Topic: My dream business succeeded (Read 751 times)

First of all Congratulations on your New business which is also happens to be your dream business. getting the opportunity to start dream business is like a jackpot which only small number of people from this world can win. so you are one of them.
And All the best for your Business and future success. from the pictures your Bar Looking very cool.  

Good to see your love and enthusiasm about bitcoin and wanting to make Bitcoin as a payment option for your business. But as transaction fee are too high, I suggest you to keep Fiat cash as your primary payment method. you can keep Bitcoin and Other altcoins as an alternative if anyone want to pay using them.
You can buy Bitcoin again with using your money you earned if you really want to have Bitcoins. That's the best solution for you.

I think op is familiar with bitcoin transcation fees. he/she can avoid High transcation fee via using centralized wallet like coinbase. here op can received and send bitcoin coinbase to coinbasd via email and also can received btc on Binance pay. but those method will not give actual bitcoin transcation experience. now it is a problem that who will interested to pay btc for A few packs for drinking. here transcation fees will make a big problem.

Thanks for your candid advice, I like your idea of being security conscious as that should be the number one priority of any business one is doing then just like I said in the OP I'm using a combination of fiat, USDT (TRC 20), BNB and some others as my payment options for now then i will include the use of Bitcoin when the transaction fees are less and no congestion in mempool because a lot of personalities around me are into cryptocurrencies more especially bitcoin so it would be nice if people that uses cryptocurrency also make payments using cryptos.

Your thoughts for me to save in Bitcoin and sell it off when the price increases is not a bad idea but I'm a bitcoin hodler and I plan to acquire more Bitcoins till it reaches the speculated ATH so for now I won't be selling my coins.


In life, don't always be influenced by people's decisions for you because if you fail you'll have yourself to blame and if you succeed you're also going to receive the glory so stick to your heart and establish your dreams and you're responsible for whatever decision you take whether it leads to your upliftment or your downfall, don't be controlled by people's opinion.


Yeah, setting up a LN is a welcome idea though am just starting up my business and with time everything will perfectly be put in place and thanks for wishing me well and I also reciprocate your wishes.

Though honestly, the money didn't actually settled everything to be frank as I added some money also, I only talked about the money my dad gave me directly as i didn't include my own personal money and the ones i got from other sources in other to help facilitate my business.

You're right about my dad watering the soil for me as that's the dream of every children to have parents that can stand for them and help them achieve their dreams and am also working hard to extend this adventure to my children and also help them achieve their dreams in the future


I quite understand the angle in which you're talking about but trust me I didn't just ventured into this business as an inexperience person as I have experiences about business management and I've been into cryptocurrencies for sometimes now and I also have experiences about how the crypto market operates so I don't think I would be finding anything difficult for now.

Thanks for congratulating me as well I appreciate.


Yeah, actually I'm adopting a cryptocurrency or rather cryptocurrencies but I hold more of Bitcoins in my portfolio and I still hope to use Bitcoin as I medium of payments in the future so hopefully I believe that a solution would be met on how the high transactions fees can be reduced and congestion in the mempool lesses as well in other for transactions to be confirmed very quickly

So at the end of the day, your dream becomes true with the help of your father. But right now, it's hard to accept Bitcoin, and double-spending chances are high due to transaction fees. As you already replaced the Bitcoin payment option with USDT and BNB based on customer advice, it's fine now. Because if you intend to hold Bitcoin, you can convert your USDT to Bitcoin. So it doesn't make sense to accept Bitcoin payments with high transaction fees at the moment until a solution is found. Accepting other cryptocurrencies also indicates you are adopting a cryptocurrency.

I’m all for bitcoin adoption in local businesses, I believe that it is the best way to get bitcoin to the grassroots. However, in my one year experience of accepting bitcoin as payment in my store I have to say that Nigerians are very reluctant to part with their bitcoins. They do not like to spend their bitcoins if it’s not necessary so getting them to pay for services with bitcoin is a hassle. For Nigerians, bitcoin is an investment. I think that’s the biggest challenge you will face as a business accepting bitcoin payment.

First of all, good luck on your business! I would be interested to know in which country or city you opened the bar. You write a lot about the bar, but not a word about the location.
On the subject of Bitcoin acceptance as a means of payment: I assume (based on the currency and how little money you had to put into the bar) that the drinks only cost a few dollars or even cents. Accepting Bitcoin as a means of payment for such a small amounts is more likely to result in a loss for you (transactions cost). Maybe accepting Litecoin would be a better idea.

I applaud this initiative because this way Bitcoin will expand faster. It will be a major achievement for Bitcoin when people can use Bitcoin instead of fiat money not just at a bar but anywhere. There will be various obstacles in the beginning. However, paying in Bitcoin at this time is more expensive for the service recipient. OP has done a good job here that he has put several payment methods where if desired a consumer can make payment in any method as per his choice and convenience. Although BTC is banned by governments in almost all countries, people around the world consider it a free economic hub. Bitcoin will be the popular payment medium in the long term.

Congratulations on taking the plunge and opening your dream venture! I completely agree with your suggestion about expanding beyond just Bitcoin payments. While accepting Bitcoin can be exciting and innovative, it's crucial to consider the realities of the current network and offer alternative options for your customers.

Offering stablecoins like TRC20-USDT, Matic, or BNB would be a fantastic way to attract a broader audience. These options are generally faster and cheaper to transact with, making them much more appealing for everyday purchases like a drink at your bar. Nobody wants to spend $4-$10 in gas fees on a $0.5 drink!

However, these challenges can be overcome with careful planning and the right resources. Remember, the potential benefits of offering a wider range of crypto payment options are significant. You'll be attracting more customers, increasing sales, and positioning your bar as a leader in the innovative world of crypto-powered businesses.

So, congratulations again on your bar, and keep those innovative ideas flowing! By embracing diverse crypto options, you're not just serving drinks, you're serving up a slice of the future.

Yes OP you are right on this fiat payment will you be much more sample than bitcoin payment just as you have said it will be of time waster making payment in bitcoin for just a cup drink of 1$ to 3$ that will be quite impossible for me is better you collect fiat payment to make it easier for you,
But it depends on the type of drinks you sell for example they have there of different types of drink.

That's good idea of business using Bitcoin asset as a means of payment for a bar in Nigeria and need to consider transaction charge involved while making a payment. Secondly network confirmation can delay in most times that can keep your customer waiting for a long time. Therefore need to make your calculations properly with country exchange rate for a profit return business.

Most people complain about transaction fees in paying for your beer if you use bitcoin because the bitcoin gass fee is quite expensive, especially when the network is very busy, it will make a loss if you look at the economy and ease of transactions.
But I also don't think you should delete it, you can make an alternative to bitcoin payments, maybe there are people who dare to make payments with bitcoin even though the transaction fee is expensive, so I think you can apply bitcoin as another alternative and consumers can make the choice they want to make payments, in terms of business it is open and more economical and attractive thinking, maybe most people who will make payments with crypto will choose other cheaper networks, but for those who are interested in using bitcoin maybe there will be those who do it to pay.

Maybe next you will have your own beverage factory, and export your products that can be purchased using bitcoin, especially with large quantities it will be much more effective.

Congratulations to you and be grateful to your dad who gave you a lifting hand. It is not many that enjoy such privilege from their parents.

Now that you have furnished and equipped your bar, can you think more of how to make your business sustainable. Can you think of how to out smart your competitors. Can you also think of how to attract more customers to your business. If you have a staff that you have employed, can you think of how to train the person to understand customer relationship management. There are a lot of things to think about in your bar business and order to be profitable on the long run. Planning to accept Bitcoin in year business is one of the list things that should trouble you. It is not many people that uses bitcoin for transaction in Nigeria. I mean even if you decide to use Bitcoin for your business you might not have any person paying with bitcoin for about 2 to 3 months. Even if people patronizes you with Bitcoin, how will you handle the volatility apart from the transaction fee which might take the profit in your business. You can find some other ways to promote Bitcoin in your neighborhood and not to force it in a business that do not actually need it to survive.

Congratulations for established such big bar in your environment but the step you took to introduce BTC in your bar, I don't think is a good idea and it will land you for trouble because all eyes will be on you that you use BTC to establish the business not knowing that it is your father that supported you with the capital.

 Since some of the things you are selling are drinks, it will be difficult for people to ignore local currency and use BTC to pay for the drinks and the high rate of dollar in your country show that it will affect your profits if you introduce such payment in your business, but I will advise you to be saving some money in BTC so that whenever the price increase you can sell to buy more goods in your business.

This is indeed an interesting topic to discuss for business people who accept Bitcoin as a means of payment. Maybe the number of Bitcoins obtained will remain the same, but their value can increase or decrease.
I mean for financial management in business, of course, it will pay attention to the circulation of money in the business. at least we can see it in a certain period. so that we can assess whether the business is running well or not.

It doesn't matter if business people immediately convert to stable assets or even fiat because it aims to simplify transactions in its business by accepting more payment alternatives. because business people may still have to spend back their bar supplies with fiat, not with Bitcoin or other accepted crypto assets.

This is worth discussing. I don't have a business that uses bitcoin as payment, so I'm hoping those who have accepted bitcoin for their business can tell us how they can manage their finances while use bitcoins.

In case we accept payment in bitcoin and convert to fiat currency immediately after payment is completed. I think using bitcoin is meaningless in this case.

There have been many threads about people accepting bitcoin as a payment method for their stores and businesses, but then no one updated the situation. Most just posted to brag about accepting bitcoin as a payment method in stores, no one shared their experiences on revenue management, finances, and the pros and cons of using bitcoin as payment method.

A big congratulations to you on your new business adventure in this year 2024, I love the setting of your bar, it looks sleek, stylish and rich, I've had plans of having a bar like this, or even something a bit bigger than this but some persons around me talked me out of the idea, but maybe in the future, I might pick up the idea again and this time, I will not allow myself to be discouraged or talked out of establishing it.

I am also wishing you well in your new adventure, but rest assured that you can always accept bitcoin as a payment method if you want, it's just like what we have discussed here over time in previous times about bitcoin L1 network not being one that is meant to be used for payment of/for goods and service, for businesses like this that wish to accept bitcoin as a payment method, I believe setting up  a lightning network is the best way to go, with lightening network, one can receive bitcoin payment fast and very cheap in terms of fees.

I hope you look into this..

What's the currency that OP is using though because if it's USD it's probably more than enough to set up a small fully furnished bar, and there's also the factor that the 2 million that was given to OP by her father is probably enough and that the price of furnishing and buying a place to set up a bar is probably not that costly, there's also the possibility that OP's father's influence might've done some work to smoothen some of the processes to build the bar.

BTC price volatility is a real problem for businesses, and managing it is not easy . I see many people come up with the idea of using bitcoin for their business and stores, but I bet they haven't thought about the problems that will hinder their financial management. Suppose what would happen to their revenue management if bitcoin price fluctuated 20%-30% in a day? People are just trying to use bitcoin as a means of payment for businesses as a temporary hobby, but no one has thought about how bitcoin's price fluctuations will impact their business, and what is the solution to that problem ?

You actually pointed out a point I've never seen anyone discuss before.

congratulations on making your business dream come true. and you are also happy to use crypto as an alternative payment in your business. I hope you don't have difficulty managing your business finances. because it will separate the amount of money that will enter your business between fiat and crypto. If you only accept USDT, management will probably be quite easy to manage. but if it involves Bitcoin or other crypto such as ETH or TRX, whose value can change very quickly, there may be times when you experience financial problems.
in quantity, it may not decrease, but in value, there may be a difference when the market price of the crypto asset you receive changes.

from the way you sound, it possible that your country of residence is Nigeria and if that's the case, it's 70 to 30 situation that you will get customers that will pay for the beer in bitcoin.

The first thing you should have considered before including bitcoin as a mode of making payment is to know the kind of customers you are looking out for. I know most youth that do online jobs could just decide to pay you in bitcoin just for fun but that's going to be a small fraction of prospective buyers and might not even be up to the 39% I'm talking of. If it's in some big bars where some guys go out to cash cruise, i know that their are drinks that are worth 200k and some might just decide to pay in BTCjust for the sake of fun.