My gadgets store now accept bitcoin! - page 2.

sam00

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Quote from: Wexnident on September 23, 2021, 06:31:45 AM

Quote from: sam00 on September 23, 2021, 06:04:31 AM

Isn't there room for abusing this ?
Someone could buy something in your store for 100$ worth of bitcoin. Now Bitcoin prices drop and he asks for a refund for 100$. Now he can just buy back more bitcoin essentially. If the price of bitcoin rises however, he could ask for the bitcoins back and buy the items with fiat currency and sell the profit in bitcoin he made.

I'm pretty sure you need a proper reason to ask for a refund, and tbh, refunding for the sake of profiting doesn't seem to work as one ngl. And I'd assume OP's store would just return the fiat value back, whether Bitcoin increases or decreases since there should already be a plan for the stored BTC. Either putting a part of it as BTC to let it grow and converting the rest as profit, or just letting it all grow as BTC. I'd say it would depend on the number of transactions done on fiat and done on Bitcoin before OP decides on what to do.

Where I live (In Germany), you can basically return anything you bought within a few weeks in most stores.
If you damaged something or already used it up, that obviously doesn't apply but for tech stuff you just keep the receipt and return the product if you don't like it.
In this scenario, I could definitely buy something with bitcoin and profit from refund it

It's like shorting/selling bitcoin to fiat and if the price goes up, you just reverse it

Wexnident

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Quote from: sam00 on September 23, 2021, 06:04:31 AM

Isn't there room for abusing this ?
Someone could buy something in your store for 100$ worth of bitcoin. Now Bitcoin prices drop and he asks for a refund for 100$. Now he can just buy back more bitcoin essentially. If the price of bitcoin rises however, he could ask for the bitcoins back and buy the items with fiat currency and sell the profit in bitcoin he made.

I'm pretty sure you need a proper reason to ask for a refund, and tbh, refunding for the sake of profiting doesn't seem to work as one ngl. And I'd assume OP's store would just return the fiat value back, whether Bitcoin increases or decreases since there should already be a plan for the stored BTC. Either putting a part of it as BTC to let it grow and converting the rest as profit, or just letting it all grow as BTC. I'd say it would depend on the number of transactions done on fiat and done on Bitcoin before OP decides on what to do.

zanezane

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Quote from: Vickysagar on September 23, 2021, 04:30:53 AM

That's great. I hope your business will prosper. When have you started it? How many customers paid in BTC?

Pretty sure that the gadget store has existed for a long time, it's just that the adoption of cryptocurrency has been a recent development in their store so it's probably an old store. May your store prosper after this OP.

sam00

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I was wondering how you would handle customers returning items bought with bitcoin.
Will you send them back the bitcoin or give them the equivalent in fiat currency ?

Isn't there room for abusing this ?
Someone could buy something in your store for 100$ worth of bitcoin. Now Bitcoin prices drop and he asks for a refund for 100$. Now he can just buy back more bitcoin essentially. If the price of bitcoin rises however, he could ask for the bitcoins back and buy the items with fiat currency and sell the profit in bitcoin he made.

Salamstar

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Quote from: Magicalking on September 23, 2021, 03:11:00 AM

I got the idea from members here who implemented the idea before me. Thanks to them I didn't feel alone business are starting to accept bitcoin as payment. I also buy and sell bitcoins and giftcards. Here is a list of what I have done please tell me if I am missing anything. Suggestions will be appreciated

Congratulations. By accepting bitcoins in your store, it shows that you are at the forefront of technological development, and I believe that you can also attract new customers and eliminate some types of fraud and fraud.

passwordnow

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OP great job and congratulations to your business, this is just the start as you accept bitcoin. You might as well make a raffle for your customers who paid for bitcoin.
And even if the prize is a t-shirt that has a bitcoin logo on it, I'm sure that many will be encouraged to do that, or I think even your regular customers that don't pay bitcoin. As they win a bitcoin t-shirt, they'll sure like it if they'll be the winner of that raffle.

Wind_FURY

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OP, congratulations! Who said we need regulations, or a Legal Tender status/permission from the government to accept Bitcoin for payments? Cool

Plus if no one pays in Bitcoin, you have helped expand the awareness for Bitcoin. Your local drug dealer might start accepting it for payments too. Hahaha.

Lucius

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@Magicalking, congratulations on the new business decision, and I hope that some customers will decide to pay with Bitcoin

Quote from: Magicalking on September 23, 2021, 03:11:00 AM

Here is a list of what I have done please tell me if I am missing anything. Suggestions will be appreciated

I would advise you to put these notices in color and not in black and white, and still invest a little more in the design - and if possible put up a floor bulletin board that can be seen by everyone passing in front of the store. I don't know if you do any online or physical advertising of your store, but it would be good to promote this business move so that as many people as possible find out that there is a store that accepts Bitcoin as a means of payment.

kotajikikox

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Quote from: Magicalking on September 23, 2021, 03:11:00 AM

I got the idea from members here who implemented the idea before me. Thanks to them I didn't feel alone business are starting to accept bitcoin as payment. I also buy and sell bitcoins and giftcards. Here is a list of what I have done please tell me if I am missing anything. Suggestions will be appreciated
-Wallet address available at pay point
-Use lightning network
-Customized paper bag showing we accept Bitcoin
- A gift bag for customers who pay in bitcoin
- Customized Bitcoin t-shirts for staff

this is one legacy that you will never regret mate , welcome to the gang Grin

I have also accepted Bitcoin and 5 major currencies that open to our local wallet in my Food business since couple years ago.

there are limited payments but of course i will never stop accepting this until my country adopt bitcoin.

kryptqnick

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Op, it looks very nice! People can pay with Bitcoin and even use the Lightning network, that seems like enough options for now. If people need something else, they'll probably request it. Oh, perhaps you can make it easier by making a QR code or something and printing it out with a text message like: "Do you want to pay with cryptos but can't find an option you like? Share your thoughts and help us become better!". But that's not necessary, it's just a small thing I thought of. I'm interested in the technical part of it, though. Like, if a person pays with Bitcoin but not via the LN, does the person have to wait in the store for about 10 minutes for one confirmation?

Vickysagar

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That's great. I hope your business will prosper. When have you started it? How many customers paid in BTC?

cryptoaddictchie

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Quote from: Kong Hey Pakboy on September 23, 2021, 03:26:24 AM

Pretty awesome, this will be an addition to the other businesses that are now accepting bitcoin in their respective shops, hopefully someone creates a thread that curates all those threads about the businesses that have accepted cryptocurrency as a payment.

This is really an amazing initiative. Everyone is likely appreciated a post like this, and this kind of post is what were looking for, adoption of btc on its own way. I like OP points, when he mentioned his topic and to tell the truth, only few got the balls to post something useful which is quite amazing cause this one is a real life adoption of btc and expansion to more people not only the knowledge and method. This will help spread awareness on how to use btc in easist way in real world.

yazher

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Quote from: Kong Hey Pakboy on September 23, 2021, 03:26:24 AM

Pretty awesome, this will be an addition to the other businesses that are now accepting bitcoin in their respective shops, hopefully someone creates a thread that curates all those threads about the businesses that have accepted cryptocurrency as a payment.

There was some list of establishments and brands that accepted bitcoin but they are not updated now I guess because some stores on the list had already removed that option. We need to have a new list now because we are in the new era where we need to have those big-time companies that have accepted bitcoins be at the top of the list so that the others will be attracted. This gadgets store is not joking when accepting BTC as payment. unlike the other small store, this one is risking lots of money.

Dax Robinson

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This is not only a small step for your store, but also a big step for Bitcoin. I hope that more and more stores can support Bitcoin as a means of payment!

Kong Hey Pakboy

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Pretty awesome, this will be an addition to the other businesses that are now accepting bitcoin in their respective shops, hopefully someone creates a thread that curates all those threads about the businesses that have accepted cryptocurrency as a payment.

cheezcarls

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Quote from: Magicalking on September 23, 2021, 03:11:00 AM

I got the idea from members here who implemented the idea before me. Thanks to them I didn't feel alone business are starting to accept bitcoin as payment. I also buy and sell bitcoins and giftcards. Here is a list of what I have done please tell me if I am missing anything. Suggestions will be appreciated
-Wallet address available at pay point
-Use lightning network
-Customized paper bag showing we accept Bitcoin
- A gift bag for customers who pay in bitcoin
- Customized Bitcoin t-shirts for staff

Congrats and well done! By the way, which country are you from? Lightning network is great and I think it’s what El Salvador is using these days for merchants who are accepting Bitcoin as mode of payment.

My suggestion would be a limited discount offer on some selected items if customers are going to use Bitcoin as mode of payment. I don’t know if this idea works for you, but it’s kinda a marketing thing you know?

mocacinno

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Great work, spreading the acceptance of BTC Grin

As for what you're missing: it sounds like you have a basic setup, which is defenately ok...

The site i helped setup gives a small discount to people that pay in BTC, this was a no-brainer since other payment options have quite a hefty fee and carry the risk of clients scamming the owner by asking for a refund... Offcoure, in a physical store, you run the risk of customers double spending (by paying you, then leaving before their tx is confirmed, and then proceed to create a new tx using the same unspent outputs as an input... I guess you could see those people as techy shoplifters, the sort of people you probably have to deal with already), unless you wait for a confirmation.

An other thing you *might* consider is accepting one or two of the major altcoins (like ETH and LTC), that way people have a way of picking the coin they want for sending an on-chain payment (especially usefull if the fees go up in the future due to a bidding war or something).

Magicalking

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I got the idea from members here who implemented the idea before me. Thanks to them I didn't feel alone business are starting to accept bitcoin as payment. I also buy and sell bitcoins and giftcards. Here is a list of what I have done please tell me if I am missing anything. Suggestions will be appreciated
-Wallet address available at pay point
-Use lightning network
-Customized paper bag showing we accept Bitcoin
- A gift bag for customers who pay in bitcoin
- Customized Bitcoin t-shirts for staff

Topic: My gadgets store now accept bitcoin! - page 2. (Read 344 times)