Topic: One Month of Accepting Bitcoin for Payment (Read 1351 times)

In the pas  it was very rare to find a store that accepted bitcoin as a means of payment, and nowadays the crypto world is growing, so the decision you make is a very interesting thing and becomes a motivation for other businessmen, with the payment using bitcoin, there must be many bitcoiners who will come to the store you are currently running, Because I am sure that many people are familiar with the world of crypto and they are not unfamiliar with Bitcoin today, hopefully your business will grow with the payment using Bitcoin.

Currently we find that many sellers of a business that they run have accepted bitcoin as a means of payment, so what you are doing now is the right decision because not everyone can make decisions like you because they are still unsure whether bitcoin payments can be made. and I hope that your shop sales will get bigger with the offer to use bitcoin to buy their needs, and this will continue for more than one month as you have planned, if it can be profitable then you can make payments using bitcoin forever.

Bitcoin payment is not mandatory here so if a customer wants he can pay his price through fiat so even if he accepts only bitcoin without accepting any other crypto currency it will not be a big problem here customers who are interested in paying in bitcoin and are familiar with bitcoin only this  can accept the service. It is not a big company but they are accepting bitcoins to sell their furniture so it is really a commendable act.

 
LOL 😂, like forever, you say? No. As long as Bitcoin exists and my business runs, I will continue to accept Bitcoin as a means of payment. Business can stay smooth with capital, depending on a better strategy of fund management.


I believe this year will be better, with more customers wanting to pay with Bitcoin and earning a 5% discount. 

The fee was barely noticeable, and BinancePay is only possible if the customer is also a user of Binance CEX, I guess?

Your decision to accepting bitcoin as means of payment for services is a good move to showing your passion for Bitcoin adoption. I feel if this is replicated by each one member here, there would be instant wide spread of bitcoin adoption which will be an added advantage to our platform. This would be easier for bitcoin enthusiast to patronize you as it is easier and faster without any inconveniences.

Now more and more countries accept Bitcoin, although the demand for payment with Bitcoin is not great, but this is a good move, it will make more people understand Bitcoin, believe that Bitcoin is not a scam, and accept it slowly BTC.

Added Bitcoin payment in your furniture store give more alternative way for payment method not only with cash or fiat but also your costumer have cryptocurrency basic they can use Bitcoin for transaction. I want to know about OP respond until one month after accepting Bitcoin for payment currency how progress it and how dominance costumer payment kinds, using Bitcoin or fiat and cash money still be habit payment method.

Seems excited with payment trough BNB and you used Binance wallet for receiving it, I think there are have service sending trough Binance account without paying fees and sending by BinancePay. I hope your furniture store keep consistency adopted Bitcoin and cryptocurrency as alternative payment method at the future.

This is a good beginning. This will slowly go to the world, be welcomed by more people, and be adopted by shops. Although the supermarket around me has not opened yet, I believe that one day I will use BTC to pay. .

Making Bitcoin an additional payment method in doing business is indeed a very good step and as long as it does not interfere with the development of the business being carried out, there is no problem to think about if the buyer and seller already have an agreement for this. But it would be even better if it could apply to all countries because I also really like the payment method via Bitcoin even though payments at this time still very often use payments via fiat for anything.

But judging from the title of the discussion, I hope that the OP who runs the business will accept payments via Bitcoin forever and not just for one month, because that can also help Bitcoin to be known by many people and also help his business stay smooth with sufficient capital. already exists and this is certainly not wrong to do as long as it can expedite a business.

@Lucius surgestion is very fair, and I am also taking the lead of investing gradually in Bitcoin, although not up to the 20% because I just got to apply a little strategy so that I don't have to sell off my Bitcoin for a low price if it's required of me to add more funds to my business. 

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The first crypto payment received this year was in BNB, just yesterday for a chair 🪑.

I think others, such as Lucius, had suggested some kind of moderate BTC holding strategy in the territory of 10% to 20%, which is quite valid.    Yet, of course, there is likely devil within your details since many times it is important to consider your total individual circumstances in order to figure out some possible balance with with your bitcoin holdings and/or investing that is sufficiently aggressive without devolving into leveraging and/or gambling practices.

You are the person in the best position to figure out such details in regards to what kind of bitcoin holding/allocation is sufficiently aggressive without devolving into too much aggressiveness. 

Another aspect of bitcoin investing is that it has a sufficient amount of volatility and risk and it is an asymmetric bet that is quite lopsided to the upside so that any of us should be able to justify employing a relatively modest investment/allocation approach into bitcoin and still end up profiting stupendously from merely employing such relatively modest investment approach.  Of course, when we look back historically, sometimes we might be able to identify times in which we should have been more aggressive or maybe that we should have been less aggressive - yet in the end it is very difficult to figure out exactly when those times should have been..

so in that sense, I tend to gravitate towards recommending that beginner allocators into bitcoin figure out how much of an investment portfolio that they prefer to have within a 1% to 25% range, within their own considerations, and then once they establish their target then they can employ various means of DCA, buying on dips and lump sum investing to reach their allocation target and then they can figure out more about their own specific circumstances while they are building and working towards reaching their bitcoin investment/allocation level targets.

For sure, in the past 6 months or longer we have been witnessing a lot of folks who over did their investments into bitcoin, leveraged, bet on bitcoin companies and largely were maybe even leveraging upon the bitcoin price either going up or staying flat and expecting that the BTC price would not go below certain levels which as we know, after the fact, it ended up going below various price points that were not expected to be broken.  So now many of us have to reassess and regroup, and hope that we were not one of them who was gambling too biggedly on the price going up, and surely some of those folks were distracted by shitcoins and/or putting their money with pathological liars, such as SBF/FTX/Alameda, Terra Luna/Do Kwon or even not realizing (sometimes they even did know it) that entities in which they had invested might have been gambling with their money Celsius, Voyager, Blockfi, Genesis, and quite a few others too.

The ponzi scheme of ethereum (and various entities related to that nonsense) might crash at some point in the near future, yet for now, that ponzi scheme is continuing to go and it may be able to survive through this cycle.. perhaps?  perhaps?.. so in that sense, having some bitcoin focused and moderate ongoing bitcoin accumulation practices likely remains a good thing as long as you are attempting to employ strategies, tactics and practices to mitigate your downside risks - including trying to hold most of your bitcoin in private wallets that you control, even if with your business, you may well want (or need) to keep up some abilities to exchange some of your bitcoin on a regular basis, and also you may want to consider ways that you are holding your bitcoin (and if you are holding dollars or dollar pegged coins or even your local currency) that are safe, but not in such a way that you are getting eaten up by having to exchange them a lot and then ending up paying more and more fees (and taking other risks) because you are exchanging more than they need to be exchanged as long as you are able to consider through your whole allocations in such a way that lessens the number of times that you are exchanging and paying fees.. and someone had mentioned that you might want to try to supplement with lightning network too.. maybe get a BlueWallet or something like that, but you still do not want to keep too much value on the lightning network aspect and to be careful with some of your needs to keep backups too.

is just something I started recently, and perhaps you should know that the paper is firmly glued to the door and, unless it is purposefully removed, it cannot be removed by the wind. I have plans for a better design next year. thanks.

Have you also had a second thought about why I should reinvest when, fortunately, I can as well make a huge profit from my holdings when the bull market comes?


Fintech is working, not as bad as said, but most times the network goes crazy when you don't expect it to. Just think that adopting Bitcoin payment will also provide a simple means of payment to customers who find it convenient. I just said to myself, "I have to try something different from other furniture dealers."

Ah, nowhere I've lived/worked then... though have to say in East Africa, even mobile payment systems (the famous mPesa I keep talking about for example) have been around for over a decade and work great. Just surprised fiat systems there are as slow and complicated as you said when fintech advancements usually show up there even earlier than in so-called developed economies.

I think small businesses like yours are vital to cascading bitcoin's global adoption. The process has to start from somewhere after all, and it's pretty common for small business to adopt fad tactics that other enterprises do, so you may actually initiate a domino effect amongst the businesses in your area. All in all we can see that bitcoin adoption is slowly becoming real, which gets me excited and anticipating for whatever comes next!

I hope you have been very confident and had a great time accepting Bitcoin for your own business. I also hope you are happy because it was your goal and you have achieved it. Congratulations on your monthly anniversary of doing so. Once more, congratulations because I know that your services and acceptance of Bitcoin will encourage a lot of people to adopt the currency. I hope you will manage business risk effectively.

The best choice is indeed not to make trouble for yourself. Currently bitcoin is indeed accepted in Indonesia but not as a means of payment only as a means of investment and we may have to wait for that who knows later there will be a new regulation because it will be very imposing when we are in a country that has not yet established it as a means of payment but we already did.
But indeed if this eventually happens (Hopefully it will be like that) then indeed I think in Indonesia it is clear that there will be many traders or service sellers who do that.

Couldn't you use a nicer tape to put up the paper, I mean lol man, have some respect for bitcoin, it looks like it can fall off with the first wind blowing around the office. At least print a good quality banner with proper taping to the wall or door.

It is good to accept btc as currency, but why would you want to hold your profit and wait for the price to go up while you could use that money to reinvest back to further and advance your business? Holding doesn't seem a smart move since you are in a kind of a business that needs continuous development which could only be achieved by reinvesting the profit you are making.

Just my 2 satoshis.

Actually I also want to adopt bitcoin in business as a means of payment when customers give goods to my business but it is not allowed in my country (Indonesia) so I avoid this and I can only invest bitcoin as a legal commodity and trading tool as an asset.

I avoid that problem because I believe that if forced I will face the law with my business then I will not mess it up no problem I can't adopt bitcoin in business but I can still have assets that are allowed that is also more than enough for i have bitcoin assets.

Actually, you can still use Bitcoin in the country where you live under the pretext of being a medium of exchange, not as a means of payment transactions.
What's more, both parties mutually agree and do not harm each other, maybe laws or regulations prohibiting the use of other transaction tools as payment cannot impose a penalty on you.
That way when one day the police find out about this they can't arrest you on an unclear article, so there's no need to worry about that anymore.

I'm really happy for your new payment method of accepting cryptocurrencies (BTC, USDT e.t.c) on your furniture business, because that actually shows that you truely believe in Bitcoin and what it stands for, but one thing I will advice you is for you not to save your funds on Centralized exchange e.g Binance for a long period of it, as you don't have total control over your funds. So will rather prefer you saving your crypto assets on either "Trust wallet" or a cold wallet, while you use Binance for selling of your crypto assets into fiat currency (i.e p2p trading). Moreover, good luck.