This is the second the me I am reading about businesses in that region/NIG accepting bitcoin and USDT as mode of payment for goods and services and this is a good development at least some of the customers who are familiar with such development and technology will definitely use that service instead paying with fiat, and now that the Nigeria government is climbing down on cryptocurrency excahges and speculators I think the digital currency payment in such business will suffer a set back, but not totally a bad omen since many cryptocurrency users in Nigeria will rather choose to use bitcoin to pay for goods purchased in such shops instead of risking to convert to Naira before usage.
So it both side from the government the business owner will face some challenges, but from customers who pays with bitcoin there is will increase in adoption of such business, because someone like me will gladly pay with bitcoin instead of naira.
Topic: Interview with business owner who accept Bitcoin as payment method - page 2. (Read 335 times)
There is a research that shows that when a business add bitcoin as a payment option, they will attract new customers and their revenue will increase. For the third question, it is a dicey one because lately the federal government of Nigeria have been all out against bitcoin and even mobile money operators have been directed to close and report any of their customer engaged in crypto currency trade. He has to be very care so they do not make an example out of him. For the fourth question, I am not surprised I didn't expect females or older adults to be his customers. And this is the reality every where. He has got everything really planned out and I like it. The government has made it difficult for other business people who want to add crypto as payment option to do that. There is a risk of them losing their business and going to jail if they are caught.
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.”
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.“
These two questions and answers are my favorite because it simply does made a lot of sense to me.
The merchant are selling electronic ang gaming gadgets, it is one thing to consider when accepting crypto as payments since majority of the target market are probably heard about crypto at least even once. Though there are still a lot of techy people who are not into bitcoin yet, this would be a great help for bitcoin to build trust to those kind of people.
That number 9 question might be a difficult thing to manage being the merchant since bitcoin is a volatile asset. Though he can just convert it to stable coin, but still it is a challenge to his risk appetite. So, it just made sense that he convert some to fiat to take profit from his product, while retaining the other to take the opportunity to get profit from bitcoin as well.
(....)
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.”
The business owner really knows what he is doing, kudos to the business owner.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.”
I agree with the answer to this question because it is really true and really a challenge especially. There is also other payment processors that will help to solve this problem like some auto conversion.
Wow, that's interesting to read. I honestly think that altcoin is better since the fee usually cheaper. But, looks like someone still want to use btc as payment method.
A Gift card shop that i knew removed it btc payment because the same answer as number 7 and 10. I remember back then, the fees can reach $20 per transaction.
Well, if it's internal transaction then it should be fast enough to receive the funds but if it's from another then you will have to wait for the transaction to get confirmed unless you want to use usdt to pay. It also depends on the seller if he wants to receive crypto payment other than bitcoin and usdt like eth and other crypto only have small transaction fee. It is only possible if crypto isn't banned in a country. A Gift card shop that i knew removed it btc payment because the same answer as number 7 and 10. I remember back then, the fees can reach $20 per transaction.
“Yes I use Binance Pay...”
Looks like this fixed the problem for confirmation time(tried to google it and it said the transfer should be instant). Back then, the confirmation sometime take too long to get confirmed.
Wow, that's interesting to read. I honestly think that altcoin is better since the fee usually cheaper. But, looks like someone still want to use btc as payment method.
A Gift card shop that i knew removed it btc payment because the same answer as number 7 and 10. I remember back then, the fees can reach $20 per transaction.
A Gift card shop that i knew removed it btc payment because the same answer as number 7 and 10. I remember back then, the fees can reach $20 per transaction.
“Yes I use Binance Pay...”
Looks like this fixed the problem for confirmation time(tried to google it and it said the transfer should be instant). Back then, the confirmation sometime take too long to get confirmed. 
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”
After window shopping, I had a little chitchat with the owner and asked if he would be open to chat about his experience which he agreed to. I texted him 11 questions, it took a while but he finally replied with answers to all of them.
This is how the interview went:
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.”
2. How has this decision affected the growth of your business over the years? Do you still see your business accepting Bitcoin as payment in the next ten years?
“Business has been good. People here are not used to seeing small businesses accept crypto as payment and are fascinated when they are offered the option of paying in crypto. It has opened me to a new network and I’m grateful I made the decision to include crypto payments in my business. I still see my business accepting Bitcoin as payment in the next ten years. But I cannot say what the price of Bitcoin will be in ten years time.”
3. What’s your government’s stance on Bitcoin and cryptocurrency? How has that affected your business?
“Bitcoin is not illegal in Nigeria. I also accept E-naira which is a cryptocurrency endorsed by the government.”
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.”
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.”
8. Do you use the services of Bitcoin payment processors?
“Yes I use Binance Pay. I’m looking to switch to other payment processors since Binance has disable its p2p option for Nigerians.”
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.“
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.”
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.”
I also discovered other SMEs advertising online that accept Bitcoin as means of payment. I sent them a dm and hopefully they will respond. I will be updating the thread as soon as I get a response from them. If you find a business that accepts Bitcoin as payment in your city, feel free to use the above questions and share with us the answers you got from the business owners. And I will add the link to the OP. If you also have suggestions and questions you think I should add in my next interview, please let me know. Cheers!
After window shopping, I had a little chitchat with the owner and asked if he would be open to chat about his experience which he agreed to. I texted him 11 questions, it took a while but he finally replied with answers to all of them.
This is how the interview went:
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.”
2. How has this decision affected the growth of your business over the years? Do you still see your business accepting Bitcoin as payment in the next ten years?
“Business has been good. People here are not used to seeing small businesses accept crypto as payment and are fascinated when they are offered the option of paying in crypto. It has opened me to a new network and I’m grateful I made the decision to include crypto payments in my business. I still see my business accepting Bitcoin as payment in the next ten years. But I cannot say what the price of Bitcoin will be in ten years time.”
3. What’s your government’s stance on Bitcoin and cryptocurrency? How has that affected your business?
“Bitcoin is not illegal in Nigeria. I also accept E-naira which is a cryptocurrency endorsed by the government.”
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.”
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.”
8. Do you use the services of Bitcoin payment processors?
“Yes I use Binance Pay. I’m looking to switch to other payment processors since Binance has disable its p2p option for Nigerians.”
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.“
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.”
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.”
I also discovered other SMEs advertising online that accept Bitcoin as means of payment. I sent them a dm and hopefully they will respond. I will be updating the thread as soon as I get a response from them. If you find a business that accepts Bitcoin as payment in your city, feel free to use the above questions and share with us the answers you got from the business owners. And I will add the link to the OP. If you also have suggestions and questions you think I should add in my next interview, please let me know. Cheers!
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