I started business many days ago. Now it's time to accept Crypto as a payment. - page 3.

bigjuk

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Quote from: tjtonmoy on August 11, 2022, 04:52:40 AM

I started a small business on exporting rice in my town. It's been several months and everything is going well.
All my customers are happy with the service. So to make things a bit more interesting, I've decided to accept crypto as a payment method.

Do you accept Bitcoin payments in small amounts, I mean if someone buys a sack or half a sack of rice, do all of your customers know Bitcoin/crypto.

Broadly speaking, your business is good for accepting crypto payments, but you must also consider the risk of the Bitcoin price, so that you don't experience losses when bitcoin drops after making rice transactions.

GeorgeJohn

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Quote from: romero121 on August 14, 2022, 09:04:17 AM

Every business needs to stay close with the updated technology. What OP have done is really big move for the progress in business. When you go with the technology, it is also must to understand whether the surrounding is well aware of it. Just addition of payment option will not bring business. Whether it brings revenue or not, you need to have the patience. Because it is quite hard to achieve the targeted revenue at the beginning.

I acknowledged you concerning your suggestion because it's quite clear that that the world is now been controlled by the technology.but from my own personal opinion. Cryptocurrency and especially bitcoin has become worldwide currency for the most of the countries that's is aware of cryptocurrency. So implementing a personal law of making payments with bitcoin in a business established individually it's quite comprehendable and full of emulation. I at least i will applaud op for such initiative.

tjtonmoy

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heres the url. check it yourself: https://archive.dhakatribune.com/business/2021/07/27/bangladesh-bank-to-cid-trading-owning-cryptocurrency-not-illegal

"Speaking to Dhaka Tribune about the matter, Syed Almas Kabir, president of the Bangladesh Association of Software and Information Services (BASIS), said: “Cryptocurrency is the future. When we want to move towards a cashless society, we cannot be in denial. We have to start preparing to adapt to the implementation of such technology that has the potential to develop several industries.”

He also said skilled human resources need to be developed for reaping the benefits of blockchain technology, as well as a local evaluation of the currency against the Taka.

There is also a big opportunity for Bangladeshi fintech and software industries if the stance of the legality of cryptocurrencies is made clear and policies are implemented, said a top official of a non-bank financial institution (NBFIs) that has been developing such blockchain-based technology for its clients."

It's just a little business and the value is not much to be considered as money laundering and I'm not involved in any terror financing!
and p2p from binance is not illegal...
that's the reason to choose binance pay so that it's safe..
anyone asking for risk factor and other problems.. here's your answer...
feel free to ask me anything you like.
And in future if something happens... I'll update everyone here.
as for community! yes many people own crypto here and some of my client does too... one of them were short on money on day and asked me for a different payment method. I was joking when i said you can pay me in crypto... and then it clicked in my head.
so with the legal factor, if i continue this. then hopefully there shouldn't be any trouble.
let's see what the future holds for my business

Jemzx00

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Quote from: romero121 on August 14, 2022, 09:04:17 AM

Every business needs to stay close with the updated technology. What OP have done is really big move for the progress in business. When you go with the technology, it is also must to understand whether the surrounding is well aware of it. Just addition of payment option will not bring business. Whether it brings revenue or not, you need to have the patience. Because it is quite hard to achieve the targeted revenue at the beginning.

Having additional option in regards with payment method on your business doesn't necessarily bring much revenue to your company. It will only provide convenience to the consumer or customer and with the owner. With this, it helps the bitcoin and crypto community spread more knowledge and uses to the public.

Unfortunately, based from the response above, it looks like OP is from Bangladesh based from the number extension where bitcoin and cryptocurrency is banned. As much as this adaptation on his business is good news to everyone, it's sad to say that's it is better not to continue to avoid conflict on his business on the government.

Mr. Magkaisa

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Quote from: tjtonmoy on August 11, 2022, 04:52:40 AM

I started a small business on exporting rice in my town. It's been several months and everything is going well.
All my customers are happy with the service. So to make things a bit more interesting, I've decided to accept crypto as a payment method.
I have designed this business card of mine, and I'll be handing over this to my customers.

In the beginning, I have decided to stick on Binance pay, and BTC payment.
The BTC address is in the QR code on the business card, and also with the PAY ID for Binance.
Universal token transaction will be done through pay ID and BTC could be transferred too.
For those who want to pay with other method, can choose BTC address.

[Note: Information is blurred out for personal reasons.]

I gave it a good thinking and have implemented this in my business. So I want to know you guy's opinion in this.
Feel free to suggest me more secure options and how to improve this.
Thanks a lot in advance.

You have the courage and good intentions for doing that things to your place of business.
But there is one thing I'd like to ask, in which is that do you have a community over your place
that are already a crypto enthusiast like you? Because, if your the only one who knows about it, how
will the bitcoin payment work without this community users of crypto? Second, don't you have a local wallet
in your country where it is regulated under your government? Just like me here in the Philippines we have
coinsph wallet where it can be download in our mobile device using playstore.

Because if you are going to use the barcode coming from the exchange platform, I think there is risk
using that methods. This is just a piece of advise only where I knew for sure there is a disadvantage in the end.
Why not Electrum wallet where its a kind of cold wallet, I think this is much safer rather than exchange, at least
you have the 100% full in control of the balance that will enter to your wallet in the electrum unlike in Binance
is not instead the binance exchange was the one who has the 100% full in control for every bitcoin that will transfer
there.

romero121

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Every business needs to stay close with the updated technology. What OP have done is really big move for the progress in business. When you go with the technology, it is also must to understand whether the surrounding is well aware of it. Just addition of payment option will not bring business. Whether it brings revenue or not, you need to have the patience. Because it is quite hard to achieve the targeted revenue at the beginning.

TribalBob

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congratulations on your business, and the payment you offer, good luck always
you are a smart entrepreneur in this case taking a first start as the first in providing PAY ID services
but is this service optimal for your shop?
because as we know there are still many people who do not understand this system, you need time and patience to answer every question from the general public about this bitcoin

erep

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Quote from: Oneandpure on August 13, 2022, 03:00:03 PM

Will OP get trouble later accepted bitcoin as legal currency payment transaction with his country still not allowed transaction by using bitcoin as payment method? need to discuss again before have other member will make the same did by OP, I think we know just several country like El Savador accepted bitcoin as legal currency transaction, will not get problem when have merchant store accepted payment using bitcoin. But what happen with other countries when bitcoin accepting as legal currency transaction on some store but in their countries bitcoin still not as legal transaction currency, I worry they will get punishment and all assets received from bitcoin as transaction payment will be frozen by government or just get warning notification only.

He should consider accepting Bitcoin payments if the regulations of his country prohibit payment transactions using cryptocurrencies, before being checked from accepting Bitcoin for violating the laws of his country then it is better to avoid it, if you don't want to face the law, I hope the government opens leniency from the aimless use of cryptocurrencies to replace legitimate currency.

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Quote from: coinerer on August 13, 2022, 11:27:19 AM

It is alwys good to see when someone do something with bitcoin. But If you do it, you can face many potential problem. as your image i saw your number country code it seems you live in Bangladesh (+880). i googled about Status of Cryptocurrencies in Bangladesh and get some search result and i seen cryptocurrency is still illegal in Bangladesh. so if you open your service by bitcoin payment then you can face some problem by government

Will OP get trouble later accepted bitcoin as legal currency payment transaction with his country still not allowed transaction by using bitcoin as payment method? need to discuss again before have other member will make the same did by OP, I think we know just several country like El Savador accepted bitcoin as legal currency transaction, will not get problem when have merchant store accepted payment using bitcoin. But what happen with other countries when bitcoin accepting as legal currency transaction on some store but in their countries bitcoin still not as legal transaction currency, I worry they will get punishment and all assets received from bitcoin as transaction payment will be frozen by government or just get warning notification only.

coinerer

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It is alwys good to see when someone do something with bitcoin. But If you do it, you can face many potential problem. as your image i saw your number country code it seems you live in Bangladesh (+880). i googled about Status of Cryptocurrencies in Bangladesh and get some search result and i seen cryptocurrency is still illegal in Bangladesh. so if you open your service by bitcoin payment then you can face some problem by government

darewaller

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Accepting bitcoin in a non-crypto related business is a great deal because that's how we will grow in adoption, and we want the same thing for everyone else to do, that way we could end up just holding bitcoin forever without ever needing to work with fiat. In my nation it's allowed, there are no laws against it and yet we still have only a few places that accept it.

If we are talking about the total numbers that’s fine because we are seeing a ton of them, but that is mainly because 90% of them are crypto related companies, if we look at the ones like OP which I assume is non-crypto? That number is very small, in a country with 3+ million companies (from tiny places to huge corporations) we have only 1000 places that accept it.

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Quote from: coupable on August 12, 2022, 07:52:17 PM

First, congratulations for what you have done for developing the payment system and offering the crypto option to your customers. I am always happy when I see people using Bitcoin in their daily work. Secondly, I have read almost most of the comments and did not find a reference to the legal status of using Bitcoin as a currency that can be exchanged for goods and merchandise and also as a payment system. The legal situation is the most important element in this process and the rest are minor details in my opinion that can be easily discussed.

we always welcome any merchant or shop offering crypto payment to their customers. but the OP can add other crypto options other than btc, maybe, BNB or TRX. just find another top alt with very economical fees, because some people are paying with small amount and the fees matter to them.

Uang_kartal

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you have a reason that you think is logical and strong with the features that Binance offers, yes I admit some of the events were interesting. Have you ever thought about using your own non-custodial wallet? Which key phrases and access rights do you fully manage? I realize you accept real world transactions, don't you use fiat money? everything may still look safe, my advice is not to accommodate all transaction traffic there. For a spare fund. maybe in your country the treatment of binance is very special.but the market is not like your own wallet.all the decisions are in your hands and i think you are brave enough

coupable

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First, congratulations for what you have done for developing the payment system and offering the crypto option to your customers. I am always happy when I see people using Bitcoin in their daily work. Secondly, I have read almost most of the comments and did not find a reference to the legal status of using Bitcoin as a currency that can be exchanged for goods and merchandise and also as a payment system. The legal situation is the most important element in this process and the rest are minor details in my opinion that can be easily discussed.

TelolettOm

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I think that accepting Bitcoin as one of the payment method in your merchant or business is not a matter and this is very interesting to see the response of the buyers themselves. But, what about the regulation in your country? It is not matter for you to accept BTC as the currency?
If there is no matter, so happy to know that because in my country, it is illegal if use Bitcoin as a currency is so sad.
Accepting Bitcoin as payment method may need some certain treatment, management, and also announcement so that your users can be really ready for this one of the methods to use. This can spread more about Bitcoin to the people especially around you.

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this is a challenge for those of us who are trying to open up services and accept bitcoin as a means of payment, a small adoption like this will make bitcoin increasingly known not only for investment, but also as payment for goods and services. However, this is also related to the regulations of each government, if the regulations allow it will not be a problem, but if the regulations still prohibit the use of bitcoin as a means of payment other than Fiat, then bitcoin payments cannot be applied. violating government regulations by paying other than Fiat payment instruments can be subject to an article regarding transaction violations.

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Quote from: n0ne on August 12, 2022, 05:50:46 PM

Quote from: Leviathan.007 on August 12, 2022, 01:26:01 AM

I'm very happy to see you accepting bitcoin and cryptocurrencies as a payment method for your business, I'm sure you can have clients from all over the world and this can help the business because many countries cannot have normal credit cards and Paypal is not available there so they won't have any problem also implementing the cryptocurrencies payment method will not cost you a lot and will not require many paper works unlike the other payment methods but still you need to have enough knowledge about these payment gates to easily cashout the money when you need it.

The process involved is simple and it doesn't require any third party payment processor. The client pay and it directly reflects on your wallet. This will take your business forward, and you need to have good marketing along with the location people having awareness about cryptocurrencies. The biggest thing, government's stand on cryptocurrency usage. You need to go with the policy framed by the government, if not the same can bring problems.

That is the thing we are supposed to do, comply with all the necessary permits and we have to run our business legally. Thus, if Bitcoin is not banned in their country that is a great advantage for OP and I already see the success of doing this. Moreover, this is still a payment option but this also gives some insights to the public and to the government as well that there is someone who is willing to accept crypto despite its volatile nature. To prove that Bitcoin can be a form of payment, not just for investment.

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Quote from: Leviathan.007 on August 12, 2022, 01:26:01 AM

I'm very happy to see you accepting bitcoin and cryptocurrencies as a payment method for your business, I'm sure you can have clients from all over the world and this can help the business because many countries cannot have normal credit cards and Paypal is not available there so they won't have any problem also implementing the cryptocurrencies payment method will not cost you a lot and will not require many paper works unlike the other payment methods but still you need to have enough knowledge about these payment gates to easily cashout the money when you need it.

The process involved is simple and it doesn't require any third party payment processor. The client pay and it directly reflects on your wallet. This will take your business forward, and you need to have good marketing along with the location people having awareness about cryptocurrencies. The biggest thing, government's stand on cryptocurrency usage. You need to go with the policy framed by the government, if not the same can bring problems.

BITCOIN4X

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OP, I hope your service can develop in the future as bitcoin users are aware of using it as a means of payment. I am not surprised when someone starts accepting bitcoin as a means of payment if their country has legalized it as legal tender. I would only be surprised if my country finally changed its decision to lift the ban on the use of crypto as legal tender.

So far bitcoin can only be used as a legal commodity asset to be traded and invested. It is prohibited as a means of payment, but it is possible that some users anonymously use it as a means of payment. Apart from that, I'm glad that you announced this in the forum.

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Topic: I started business many days ago. Now it's time to accept Crypto as a payment. - page 3. (Read 972 times)