Topic: My dream business succeeded (Read 844 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.

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.

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.

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.

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

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

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.

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.


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.

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.

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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. 

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.

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.

Your father a politician gave you a lot of money to start a business. But the liquor store that you have given will actually make the society or the citizen of the country worse off. By doing this, it will be seen that the reputation that your father has gained as a politician may  be damaged because of you.Because the liquor store is not a very good thing, many people will be affected by it. However, if you want to involve yourself in Bitcoin, you must study the market in Bitcoin and have a long-term plan to invest in Bitcoin.

Besides the reason transaction fees are quite high, I think privacy can also be an issue for some people. Like my area, I know many people who are investing and holding bitcoin but they have never made it public or shown it off to anyone. Although we don't have any stores that accept bitcoin yet, I suspect that even if we had stores that accepted bitcoin, people still wouldn't use bitcoin to pay. Bitcoin is not banned in my country, but people still don't like to publicly say they own bitcoin, including me.

I'm not spreading Fuds but actually using bitcoin as a means of payment is facing certain problems and I think we won't see this becoming widespread anytime soon.

There are many reasons why your customers are not ready to pay for beer using Bitcoin, one of which is that transaction costs have been very high recently. Logically, to save transaction costs, customers prefer to use local currency as a payment medium for small transactions. For example, you sell a bottle of beer for $1.5 or $2, the calculation is that the customer has to pay a higher price than what you sell because it includes transaction fees for sending Bitcoin.
I just hope that your business is successful and can bring big profits to you, hopefully there will be large orders who are willing to pay you with Bitcoin.

It is your dream but it is your dads money , isn't much better if you are the one who provide for that said dream? because it will be more better to see that you are working on your own and not just asking for your parents money and take it as yours because this brings no best in my opinion.
But yeah congrats to your father for opening a Bar and just let you manage that for him as that is his Money and not yours.

the best thing you have here is that you are welcoming Bitcoin to the business and this is for me the good picture in this thread and for that Thanks for making bitcoin open for public in your place.

Congratulations lady. I love to see young entrepreneurs start a business. I hope your business excels to the level you want it. Regarding the Bitcoin transaction fee, it’s a sad thing indeed. However, accepting USDT and BNB still pushed the ideology of cryptocurrencies at large, in which Bitcoin is involved. I hope the transaction fee for Bitcoin comes down really soon as many businesses want to integrate it except the high fee.

Op congratulations for opening a bar with that huge amount which your father dash you. You are a wise person because if some people got this opportunity they would have lavish it it hotels or bars to drink with friends. You have taken a wise decision though you didn't use in to invest in Bitcoin but for the shake that you will be accepting Bitcoin then you have indirectly invested in Bitcoin and your business will be growing rapidly.

But be careful with the business because when you accept Bitcoin in the time of high then you might lose. So you have to think first before accepting it. I wish you all the best.

You sound as if you know her from Adam. Or you think her story is a lie because you have evidence to prove otherwise? Or you think she purported the story simply because you live close to her? C'mon, stop acting like Sherlock Holmes when you have nothing to prove. The story may sound fake simply because we've heard so many types like this but that doesn't mean there can't be an ounce of truth.
 Congratulate her effort and that of the dad's for given her the opportunity to make her own living instead of living off of him. Gee, you sound envious that she's the child of a politician. Despite the fact that most of these politicians, especially in the African region are mostly corrupt doesn't mean they all are.

 Congratulations on your achievement, op. Atleast with the little time you've spent here, it shows you are also interested in practicing the knowledge you've gotten or are still getting about Bitcoin but I'd advise that you stick with accepting payment in fiat for the time being till the congestion in the mempool lessens, that way you may have been able to get a wide customer base who will be patient and willing to transact in Bitcoin.

This could also make more people familiar with cryptocurrencies when visiting there because bar owners are already willing to accept cryptocurrencies when paying for drinks or whatever the OP sells at the bar. Moreover, if running such a business is also assisted by the OP's parents, it will also make it easier for everyone to ask about how payments can be made at the bar. So that could certainly be very good for the OP and also for the cryptocurrency that the OP will receive when the customer makes the payment.

Glad that you were able to open up a bar quite easily and that is with the help of your father I hope this business venture of yours works out since you involved a family member in getting the funds to get the bar running or what we call the seed capital

Anyway this bar would be a nice place to gather users of cryptocurrency since you already have crypto as your payment method I wish you and your business all the best!

The idea of payments used bitcoin for alternative is still very popular because some of us think that with that at least we can promote bitcoin in a different way not only providing learning but making payments through bitcoin can also be a good promotional event to introduce bitcoin indirectly.

But in this case we must already know that for now transaction transaction transaction costs are one of the problems that cannot be avoided and I personally even though i do support them businesses when providing payments via bitcoin but i don't want to pay for a few glasses of beer with bitcoin because of the current transaction costs so it needs to be thought through in the end.

But it can still be done it's just that for now there will be very little interest and this is also if forced will harm yourself especially if the shipping costs are deducted from the price of your beer.

In having yo assume that all politicians are corrupt or just can’t have an investment of their own or perhaps have got no other stream of income aside from politics, then the assumption that the said politician must have dipped hands in the nations or state treasury to finance personal business but, speculatively, this might not be the case. There is no how to know the individual in question since it wasn’t clearly named in OP and it’s possible not to be a corrupt politician. Though majority of the politicians are corrupt, there still is a few in the field that still seeks to do right by the citizens they represent.

Still, the choice of having a bar for a business isn’t exactly something out of place. We all need a place yo chill out and enjoy the earnings of our labor and a bar is one of those places. Now, it’s left for you to establish a limit at which, you don’t result to a drunken state. Even so, it’s good business to the investor.

Meanwhile, having yo accept Bitcoin for a means of payment at the time wouldn’t work so well and you wouldn’t find users opting that for a payment media. Let fiat assist in running the order of the day and when the time is right, you can initiate a Bitcoin payment media.

Bro you sound so funny, what do you mean? Do you think influential people can be in the forum?. We are all here for our different reason and the people this forum accumudates are all from different backgrounds. If you are here for a reason, do not think everyone here are here for the same reasons you are here. This forum accommodates people with different occupation and career, different family backgrounds.  You this is an anonymous forum that you can't really tell who people are .

Congratulations @cryptoprincess101, don’t feel bad about the negative comments, you don’t have to prove anything to anyone. And @Agbe, if I recall correctly, just a year ago you were making similar threads, pushing for bitcoin adoption in your community. Quit bothering OP. He doesn’t have to give you the bar’s location or hang out with you to prove his story is real. Privacy should be respected, no one should be forced to dox themselves to prove a point.

It’s bad practice to quote the entire OP if you’re not responding to a specific text in the OP. The thread is becoming difficult to scroll through because of the large size of images you quoted.

Congratulations on starting your dream business. After achieving your dream from the start of the year, 2024 will be a rollercoaster year. The congestion of the mempool, which results in high transaction fees for bitcoin, has been a significant setback for businesses that use bitcoin as a means of payment. Individuals cannot confidently pay or send money without incurring high fees. I don't think anyone will want to pay in bitcoin right now; just keep collecting your payments in fiat until further notice.


It is good that you listen to the advice of forum members who know more than you; this will help your business grow and attract customers of various types who will use different methods of payment to pay for your services. I don't think the bitcoin price will fall anytime soon because of the growing number of users on the network as a result of its widespread adoption. We remain optimistic that the transaction fee will decrease in the future, but it does not appear that it will happen anytime soon.

You're a lucky guy because you didn't start your business from scratch looking for capital, while your parents gave you the capital.

Regarding your business that accepts bitcoin payments, I think it is still very difficult in an undetermined period of time, why? Because it is always unpredictable mempool even the surge can go up to 100sat / vB or even more so this will not benefit you and your customers.

Maybe there will be more advice to the lightning network, but is the majority there already familiar with this network? Because in general, it is still the onchain network that they use more.

As a Nigerian that I am, I can relate to your story but one thing you should understand is that most of your customers will be dealing with fiat, is only a very few of your customers that will make transactions with Bitcoin, you will always need to do some level of advertisement, letting your customers know that they can also pay in Bitcoin if they don't have fiat. Since you said opening a bar has always been in your mind, if not I would have advised you to use a good part of the money your dad gave you to invest in Bitcoin outrightly, however opening a bar too is also a nice idea, at least you're business orientated.

You're right, buddy, accepting payments from customers in fiat is the easiest way for you to get their money without having to pay exorbitant fees. However, accepting bitcoin is also a good idea because it can help you acquire some without having to buy it from someone else if you want to invest again, but regardless of how a customer completes a bitcoin transaction for you, he will still be responsible for paying the fees. The best online banks to use are opay, kuda, palm pay, and moni point, since they don't impose excessive transaction fees, and I think that's what most of your customers will use as well.

Nobody wants to be stressed these days, so I'm just saying that since you're starting a business, you should take it seriously in order for it to grow. Even if you want to accept bitcoin right away, I don't think you should; instead, you should wait to see how the business is doing before making such a decision. On the other hand, bitcoin is an unpredictable investment, so don't let the bull run or the increased price of bitcoin fool you. I wish you luck and more clients for your enterprise.

You're right about my dad owning the property, I only bought drinks, furnitures and upholsteries so you ain't far from the truth. How can that amount get me that kind of luxurious environment and still equip the place at same time it's impossible in my country.

I guess the OP didn't keep his records accurately or the property might be his father's own. There is no way one could pay rent, furnish the bar and stock it with drinks with such an amount. The bar looks more expensive than the money OP claimed was used to set it up. However nothing is impossible, maybe he did most of the work at a cheap rate. 

OP doesn't need to give the address of the bar in a public forum, it might not be too good for his privacy. Don't forget that he also claimed to be the child of a rich politician in Nigeria, which means he needs to be conscious of his safety. If you want to patronise his business you could send him a personal message and if he is comfortable with your request, he can send the location of the bar.   

Right. Think about sticking with regular payments for now to keep the cash flowing smoothly in your new business. Even though accepting bitcoin sounds cool, those high fees could be a bit much at this early stage. Get your financial base solid before diving into different payment stuff. But don't ditch the idea completely! Just be mindful of those fees while exploring cool payment options for your startup.

It is a new phase to excel on your possessions my dear.
I would just have to say... Congratulations on your new beginning.
I hope you would make proefficient counts out of your endivoirs.
Atleast the opportunity for your patronages to pay you with Bitcoin is another dimension to enable Bitcoin owners for easy transactions and so also, it serves a medium to contributing the speculations of Bitcoin.

I hope you don't only see Bitcoin specifically as a measure of transactions but also find it known that you can accumulate, hodl with the intense of making profits out of your hodling for investments.
Once again, Congratulations.

I don't want to say anything on that magnitude because that is what basically and the core reason of the thread and it is obvious. Well there should be no big argument again. Op congratulations for opening a bar that accepting Bitcoin. We can now buy bear with cryptocurrency and I am very happy. Op @Cryptoprincess101 from your historical posting, I noticed that you are close to me, please can you drop the location of the BAR so people that are nearby can visit to have some funs and hangout.

Wow, you've got a fully furnished bar and establishment for that amount? Now I want to know where you're from because I want to live there, I could probably retire with my money there if I wanted to because I feel like you're getting a really good value out there. Congratulations on your part, would've been more awesome if you've done the hardwork for the money but nonetheless, congratulations on the business and may you become successful.

Calm down with your suggestions, do it yourself if you want to but it's definitely a good suggestion, make sure that you're getting the most attractive ones though, don't want seeing unattractive attractions you know.

put dancing naked woman and man in your bar. a lot of costumer coming there.

If I were in OP's position, I would use that much money to buy Bitcoin and invest for the long term, because currently having a business is not as easy as we imagine, whether the business will be successful or not. Especially if you don't have experience and knowledge in the field.
Apart from that, I think using Bitcoin as a means of payment is currently not the right time because congestion and high transaction fees are reasons and also full considerations. Because nowadays most people will reduce transactions or not do them at all because of the high fees and prefer to use fiat and accumulate more Bitcoins for the long term and the fees return to normal.
And the reason I chose this money to buy Bitcoin is because it is more promising, especially in the long term, and while waiting for big profits. I will study the business I will create as a whole that will allow me to run both to success.

if you feel this post was created in other to farm merits then there's absolutely no problem but put yourself in a scenario whereby you are telling the truth and every one begins to read meaning in what you are saying simply because maybe they feel you didn't present yourself well in other for them to believe your story. Every thing a wrote here is real and not done on purpose.

this isn't for formality legend, it is a crime to share one's achievement here in the forum. You may not believe me but I didn't actually create this thread to impress anyone, it was out of joy and excitement that made me share this but if you think it's a "cook and bull" story, then it's fine. My dad being influencial doesn't really mean I can't be involved in some social lifestyle with other people. Besides if there are some errors I made while creating this thread it's only to be corrected besides I'm new to the forum it's not as if I'm a pro.


Rhetorically, you mean influencial people's children doesn't have anything to do with platforms of this nature, I mean that's a wrong assumption!

I think OP is just doing what he has seen others do in the past to farm merits. This type of topics used to work in the past, members are easily moved by bitcoin adoption threads and showed them with merits. This is why I think this story is a ploy to fish merit since OP didn’t get enough merits on the last one he created.

I don't know, but the thing is, you just started your business and accepting bitcoin as a payment may be too early for your business. I get the thought that you want to have other payment options and hold bitcoin, but the thing is, you already just started your business and you need funds or income to circulate in your business money so you can operate for a long time, but like you said, a high transaction fee is a hindrance, right? In my opinion, it is still not feasible for you to accept bitcoin payments. Imagine that someone will pay using their bitcoin asset despite the high fees. Maybe there are some, but do you think it is worth it? I think not, but still, it's not bad to still offer the option of payment; you should not decide without prior consideration of your current standing in your business. Remember,  you are just starting, building solid income first, and having the goal of earning the initial capital, or ROI, or return on investment.

Do you even think that her father is a real politician as she is claiming? Or it is for formality. Because from the way I observe and analyse the thread, I don't believe the story. Because a potential or influential politician daughter or son will not come to this forum to look for... There are some stories someone will tell me here that I will believe and not this type nof stories.

Op do you really understand this statement in politics, and influential politician daughter or son is here. How? Is it that you are here to learn Bitcoin? If it to learn Bitcoin then you welcome but if it is the opposite then your story is a fallacy. And I will put your on my watch list to know if you are really an influential politician daughter or son. And things you discussed here will also showcase your identity as a politician daughter or son.

Someone who knows what they're doing could surely pay you a bill at your business at some point.

You already got the hardest part, now with a pride I shouted "we accept bitcoin here".

You could sell consumer memberships, with an associated discount, if they pay in bitcoin.

Well done. May you succeed in your entrepreneurship.

This got me rolling on the floor On a serious note, OP did mention his father has strings of businesses and companies. To be fair, it’s possible the money was profit from those businesses.

Not everything should be about bitcoin investment. People need jobs and businesses to earn a living. Having a steady income is very important even for a hardcore bitcoiner. Because if you don’t have income, how will you be able to afford the bills without selling your bitcoins.

Even though business is good, it's only sometimes like this.  That being said, the initiative you've shown is very different.  That's fine.  But remember that the fees for Bitcoin transactions are very high, so be careful to keep your money safe.

This got me laughing. A society were intelligent and talented youths needs just little assistance that can make way for so many lives.

I think we should also consider the fact that he is targeting the wrong audience. Promoting Bitcoin's usage is a good idea, but we understand how customers behave in bars especially when it comes to making payment. I have worked there, so I am talking from experience. I wish her all the best in the next phase.

I am surprised that the money you received from your father ($1.5-2k) was enough to finance everything. The furniture, all the permits, and other taxes you needed to pay. If the establishment isn't yours, you will also have to pay rent. The last picture shows an open area on the outside, is that also a part of your bar?

There is never a bad time to start accepting bitcoin, but the state of the network doesn't make it attractive for small payments, and it's been like that for a long time. I myself wouldn't be interested in paying a $2 coffee by spending $5 in fees on top of that. And that's what you are looking at right now, if not more.

Furst of all, congratulations on your dream come true as you have established your dream business, I wish you all the best in your business.

Just as many forum users suggested, you can resize your image to make it user friendly because they are two big, you can use this code below to resize the image.

Due to high transaction fee, and mempool network congestion, accepting bitcoin as a means of payment for a new business is not advisable. You leave it for another time when the transaction fee is low because considering the amount of each bottle an average person will drink, this transaction fee will affect the business; therefore, make it uptional, or accept stable coins lie USDT, then you use the stable coin to buy your BTC.

Congratulations are in order as you mark this achievement OP. I am happy and wish same success on my dreams too.
With your business set to accept crypto am sure you would encounter some minor challenges at the onset from customers not being able to comprehend how to make payments, and also them not wanting to because they don't want anything to do with Crypto.
I however employ you to remain steadfast and teach or become a mouth piece that others will listen to when it concerns crypto currency payments and set up for businesses.

I want to congratulate on your new business. I mean you can setup all the options for payment and if someone who is fine with a $10 transaction fee and not willing to do payment in your local currencyu will surely pay with Bitcoin. I hope your business will grow eventually, good luck. Keep updating us all.

Congratulations on achieving your dream of setting up a bar. Using  Bitcoin for the payment of goods and services in developing countries is unpopular. Many people in this part of the world invest in Bitcoin to make a profit while others use it as a hedge against inflation. Before you include Bitcoin as an alternative you should consider the demand for such as an option. Even using Lightning Network for payments that are as small as $1 for a bottle of beer will be a waste of time and effort. I think you should consider using fiat until your country grows to the level of using Bitcoin for payments.

It is generally believed that all politicians in Africa are corrupt because bribery, looting and corruption are popular in government. But I am happy to know that your father is not part of the corruption that has kept Africa in perpetual poverty and underdevelopment. Tell your dad to keep up the good work.

OP kindly consider resizing your image.
   

Nigerian customers are not ready yet to begin to pay for goods and services with bitcoin or other cryptocurrencies. There are many reasons for this. Like as already mentioned, it is easier and faster to pull out fiat and pay for your drinks than to log into your wallet and enter the bitcoin address of the recipient. A solution to this would a Point-of-Sale machine and app. Additionally, we Nigerians would rather save/hold our bitcoins than spend it as it makes sense to hold it than spend it. The last point is also a response to those who are recommending Lightning Network.  

With you dad's power you could be more above then opening a bar.

Setting up your new business and accepting payments in Bitcoin is a great idea. But you have to take care in business that your investment, your profit and loss. Bitcoin transaction fees are extremely high in recent times. No one will try to use more money to buy a bottle of wine in this situation. Also another thing that @Agbe told you is that since your father is a social worker it will be insulting to him if you run the bar as his daughter. Common people will make negative comments about him. But I will tell you that if you are profitable in this business then it is good and if not then you can set up another business which I think will be better.

This doesn't sound funny anyway but are you really making assumptions that all politicians that occupies public offices embezzles government funds? Well, my dad is a well known business man before he ventured into politics and moreover, he has his own allocation as a public servant so I don't know why you took it personal to judge politicians that way because you're actually having the narrative that all politicians embezzles government funds. May be in other to ascertain your assertion there should be no politicians right?

Thanks for your advice not to use Bitcoin now but I still wish to use it in the near future for my business as I'm also a bitcoin hodler.

Thank you so much for your advice to use the LN though people may not believe me but nevertheless I still hope to accept the use of Bitcoin for my business in the future when the tension is free. This is my achievement this year and am happy I gladly did.


I'm actually starting the business yet as I also plan to combine it with a world class restaurant as well, I indicated that am still using fiat to operate my business for now pending when there will be lesser transactions fee and no congestion in mempool. But looking at the settings of the bar doesn't it look luxurious?

Okay you are correct, sorry for the miscalculation based on the current exchange of naira to dollars is about #1285 which means converting 2 million naira to dollars is around $1560.

You're correct on using fiat for my business for now because due to the high transactions fees and congestion in mempool that's why I'm still using fiat with the hope that I can still turn to payment using BTC when the congestion is less and fees reduces. Moreover, I have some other expensive drinks that one can use crypto to buy.

First please try to reduce your image sizes it's too bulky affecting my view.. Back to your bar business I will say congratulation for setting up your dream business but I will say why not keep another means of payment option like stable coin it could be trc20-usdt payment or matic or bnb with this it would help people to patronized you the more than just only making option of bitcoin. With the current  network issues there is no one who would want to incur a gas of 4$ to $10 over a bottle of drink $0.5 this looks very crazy and no one will or would want to patronized you. Here you need to make provision for another network maybe after much receiving payment from that network then you could convert them to bitcoin using your centralized exchange or through the help of p2p over here.

I wish you well and this is the type of business that I want to have soon, not a bar but just a small cafe or coffee shop where the ambiance is inviting and welcoming to everyone. Good thing that you have the upperhand and you pops is an influential politician in your state, that really helps a lot when someone wants to start a business coming from the policies, permits and not just with the capital that you've asked.

Now, going with the acceptance of Bitcoin. You can always put that logo of "Bitcoin accepted here" but you can have many ways that you can do, if some folks there are aware of Lightning network, you can accept that as well and that's ideal for small transactions that are typically normal in coffee shops and bars like yours. Next is to have a Binance pay or any exchange or you can actually just set that for Binance pay and let your customers that you are accepting pay from there to save fees.

Do not expect that a lot of customers are going to come and pay for Bitcoin but expect them to come and pay for the experience. The first six months to a year is going to be the most challenging part of your business but again, I wish you all the best and keep it up. Raise the flag of Bitcoin there and praying that your business is going to thrive and successful.

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.

Some people are born with a silver spoon and I felt after reading your post that you are one of them. I am not completely sure whether Bitcoin Lightning Network is available in your country as your customers have a habit of using LN wallets. If they are then start using layer 2 to become a profitable entrepreneur. The main chain is currently bombarded with spam and the confirmation time can vary from 10 minutes to 24 hours, sometime it might exceed.

Until this spamming of the main network goes down either use Fiat or the LN. It is my recommendation to you and since you are the owner of your establishment think before and do your math. I am happy that your dream has come true and for your growth, you should think about profitability and not about Bitcoin in the current scenario.

Nice to hear that your father used the public funds meant for the development of the citizens to open a bar for you to increase the drunken in the society. Bar is always to attract more drinkers. Well it is a good thing that you open your own bar but as a daughter of a politician, a bar work is not good for you. And I will advise you not to take Bitcoin as your payment option for now because of the tx fee. And why did you use the money to invest in Bitcoin and just relax and Monitor the market because that bar business will stress you. You have to buy fuel and pay workers but in investment you would not do all this.

I don't know what exchange rate you used in doing your calculation, but two million Nigerian currency is up to two thousand American dollars. As of the date you mentioned, the dollar was between N1200 and N1240, so if we were to use N1200 per dollar to calculate it, we would be arriving at $1670 and not $2000+.

Over to the business of the day, I don't see it convenient to pay with bitcoin in a bar with the fee rate and delay in confirmation, which may end up taking my whole day before I can complete a single order, so I will suggest and I know that if the bar is real, you will experience fiat payment more than any form of crypto payment.

Congratulations on the new venture, one suggestion is to join LN in your business, this can help a lot with network fees. I wish you much success!

And for payments via bitcoin, provide some kind of incentive, give discounts or whatever, be a real encourager for people to use bitcoin. We need this a lot these days

Another thing, adjust the size of the images to make them more suitable for the forum.

You opened a bar. A bottle of beer is not up to $1. 1 input and 2 outputs bitcoin transaction at 80 sat/vbyte cost 4.79 in fee. We all know that it is not possible to pay using bitcoin onchain transaction for some beers. In Nigeria, naira is more used for payment and using bitcoin is getting more discouraged with the high fee.

Although, there are expensive drinks and wines, but fiat transaction locally is instant and of very low cost. On Opay, Kuda and Palmpay and some other means of paying for goods and services, the fee charged for some number transactions per day or per month are free.

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.

TRANSACTION OF THE MONEY RECEIVED FROM MY DAD


THE SETTINGS OF MY BAR







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.