Topic: I Opened another business were I accept Bitcoin - page 5. (Read 1104 times)
The only legal risk here is that CBN do not tolerate bitcoin p2p transactions. Knowing how the POS business in Nigeria works, I don’t think it’s going to be a profitable venture. The major reason why customers patronize pos shops is for convenience and quick service compared to using ATMs. I believe your staff doesn’t have access to your wallet, only you do. So they have to contact you somehow to confirm the transaction. 35 minutes is a long time to spend trying to withdraw money at a POS centre. You could teach your staff how to use blockchain explorers to check the status of a transaction. Another thing you have to consider is the volatility of bitcoin, pos business is a small scale business, the capital is usually around 300-500$ I don’t think such business is ripe enough to adopt bitcoin yet.
While it is a decent way of earning a side income you must make sure who you are trading with.
Sometimes the other person is not genuine and might use bitcoins which were previously used for illicit activities hence putting you in trouble.
Some might also try to scam you by doing a replace by fee transaction and the solution to this is to at least wait for 2 confirmations to be on the safer side.
On the other hand you will need a good amount of liquidity in order to run this business which might become a problem when your business grows bigger.
Not to mention the legal regulations that you might encounter if you are from a country which restricts cryptocurrency trading.
Sometimes the other person is not genuine and might use bitcoins which were previously used for illicit activities hence putting you in trouble.
Some might also try to scam you by doing a replace by fee transaction and the solution to this is to at least wait for 2 confirmations to be on the safer side.
On the other hand you will need a good amount of liquidity in order to run this business which might become a problem when your business grows bigger.
Not to mention the legal regulations that you might encounter if you are from a country which restricts cryptocurrency trading.
-snip-
do you think it's a risk am taking and should i discontinue the Business?
do you think it's a risk am taking and should i discontinue the Business?
- Legal risk? Your country bans crypto. But it's an open secret that Nigeria is at the top of the bitcoin transaction statistics in Africa even though it's under ban. A risk that doesn't have to be thought about much, right?
- Crime risk. You as a physical cash exchange provider are assumed to have a large amount of cash reserves. This is feared to attract criminals to come to your shop.
If you think you can handle these 2 risk factors, you can continue your business.
if in your country trading transactions using bitcoin are allowed, I think there will be no problem with your business. because usually, some countries regulate currency or means of payment that are legal and accepted in their country.
however, you have tried to make people around you more concerned about the value of Bitcoin. thank you for your effort and business.
My advice, you should do an evaluation every week or every month. related to your employee systems and services. I am sure this will not be short, it will take a long process.
however, you have tried to make people around you more concerned about the value of Bitcoin. thank you for your effort and business.
My advice, you should do an evaluation every week or every month. related to your employee systems and services. I am sure this will not be short, it will take a long process.
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.
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.
You should be aware of how Bitcoin transactions work, and accordingly do not hand over money to the client until the transaction has received at least one confirmation on the network, or that your employees know to check whether the transaction has the RBF (Replace-By-Fee) label, which would mean that it is possible to double spend the same coins.
I would also advise my clients before the transaction which fee to use in relation to the current situation with mempool - which you can always see on this site -> https://mempool.space/
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?
If the authorities in your country allow such a way of doing business, and if you know what you're doing, then you can make a profit - I would just invest in additional protection in the form of surveillance cameras or a protective barrier behind which your employees are when they work with clients.
This is a good business but the time taken for the transaction is more here due to network. If some day many customers come, then you may have a little problem.
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?
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?
Jump to: