free without going to bank and safe of time, but have you consider the Bitcoin transaction fees, and also educate your worker how it been calculate without ruining losses along side, If Yes, your good to Go, because bitcoin is the future financial system we need to adopt innovation.

Sandra_hakeem

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Goodnight, ohh Leo!!! 🦅

Yeah dude,
That is a nice business idea and you're gonna earn much; not just from trxn fees(pos charges) but also by indulging in fx so you could trade back your funds. Kudos!
But I guess you're gonna have alot of trouble cus a client is not gonna wait for a confirmation from the memphool,or maybe they will? It all depends.

It's a nice idea but just be careful out there.

Sandra👩‍🦱

awik p

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Quote from: Detritus on September 14, 2022, 08:42:00 AM

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?

Educating other people about what is bitcoin is always a good deed. It will also lessen the increase of scam victims that involves crypto since we know that scammers commonly use it to deceive people on their investment schemes.

The only risk you have is bitcoin's volatility. Since its price fluctuates quickly, you could lose some profit if you received a bitcoin payment at a high price then it suddenly dumps.

volatility will be a risk when we accept payments using bitcoin. this can be a double-edged sword which can be beneficial and can also harm us. during a bearish season like this accepting payments with bitcoin will be an opportunity to get double profits. but for small investors, of course it will be more risky because the money obtained from the sale must be immediately turned over to buy raw materials and it must be converted to fiat

Stella Mese

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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.

Welsh

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Depending on your businesses workflow, it might be worth checking with the mempool before every single transaction, and specifying the fee that the customer needs to pay in order for you to accept it. I understand that might actually put a lot of customers off, but it prevents a customer from putting a rather small fee on the transaction, and then you're waiting a while for it to confirm. Ideally, if you're operating on a six confirmation basis, you want that to confirm as soon as possible so you can get the transaction done. However, most businesses these days find that one confirmation is enough reassurance, and if you go about it that way, putting enough of a fee to get around a 10/15 minute transaction should be enough for most customers.

Some businesses even do zero confirmations, and just accept the risk of a double spend, but I wouldn't necessarily suggest that. I guess it depends if the customers are willing to wait for the block confirmation to receive whatever they're buying/trading. It seems like you might be selling other currency? Which I assume requires additional paperwork anyway, so the transaction could be sent, and then the additional paperwork sorted out while you wait.

rby

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Quote from: Wiwo on September 15, 2022, 12:13:48 PM

First let me congratulate you for making your first Bitcoin business transactions, I must say you are the first am hearing of having a POS accepting Bitcoin. But I find wired is the fee you charged the customer $3 fees at present dollars exchange rate to Nigeria naira is 700+ so 3×700=2100+ this is just a rough calculation of the fee you charge on an 18,000 naira withdrawal were ordinarily a pos charge 100 nairas on every 10,000 naira withdrawal in Nigeria, your client must have been so desperate to spend his Bitcoin to have agreed to pay such high fees aside from the blockchain fee he would have paid to send you the Bitcoin.

With calculation or rough estimation you provided, the story Op told is sounding like another fairy tale. There is no how a client would pay a fee of $3 which is about 2,700 of the local currency, for a service you can get for a few cents. Op, said that the business is lucrative and many people are into it, which means Op isn't the only one to provide the services.

Detritus

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Quote from: Darker45 on September 15, 2022, 10:04:09 AM

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I would like to extend my warm congratulations for your other business that accepts Bitcoin. Despite the seemingly unfriendly Bitcoin stance of your country, it seems Bitcoin-accepting business establishments are growing.

Thanks sir Darker45.

Quote

But I'm quite confused with how the system works. If I were to simplify everything, it seems you are just acting as a money-changer as far as Bitcoin is concerned. Am I right?

Yes you are absolutely correct, I give them cash and they give me Bitcoin in return.

Leviathan.007

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Still accepting bitcoin but this kind of business depends on you and how you designed this system surely you will need to start teaching about bitcoin to the employers because they cannot work with bitcoin customers without knowing bitcoin transactions and how the bitcoin works are this case they will have more benefits and learn a new skill while they're working which can be another positive point of your business for the employers works there, however, and regardless of that you should consider how the government regulated the bitcoin transactions in your country for safety on your business.

yhiaali3

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Really nice idea, as long as Bitcoin is legal in your country and there are no legal problems, this is a good thing to earn extra income by accepting Bitcoin, but of course you will face some technical problems at the beginning such as transaction delays and also you need to provide more liquidity as well as teach your employee more knowledge About Bitcoin so they don't cause you problems and lose your money. At the very least they should have experience about transaction time, fees and the number of confirmations needed for a transaction to be secure.

Victorik

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I am really wowed by your bold step in trying to do something new and novel in your region.

The concept is great, but my main concern is the time it takes to usually confirm a BTC transfer. The customer might be a rush and telling them to wait for about 30mins would really be discouraging.

Wiwo

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First let me congratulate you for making your first Bitcoin business transactions, I must say you are the first am hearing of having a POS accepting Bitcoin. But I find wired is the fee you charged the customer $3 fees at present dollars exchange rate to Nigeria naira is 700+ so 3×700=2100+ this is just a rough calculation of the fee you charge on an 18,000 naira withdrawal were ordinarily a pos charge 100 nairas on every 10,000 naira withdrawal in Nigeria, your client must have been so desperate to spend his Bitcoin to have agreed to pay such high fees aside from the blockchain fee he would have paid to send you the Bitcoin.
My advice to you is to be careful with the business, especially in Nigeria we're the central bank has placed strict orders on banks and other financial institutions from aiding cryptocurrency transactions, so accepting Bitcoin in a pos business is a high risk at the moment. And generally speaking, you should work on developing a faster payment system and also reduce your transaction fees on bitcoin to naira.
I wish you all the best and be careful.

CryptoYar

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No, there is no risk.
you should continue accepting bitcoin as you've stated yourself, acceptance of Bitcoin makes you unique from other POS stations. So to stop accepting it would be a bad idea in my opinion. for your business.

You should educate your colleagues and tell them don't give payment until 3 block confirmations at least.

Also, consider creating a QRcode for your wallet so that customers can simply scan and send BTC.

Darker45

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I would like to extend my warm congratulations for your other business that accepts Bitcoin. Despite the seemingly unfriendly Bitcoin stance of your country, it seems Bitcoin-accepting business establishments are growing. But I'm quite confused with how the system works. If I were to simplify everything, it seems you are just acting as a money-changer as far as Bitcoin is concerned. Am I right?

And as far as other transactions are concerned, you are trying to earn where the banks fail. It seems you are simply offering convenience for a fee.

Nrcewker

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Quote from: rby on September 14, 2022, 05:05:03 PM

Congratulations for your business idea and including bitcoin in your business. It has helped you to have a very good feel about Bitcoin transactions. When you said that you were afraid if it was a scam. That is not how bitcoin transactions work, you don't have to hand out cash unless the person sends you the transaction ID and you go into blockchain and confirm truly that the transaction is in queue and atleast a block has been confirmed before you can handout cash. More careful next time.

It would be more secure, if the op waits for some confirmations in the blockchain, then handover or completes the order.
Bitcoins have now become a daily to do for many people, so it’s great that it has been added in your business.
Moreover taking payment in Bitcoins, also help you to get rid of taxes.
Holding Bitcoins gives complete access to your funds and has no restrictions like the bank.
Honestly speaking Bitcoins should be integrated by all the businesses entrepreneurs. Bitcoins are the future.

Flexystar

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Good to see you taking an opportunity out of the new business ideas such as POS. Same thing is increasing at alarming rates in my region however it's not because of the congestion at "ATM" but thats all about the plastic card trend that is ever growing day by day. Everyone carries cards and its way easier to pay now with contactless cards with tap and pay feature.

While you wait for the transactions, you should always keep in mind that 30 min window before you can get at least 1 confirmation done. You can always ask them to increase the fees if they are in hurry and willing to pay couple of bucks extra for faster transactions.

However, I have observed that, though there are no confirmations yet you can see the "incoming" transaction in your wallet which can expedite your payment processing. However, always look for safer window rather than being stressed out. & congratulations for your business.

Topic: I Opened another business were I accept Bitcoin - page 3. (Read 1088 times)