My dream business succeeded - page 2.

Lorence.xD

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Quote from: leonair on January 19, 2024, 09:37:26 AM

Quote from: MJSO22 on January 19, 2024, 09:27:18 AM

Quote from: Cryptoprincess101 on January 16, 2024, 06:37:02 AM

I've been longing to Open my dream business for a very long time now, my dad is an influencial politician in my state. He has companies and some businesses and I've been pestering him to assist me with some funds to start my dream business of having my Own Bar but he never gave me a listening ear. Just on January 2 2024, He sent me #2,000,000 in my local currency which is about ($1560 currently in dollars and 0.037347 in BTC) to start up my dream business.
I was so happy and thankful to him for giving this assistance after a very long time I've been requesting money from him to start up a business.

Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

The picture below shows the transaction I received from my dad and the setting of my bar:

please help wish me well in my new achievement for the year 2024.

Yes, this is a very good decision because it will increase the use of Bitcoin and people will know better about Bitcoin and people will be more enthusiastic about Bitcoin.My question is that if you take payment in bitcoin but the price of bitcoin is not always the same some time it goes up a lot and some time it goes down a lot how do you manage the loss.I support your decision.But if you are able to do loss management. Then you can start it.

op can manage this loss easily. after received bitcoin payment for his sales he/she will convert it to stable coin like usdt. so it will not a big issue for them. What will become a problem for him is the law of his country. I don't know exactly what percentage tax is levied on bitcoins by his country's law and whether bitcoin is officially allowed in his country. Because if the answer is taxed on science, it will be very troublesome for him to receive Bitcoin payment and if Bitcoin is not fully legal in his country, he may face various legal problems. So if he can manage all his problems then I think he should do it

I think there are a lot of things you would have to consider when making a Bitcoin transaction, well there's no issue if the receiver would eventually converts it to a stablecoin to avoid the volatility that could affect the value of Bitcoin, but the concern is much worse that can cause of huge losses in the business. In the process, there would always be a fee even converting small amounts, even for any transactions to make. Just imagine you would be buying a $1-10 amount but the average Bitcoin transaction fee at the moment would be $15, what do you think is the possible outcome? Also if there are a lot of customers and all of them pay in Bitcoin, I think that might cause traffic and the transactions would be stuck.

Churchillvv

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Well congratulations madam I suppose! you must have put in alot of efforts in writing this kind of post but it's looks a kind of phishing because of the current rate of things in the country and the amount you mentioned above.

If we start by making an estimate of what must have been spent in that business of yours it's probably going to amount around 5-6 million if am not mistaking or less or more. From what I'm seeing in the image you uploaded the bar as you called it is way too expensive from my perspective and you must be missing some lines here. But at least congratulations once again.

For accepting Bitcoin as payment method based on how the country is right now I will suggest you stick to the fiat currency because this idea of yours will surely attract some kind of attention to you. Plus the fact that your dad holds public office in the state I guess you're putting yourself in a kind of danger. This is just a mere opinion it your decision, place the ball in your court.

mirakal

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Congrats on your dream business mate. I have high hopes that you’ll be able to manage your business the best way you can. However, with regards to accepting bitcoin as a payment method, I guess it will be hard to make it work these days since the transaction fees alone are high and discouraging, but we know for sure that the market won’t be congested all the time, thus we are still seeing possible low transaction fees in the coming days.

For now, just continue to accept fiat since majority of the customers are more likely to pay using fiat. But still continue promoting bitcoin because that will create an awareness on their part that bitcoin is not just an investment tool alone, but it could also serve as a good currency option.

humanvelocity

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This is really Wholesome and I am very happy for you but I am not really sure about an average drunk old guy going through an hassle of paying using BTC lol

leonair

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Quote from: MJSO22 on January 19, 2024, 09:27:18 AM

Quote from: Cryptoprincess101 on January 16, 2024, 06:37:02 AM

I've been longing to Open my dream business for a very long time now, my dad is an influencial politician in my state. He has companies and some businesses and I've been pestering him to assist me with some funds to start my dream business of having my Own Bar but he never gave me a listening ear. Just on January 2 2024, He sent me #2,000,000 in my local currency which is about ($1560 currently in dollars and 0.037347 in BTC) to start up my dream business.
I was so happy and thankful to him for giving this assistance after a very long time I've been requesting money from him to start up a business.

Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

The picture below shows the transaction I received from my dad and the setting of my bar:

please help wish me well in my new achievement for the year 2024.

Yes, this is a very good decision because it will increase the use of Bitcoin and people will know better about Bitcoin and people will be more enthusiastic about Bitcoin.My question is that if you take payment in bitcoin but the price of bitcoin is not always the same some time it goes up a lot and some time it goes down a lot how do you manage the loss.I support your decision.But if you are able to do loss management. Then you can start it.

op can manage this loss easily. after received bitcoin payment for his sales he/she will convert it to stable coin like usdt. so it will not a big issue for them. What will become a problem for him is the law of his country. I don't know exactly what percentage tax is levied on bitcoins by his country's law and whether bitcoin is officially allowed in his country. Because if the answer is taxed on science, it will be very troublesome for him to receive Bitcoin payment and if Bitcoin is not fully legal in his country, he may face various legal problems. So if he can manage all his problems then I think he should do it

MJSO22

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Quote from: Cryptoprincess101 on January 16, 2024, 06:37:02 AM

I've been longing to Open my dream business for a very long time now, my dad is an influencial politician in my state. He has companies and some businesses and I've been pestering him to assist me with some funds to start my dream business of having my Own Bar but he never gave me a listening ear. Just on January 2 2024, He sent me #2,000,000 in my local currency which is about ($1560 currently in dollars and 0.037347 in BTC) to start up my dream business.
I was so happy and thankful to him for giving this assistance after a very long time I've been requesting money from him to start up a business.

Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

The picture below shows the transaction I received from my dad and the setting of my bar:

please help wish me well in my new achievement for the year 2024.

Yes, this is a very good decision because it will increase the use of Bitcoin and people will know better about Bitcoin and people will be more enthusiastic about Bitcoin.My question is that if you take payment in bitcoin but the price of bitcoin is not always the same some time it goes up a lot and some time it goes down a lot how do you manage the loss.I support your decision.But if you are able to do loss management. Then you can start it.

legendbtc

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Quote from: gunhell16 on January 19, 2024, 05:14:00 AM

If what is being said is true, then that is good, and you have a business, and your parents helped you somehow. There are rarely parents who support their children who believe in Bitcoin.

They don't support you because they don't understand bitcoin yet, once they understand they will support it with both hands. My parents knew I made a lot of profit from bitcoin, and later they even encouraged my younger brother to follow me in investing in bitcoin. Most parents and elders do not support bitcoin because they do not understand what it is.

Quote from: gunhell16 on January 19, 2024, 05:14:00 AM

Then another thing: in every business that we build, regardless of it, we can use cryptocurrency other than Bitcoin as payment. Just so others can get used to always using it as a mode of payment, that's why when there is a problem with the Bitcoin network due to congestion, it is not advisable to use Bitcoin. It is better to use another cryptocurrency than Bitcoin, such as Bnb or USDT, and the network to use is either trc20 or bep20, depending on what you want.

OP said he removed other coins from his payment method after receiving some advice from people. I don't understand why people advise that when it's a viable solution, maybe they're bitcoin maximalists.

Victorik

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Let me start by congratulating you for turning your dream into reality. It's really not an easy feat, but thank God for the right support you have.
Frankly speaking, I don't think anyone would want to pay a high a transaction fee that might even be higher than the price of the commodity he is paying for, except you accept that the fee should be on you. Either way, it will be a lose for both you and the customer.

gunhell16

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If what is being said is true, then that is good, and you have a business, and your parents helped you somehow. There are rarely parents who support their children who believe in Bitcoin.

Then another thing: in every business that we build, regardless of it, we can use cryptocurrency other than Bitcoin as payment. Just so others can get used to always using it as a mode of payment, that's why when there is a problem with the Bitcoin network due to congestion, it is not advisable to use Bitcoin. It is better to use another cryptocurrency than Bitcoin, such as Bnb or USDT, and the network to use is either trc20 or bep20, depending on what you want.

2Pizza410000BTC

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Congratulations on successfully launching your dream business. Starting cryptocurrency transaction in business is not for everyone, only those who have acquired good skills about it can be successful in cryptocurrency trading. But I want to know from you if it is possible to open a bar in your country with 1560(0.037347 BTC). 1560×126 = 192276 BDT according to my country's currency. With this amount of money, you will never be able to start the 'bar' you mentioned in my country, in that case, how did you start the 'bar' with such a small amount of money in your country? But if your business is real then you won't get success in bitcoin trading because currently people will not be attracted to bitcoin trading bar. However, since you have taken the initiative to start fiat currency trading, you may have some success in this regard.

DanWalker

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Quote from: m2017 on January 19, 2024, 01:41:51 AM

Quote from: Cryptoprincess101 on January 16, 2024, 06:37:02 AM

Edit: after much deliberation and suggestions from responsible members that gave their individual opinion to me here, I have therefore retorted to use TRC 20-USTD and BNB for payment hence, I've removed my initial wallet address i made available earlier as my intended payments method but however, I'm optimistic to use bitcoin as a payment method for my business in the future when transaction fees will definitely reduce to a considerate price and probably no congestion in the mempool.

Even if bitcoi mempool ceases to be overloaded, then given the high cost and rising price, bitcoin it seems to me, will never be used as a means of payment for the purchase of beer or other alcohol in a bar. The commissions are too high and here the old analogy comes to mind: it’s like buying a ~~cup of coffee~~ beer and paying with a bar of gold. The values of the conventional beer and the means of payment are too disproportionate.

This is true, if it were me, I wouldn't use bitcoin to pay for a loaf of bread, a bottle of beer, a cup of coffee...Frankly, I have no reason to pay extra transaction costs for small bills while if I use fiat I don't have to pay any extra fees. Not to mention transaction confirmation time is also an issue, I won't have enough time to wait for transaction confirmation with today's rushed life, and with fiat I don't have the same problem.
Using bitcoin as a means of daily payment has too many disadvantages and many people know this but they still stubbornly refuse to accept this truth.

Finestream

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Congratulations mate, your dream business has finally come into reality. It’s still a lot different when you have an influential family member, finances won’t be a really huge problem. However, when it comes to your business, I like your idea of promoting bitcoin through accepting it as a mode of payment, but knowing how bitcoin mempool is still congested, then you can still accept fiat and other mode of payment where your customers are convenient to pay, and just put bitcoin payment in its future usage. After all, it’s not actually the payment system that really matters but the fun and enjoyment that they will sure to experience in your new opened bar.

Good luck mate and may your business will prosper more in the following years to come.

m2017

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Quote from: Cryptoprincess101 on January 16, 2024, 06:37:02 AM

Edit: after much deliberation and suggestions from responsible members that gave their individual opinion to me here, I have therefore retorted to use TRC 20-USTD and BNB for payment hence, I've removed my initial wallet address i made available earlier as my intended payments method but however, I'm optimistic to use bitcoin as a payment method for my business in the future when transaction fees will definitely reduce to a considerate price and probably no congestion in the mempool.

Even if bitcoi mempool ceases to be overloaded, then given the high cost and rising price, bitcoin it seems to me, will never be used as a means of payment for the purchase of beer or other alcohol in a bar. The commissions are too high and here the old analogy comes to mind: it’s like buying a ~~cup of coffee~~ beer and paying with a bar of gold. The values of the conventional beer and the means of payment are too disproportionate.

I didn’t see anything “unusual” (related to bitcoin) in the photo of your bar, like the “bitcoin accepted here” information panel. How would patrons of your bar know about the option to pay for ~~bitcoin~~ "TRC 20-USTD and BNB"? Would the bartender have to vocalize this every time?

Crypt0Gore

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Quote from: Ever-young on January 16, 2024, 07:06:47 AM

I could have love to congratulate on this your achievement but then again I don’t buy the story as they don’t look real to me, there have been lot of stories like this in the forum which just happens to reduce of recent due to how the community keep on busting them and discovery the full intention of the Op.

If your dad is a public servant and have access to public funds you should focus on learning and investing on other things than this bar of a thing it will attract attention to you and your family especially one like this that you want to start accepting bitcoin, if you were to throughly have those money that he gives to you 2,000,000 naira can’t open a standard bar here in this country after doing all the fee payment from registration, rent, and arrangement of the shop. I just find it hard to buy your story.

How big is the bar that's capable of attracting attention? Not this type of bar bro, just look at it again, it's something anyone can do for themselves without getting help, it doesn't even look like something that cost a lot of money from a politician, mind you, these people have access to different women, they most times have children outside of their first marriage, so it is possible that OP do get help from his father.

If something similar haven't happen in your environment it will become harder to believe, I get that, if truly that all this bar cost is just 2,000,000 naira it shouldn't attract any attention, and not all politician children are none, I bet this is what's happening here, this amount is something a parent can do for a child, too small from a political figure honestly, it is not a big thing.

Those who are not even in politics are spending millions on their children to build hotels and other big companies, this is even under average coming from a political figure.

Solokan

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We are of course bitcoin fans here and to be honest bitcoin is a cool digital currency and I personally use bitcoin as a future asset and in my country the government currently prohibits bitcoin from being used as a means of payment, so I only use bitcoin as a future asset. Now you have succeeded in creating a lucrative business and of course you have a good income.

congratulations op because your dream has come true and the payment system you use is very good because bitcoin fans will definitely enjoy making payments with bitcoin.

Yes, lately Bitcoin transaction fees have been very expensive, so if you use it for payment transactions, it will definitely be difficult. Indeed, I think that when BTC transaction costs are high, it would be better to use fiat money first for payment transactions at your bar. If BTC transaction costs have gone down, of course you can accept payments using BTC. I think your idea is very good op.

Essential10

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OP, first of all congratulation to you, I am very surprised to see that you are able to enter your dream business because you used an amount of $1560 to open such a business, everything you managed to arrange within this amount is really incredible. Since there is no legal ban on Bitcoin in your country and you have introduced a Bitcoin payment system in your business, it is quite good. Maybe they are sponsoring you in fiat because of the current challenging but I hope in the future the high bitcoin loan fees will drop and your bitcoin payment system will be fully operational.

KiaKia

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First of all, I will like to congrats you from the bottom of my heart, while many rich kids will prefer to use money to go night clubs and hotels to have fun you decide to start a business, this smells good already, I wish you the very best of good luck.

In this situation you really can't tell what will happen, you need to simply try and see if the customers will accept and embrace the idea, just try it and drop feedback after some months, I have read a lot about stores accepting Bitcoin and they mostly have unpleasant result because people don't want to use Bitcoin to pay.

It's either because of high transaction fee or because they believe Bitcoin is better stored than to spend it, they believe it to be a medium store of value and even gold, I can't blame them for that, high transaction fee is also a very big issue already, I can only use Bitcoin to purchase things that are highly costly just to make sure that the transaction fee is worth the purchase.

Justbillywitt

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Congratulations on your achievement. It's usually a great feeling to see one's dream come to reality. Let's hope for the best and for the Bitcoin transaction fees to drop drastically in the future so that your business can make use of Bitcoin as means of payment as you intended. Best regards.

cryptoWODL

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OP congrats on your new venture.If a man can turn his dream into reality then he calls himself one of the lucky ones and maybe you are one of those lucky ones. Because you have been able to transform your cherished dream into reality. Nice to read your post but I would have been more happy if you would have paid for this bar with your bitcoins it would have sounded even better. Cheesy

However since you said that you will accept payment for this bar in Bitcoin, I suggest you accept payment through Bitcoin Lighting Network, it will be convenient for you.

adzino

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Like others suggested, the transaction fees is going to kill you and put you in loss. So bitcoin won't be an option for you. If you aren't looking for stable coins, then try using coins that has very low fees, like doge coin or Solana. You will be able to hold them. But the problem is, it is very highly unlikely there will be customers having that specific coin that you are accepting. So you need to give them multiple options. If it is stable coin you want to use, like others said, USDT TRX is cheap, but you need to make sure your customers are paying using the correct network.

Topic: My dream business succeeded - page 2. (Read 847 times)