It is a great interview, I also think the owner forgot that it doesn't just attract customers who use or like crypto, but he is also promoting it for those who doesn't know it yet.
This is one way to promote crypto and it is great that even small business are open in accepting crypto as a payment option, and it is true we shouldn't really care about the transaction fee if we would use it as a payment option because they could also use other options to pay.
Topic: Interview with business owner who accept Bitcoin as payment method (Read 335 times)
May 07, 2024, 06:37:41 PM
Good for him, his business is doing well and making good positive exposures, and he is promoting bitcoins in a good way which will contribute to spreading positive feedback in the crypto market. If only most merchants had this kind of mindset, they would have already gotten some huge amount of sales increase and they could also increase their capital with the bitcoins they were holding throughout these years when they started early. With the probability of another bull run, they could make the initial investment that they received from their buyers increase a lot in the upcoming days.
May 07, 2024, 05:35:14 PM
Bitcoin adoption in Nigeria has always survived the restrictions imposed by the government on cryptocurrency transactions. In the last couple of days, the government has placed strict regulations to prevent people from trading cryptocurrency. I would have to do a follow up interview in a month or so to know how businesses that accept bitcoin payments are coping with the new restrictions.
Seriously I expect the Change of things with this new restrictions which i will call an outright ban. Before then if i am right many would have taken down that option of using bitcoin for payment. The current case of delisting the P2P from exchanges will affect them. While interviewing them I will like you to emphasize to the business owners about how their security and privacy comes first. If the government continues to strengthen its restrictions on cryptocurrency it would be better they stop for a while accepting bitcoin as payment, so as not to be labeled a criminal or someone breaking the law. Safety comes before encouraging adoption.
May 07, 2024, 05:21:45 PM
Seriously about the tax I will say the business owner isn’t paying that on for either bitcoin or usdt. My reason been that he would definitely have to hide from the authorities that he accepts bitcoin as a payment option. The government is currently placing heavy restrictions on bitcoin and cryptocurrency at large at the moment in as much as I would love more people to accept it into their businesses I think it is way too risky for now. So for tax I am pretty sure he isn’t pay for that? Because if he does, he might currently be facing the law for using it as a payment option.
May 06, 2024, 06:04:25 PM
4. Who are your main customers?
“I sell electronics, gaming consoles and gadgets. A large portion of my customers are males. The gamers are not new to crypto, most of them have used bitcoin to make in game purchases so when they come here they are more than happy to pay on bitcoin.”
“I sell electronics, gaming consoles and gadgets. A large portion of my customers are males. The gamers are not new to crypto, most of them have used bitcoin to make in game purchases so when they come here they are more than happy to pay on bitcoin.”
This is reasonable. People who are in technology are often already familiar with BTC and is already using it probably in investments and other means of transactions. In that case, adding another type of payment such as BTC and other cryptocurrency would be easier for the owner's target customers. It is more appealing too because it creates a tangible usage of the cryptocurrency they are holding with.
May 06, 2024, 05:52:20 PM
10. What are the biggest challenges you face in running a business that accept Bitcoin as payment method?
“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”
CBDC will fix this problem. This is why bitcoin is not very suitable in this capacity now.“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”
It would be nice to see more interviews like that, and perhaps some more information about businesses that accept Bitcoin. For example, what percentage of transactions are done in Bitcoin (and other mentioned currencies) vs fiat?
This question arose for me too. Will we demand that @SatoPrincess continue the interview? 
I would also like to know from the owner of this store how the tax authorities (or other government agencies) react to the fact that he accepts payment in USDT and Bitcoin?
May 06, 2024, 05:45:53 PM
Currently some business entrepreneurs as agreed to accept Bitcoin as a means of payment mostly some business that is being controlled by young youth there are people that likely accept Bitcoin as a makes up payment and the companies also that is the lighted also agree to accept Bitcoin as a makes of payment so before you come get the data off some businesses that accept to Bitcoin as a means of payment it will be hard except a company who is well known accept Bitcoin as a means of payment it will not be difficult to locate and also to give out of their data all this business that accept Bitcoin as a means of payment are mini business. Why people do agree to accept Bitcoin is because they have known the important or the advantages to people using bitcoin.
May 06, 2024, 04:54:52 PM
I'm too bold to talk about how business and payment methods are received by a particular shop owner – unless he's a friend of mine. Of course - asking a lot of questions like that to a stranger is very unpleasant, in fact I might even make him uncomfortable with all the questions.
Your experience proves that this is different - he's greets your intentions with openness to the adoption of bitcoin or other cryptos. His enthusiasm for attracting more customers who own bitcoin or crypto is huge - in fact he can open a lot of eyes for people who previously didn't know about bitcoin to find out about it. This was an interesting read for me - thanks for posting it.
Your experience proves that this is different - he's greets your intentions with openness to the adoption of bitcoin or other cryptos. His enthusiasm for attracting more customers who own bitcoin or crypto is huge - in fact he can open a lot of eyes for people who previously didn't know about bitcoin to find out about it. This was an interesting read for me - thanks for posting it.
May 06, 2024, 04:40:27 PM
That's a good to read thing. And I think you'd be able to do the same interview with other SMEs if ever they will grant your request of interviewing them since you won't be posting their faces and identities but only their shops.
And what's good into this interview is that you're going to broadcast it here in the forum and through written format which won't have any recorded footage but only written minutes.
Keep it up OP!
And what's good into this interview is that you're going to broadcast it here in the forum and through written format which won't have any recorded footage but only written minutes.
Keep it up OP!
May 06, 2024, 04:37:30 PM
1. When and why did you decide to start to accept Bitcoin and other crypto as payment methods in your business?
“I thought it would be a good way to attract customers who like cryptocurrencies. I have been doing this for about three years and I have had this business for four years.”
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9. What is your management style? Do you hodl the coins or instantly convert crypto received into fiat?
“Both. I convert the crypto to fiat and also keep a small percentage of Bitcoin.“
That’s extremely smart and I think that a lot of business owner should follow. You are earning and investing almost both at the same time.“Both. I convert the crypto to fiat and also keep a small percentage of Bitcoin.“
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10. What are the biggest challenges you face in running a business that accept Bitcoin as payment method?
“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”
This is what I am talking about. It is extremely risky however I think the gains are worth it.“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”
May 06, 2024, 04:34:45 PM
This question arose for me too. Will we demand that @SatoPrincess continue the interview?
I would also like to know from the owner of this store how the tax authorities (or other government agencies) react to the fact that he accepts payment in USDT and Bitcoin?
I would also like to know from the owner of this store how the tax authorities (or other government agencies) react to the fact that he accepts payment in USDT and Bitcoin?
I think OP will definitely update us on this thread about more.
Seriously about the tax I will say the business owner isn’t paying that on for either bitcoin or usdt. My reason been that he would definitely have to hide from the authorities that he accepts bitcoin as a payment option. The government is currently placing heavy restrictions on bitcoin and cryptocurrency at large at the moment in as much as I would love more people to accept it into their businesses I think it is way too risky for now. So for tax I am pretty sure he isn’t pay for that? Because if he does, he might currently be facing the law for using it as a payment option.
It also excites me whenever i see any establishment or business that accepts bitcoin as a means for making payment, this is all they want and have realized that its something being important for them in other to wave the challenges experienced with the use of fiat, this clearly shows that i such country, bitcoin is allowed to be used by everyone for their daily transactions anf they have a fair regulation on that.
In the past the government had a relaxed policy on it, so the interview must have been conducted prior to this month. At the current moment the government is going in heavy with those involved into bitcoin and cryptocurrency.
May 06, 2024, 04:19:56 PM
and have realized that its something being important for them in other to wave the challenges experienced with the use of fiat
Whenever people implement BTC payment in their business, it is not because of any challenges they face in accepting fiat, what kind of challenges can they face? It is even in accepting crypto that there could be certain challenges.Implementing BTC payment is usually a means of attracting extra customers that would want to pay you in BTC, and also a way to increase the adoption of BTC as a currency, especially when the merchant is a bitcoiner themselves.
we would really be able to see that acceptance and adoption is really that there on which if people would be finding out that they do have that crypto options or payment then it would really be bringing out that ease
and convenience whenever they would be deciding on buying up something or having that kind of service or something. So it would really be just that depending on how known or really that being legal
on a certain place before these business owners would really be making out such option.
May 06, 2024, 04:09:34 PM
10. What are the biggest challenges you face in running a business that accept Bitcoin as payment method?
“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”
In addition, it will definitely be a little hard to continue to maximize this because indirectly the owner is required to be extra every day so that the situation in the balance of capital in bitcoin payments is maintained and indeed this is definitely the best experience for you and also the owner who makes payments through bitcoin and in addition this is also a good reference for some Nigerian friends who are doing the same thing (accepting bitcoin payments in their business) to do some of the tips that are in the answers given in this interview.
May 06, 2024, 03:36:18 PM
and have realized that its something being important for them in other to wave the challenges experienced with the use of fiat
Whenever people implement BTC payment in their business, it is not because of any challenges they face in accepting fiat, what kind of challenges can they face? It is even in accepting crypto that there could be certain challenges.Implementing BTC payment is usually a means of attracting extra customers that would want to pay you in BTC, and also a way to increase the adoption of BTC as a currency, especially when the merchant is a bitcoiner themselves.
May 06, 2024, 01:55:36 PM
If it's an electronics store, it especially makes sense for it to accept cryptos, as customers are likely to know about it and to be interested in that option.
The target audience of this store is highly likely to know how to use bitcoin. Whether payment bitcoin will be in high demand in a children's/women's clothing or children's clothing store is a rhetorical question.A good story for those worried that CBDCs can be a big competitor of Bitcoin.
Exactly?10. What are the biggest challenges you face in running a business that accept Bitcoin as payment method?
“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”
CBDC will fix this problem. This is why bitcoin is not very suitable in this capacity now.“Balancing the books can be tricky especially when you don’t immediately convert the crypto to fiat. The market changes rapidly and you can experience a loss or profit.”
It would be nice to see more interviews like that, and perhaps some more information about businesses that accept Bitcoin. For example, what percentage of transactions are done in Bitcoin (and other mentioned currencies) vs fiat?
This question arose for me too. Will we demand that @SatoPrincess continue the interview? I would also like to know from the owner of this store how the tax authorities (or other government agencies) react to the fact that he accepts payment in USDT and Bitcoin?
May 06, 2024, 01:10:42 PM
I recently visited a locally owned business that accepts bitcoin as payment method. I was so excited to see someone who isn’t on BTT accepting bitcoin as payment method. It shows that bitcoin adoption is spreading across the world. The store had a beautiful signage on the exterior and interior of the store that displays “Bitcoin, USDT, Enaira Accepted”
It also excites me whenever i see any establishment or business that accepts bitcoin as a means for making payment, this is all they want and have realized that its something being important for them in other to wave the challenges experienced with the use of fiat, this clearly shows that i such country, bitcoin is allowed to be used by everyone for their daily transactions anf they have a fair regulation on that.
May 06, 2024, 12:34:52 PM
5. Which cryptocurrency do your customers pay with the most? Bitcoin, Usdt or E naira? And which is your favorite?
“I have never had a customer pay with E-naira. Bitcoin and usdt are the favourites.”
6. Do you offer discount for customers who make payments in Bitcoin and other accepted cryptocurrencies?
“No I don’t.”
7. How do you deal with high fees in Bitcoin? Do you use lightning network?
“No, I do not use lightning network. Bitcoin is one of many payment options available. Customers can choose to pay in usdt, E-naira or fiat when bitcoin fees are high.”!
Enaira was introduced to limit the use.of cryptocurrencies in Nigeria. But it failed to achieve aim since most people don't even have knowledge of the that version of the Naira. I am not surprised that the businessman have never had a customer who wants to pay with Enaira.“I have never had a customer pay with E-naira. Bitcoin and usdt are the favourites.”
6. Do you offer discount for customers who make payments in Bitcoin and other accepted cryptocurrencies?
“No I don’t.”
7. How do you deal with high fees in Bitcoin? Do you use lightning network?
“No, I do not use lightning network. Bitcoin is one of many payment options available. Customers can choose to pay in usdt, E-naira or fiat when bitcoin fees are high.”!
Offering discounts would have encouraged more crypto users to pay with crypto. Maybe giving discounts might affect the profitability of the business.
Lighting Network is complicated to use and it might not be suitable for electric businesses where you don't have the same or consistent customers. Opening and closing the LN for every customer might be expensive and time-consuming
I recently visited a locally owned business that accepts bitcoin as payment method. I was so excited to see someone who isn’t on BTT accepting bitcoin as payment method. It shows that bitcoin adoption is spreading across the world. The store had a beautiful signage on the exterior and interior of the store that displays “Bitcoin, USDT, Enaira Accepted”
Great work SatoPrincess and we hope to see more interviews to enable us know more about business crypto adoption in your area. 
May 06, 2024, 11:11:30 AM
That was a pretty nice interview, the guy was smart enough to allow Bitcoin as payment method because gamers often know about cryptocurrencies as sometimes they have to purchase digital goods or other stuff with cryptocurrencies.
The store owner was fast enough to find that and allowed the gamers to pay in Bitcoin and other crypto currencies. I believe for such stores, it's better to accept stable coins in order to be safe from the volatility of the market.
But, if the owners are the ones who like holding their coins for long term then Bitcoin should be the no.1 payment solution that they accept from their customers. I know sometimes it's pretty hard to pay with Bitcoin due to network congestion but most of the times it still works way better than fiat.
The store owner was fast enough to find that and allowed the gamers to pay in Bitcoin and other crypto currencies. I believe for such stores, it's better to accept stable coins in order to be safe from the volatility of the market.
But, if the owners are the ones who like holding their coins for long term then Bitcoin should be the no.1 payment solution that they accept from their customers. I know sometimes it's pretty hard to pay with Bitcoin due to network congestion but most of the times it still works way better than fiat.
If it's an electronics store, it especially makes sense for it to accept cryptos, as customers are likely to know about it and to be interested in that option. It's also interesting that people aren't using e-naira in interviewee's experience. A good story for those worried that CBDCs can be a big competitor of Bitcoin.
It would be nice to see more interviews like that, and perhaps some more information about businesses that accept Bitcoin. For example, what percentage of transactions are done in Bitcoin (and other mentioned currencies) vs fiat? Is there a discrepancy regarding the average sums (maybe people tend to choose BTC for bigger transactions, but maybe not)?
It would be nice to see more interviews like that, and perhaps some more information about businesses that accept Bitcoin. For example, what percentage of transactions are done in Bitcoin (and other mentioned currencies) vs fiat? Is there a discrepancy regarding the average sums (maybe people tend to choose BTC for bigger transactions, but maybe not)?
11. What key piece of advice do you have for someone that may one day like to start a business that accept Bitcoin?
“Just do it.”
"Just do it" is the tagline for Nike, but that Tagline is dangerous, especially when you want to make some kind of business or investment decisions because some decisions actually need to be given adequate consideration before implementation. “Just do it.”
Do not start a business accepting bitcoins when you do not have any understanding of what bitcoins are or the technicalities involved.
If you are a business owner and you rush into accepting bitcoins as a payment method without really understanding it, there is a high chance that you may get cheated along the way by people who may have a better understanding of bitcoin than you do.
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