One Month of Accepting Bitcoin for Payment - page 5.

mendace

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Quote from: Dr.Bitcoin_Strange on December 06, 2022, 05:29:10 AM

hello Bitcoiners, I'm happy today because today marked one month since I started accepting Bitcoin payments in my company. I decided to accept Bitcoin as a means of payment because it is fast and secure, unlike the frequent delays and errors with fiat and banks. Few of my customers were really impressed with the new development when I first started last month, but since then I have had more than 13 customers paying me with Bitcoin and stable coins (USDT). I feel more safe using Bitcoin in my business because it eases the stress of holding a lot more cash, there is no more SMS notification and charge from the bank for payment, and no one has to know about my bank balance by spying on my phone. There is no monthly charge of any kind for Bitcoin transactions, unlike with the banks.

Knowing that the Bitcoin payment I receive from customers is not an investment but rather my business capital, what I do after receiving payment in bitcoin is convert my capital to a stable coin and leave my profit in bitcoin. I do this to avoid running a loss in my business. If I decide to hold the whole bitcoin and, peradventure, the Bitcoin price drops, I might not have my exact capital any time I want to buy more goods. I wish to ask if this is the right approach I should take given that we are still in a bear market.

Steps I took:

First, I browsed online about accepting Bitcoin payments. Then, I was able to get a picture, so I decided to print the picture on an A4 sheet of paper, and then I displayed the printed picture on the front gate of my shop.

I also created a fresh wallet on the Trust Wallet app to be used.

I decided to use a trust wallet because I just felt that since I was not holding the bitcoin for investment purposes, I should just use trust wallet to receive my payment.

Dealer on all kinds of furniture works.

Very good, you had an excellent idea for your company, I like these initiatives and I wish there were many more. I have two questions: do you use the lighting network for payments or do you prefer to do onchain? If I may, what country are you in? Do you have tax problems? Sorry if I was intrusive.

kryptqnick

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Congrats on a month of accepting Bitcoin, op! It's pretty cool that you have 13 customers paying this way, especially if it's a small business. I also like your approach to finances where you keep the profit in BTC but convert the rest into a stable coin to safeguard against volatility. How do you deal with it tax-wise? Do you pay taxes for fiat transactions but not for Bitcoin transaction, not pay takes at all or pay taxes for Bitcoin transactions as well? Do people stay around till the first Bitcoin confirmation when they pay with BTC, or do you let them go as an act of trust and wait for the transaction to be confirmed yourself?

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Quote from: Hispo on December 06, 2022, 05:39:50 PM

Quote from: buwaytress on December 06, 2022, 08:34:46 AM

Man, that's a lot of customers in such a short time -- they come and ask because of your Bitcoin sign or you talk to them about it? Because that's some amazing numbers, no other way to describe it, considering you're not advertising digitally for a digital payment method.

Exactly what I thought, 13 costumers in a month is almost 1 costumer paying with cryptocurrency every two days during 30 days.
It leads me to assume OP is from a country which Bitcoin and other cryptos are widely used to ease whatever economical frictions must be going on there.

My country has quite considerable volume in the region (mostly exchanges and stablecoins) and yet I doubt merchants who accept Bitcoin are able to get similar numbers as OP.

Yeah, which is why I asked. The case study does seem to have conflicting scenarios of common Bitcoin use, which suggests a high level of financial tech proficiency... yet at the same time archaic banking (SMS from the bank to confirm settlements instead of instant settlement from regular fiat). Even in Iran where the systems are completely closed off from the outside world because of sanctions, their internal banking has instant settlement as you might expect, Bitcoin is just a way to accept payments from the outside world (or send outside).

sheenshane

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For any kind of business, Bitcoin acceptance is always a good decision, but first, you need to understand first the consequences of it. For example, when the price were drop, you need to have patience in holding your coin in your wallet not exchange it for fiat.

Congratulations on your business that came up with Bitcoin acceptance, I've in my mind now also accept Bitcoin in my small business the same as yours but still thinking about what payment processor I use. Also thinking if in it is an off-chain transaction is good or a Lighting Network.

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Quote from: noorman0 on December 06, 2022, 06:50:02 PM

The bitcoin payment method is indeed more suitable for furniture businesses. Apart from not being a micropayment level where transaction fees are likely to be higher, buying furniture is not a routine necessity which I thought would be the first opportunity to try something they had heard about but were afraid to try. It will have its own special interest.

It's not just for furniture businesses since Bitcoin payment doesn't have any specific job required to be accepted but I'm amazed how people knew Bitcoin and how to use it for their businesses. Bitcoin payment has been happening since in the past and I remember that there was a cafe accepting Bitcoin as a payment for their orders. If this kind of transaction for every businesses is push through it might make the adoption of Bitcoin faster.

I wonder what are the other businesses been waiting before they implement this kind of payment system into their business. Could it be some of them doesn't want it because it's too risky or they just don't want to get involved because that's what the bank says?

noorman0

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The bitcoin payment method is indeed more suitable for furniture businesses. Apart from not being a micropayment level where transaction fees are likely to be higher, buying furniture is not a routine necessity which I thought would be the first opportunity to try something they had heard about but were afraid to try. It will have its own special interest.

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Quote from: Hispo on December 06, 2022, 05:39:50 PM

Quote from: buwaytress on December 06, 2022, 08:34:46 AM

Man, that's a lot of customers in such a short time -- they come and ask because of your Bitcoin sign or you talk to them about it? Because that's some amazing numbers, no other way to describe it, considering you're not advertising digitally for a digital payment method.

Exactly what I thought, 13 costumers in a month is almost 1 costumer paying with cryptocurrency every two days during 30 days.
It leads me to assume OP is from a country which Bitcoin and other cryptos are widely used to ease whatever economical frictions must be going on there.

My country has quite considerable volume in the region (mostly exchanges and stablecoins) and yet I doubt merchants who accept Bitcoin are able to get similar numbers as OP.

It looks like OP is perfectly doing the best. Bitcoin acceptance into the business keeps increasing with time. Everywhere we cannot expect the same level of business, because the acceptance level is not the same around the world. In my country too we don't have much of stores and people prioritise it for trading and as investment.

GeorgeJohn

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Many people has been emulating other's concerning this kind of thread in this community, it's not that is not good to embrace bitcoin payment in a smaller company or a larger company the way i find out. So people has been paraphrasing this topic with so many Bitcoin kind of payment via the community, so therefore let's know that so many of the new topics has been discussed before now.

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Quote from: Dr.Bitcoin_Strange on December 06, 2022, 05:29:10 AM

hello Bitcoiners, I'm happy today because today marked one month since I started accepting Bitcoin payments in my company...
....but since then I have had more than 13 customers paying me with Bitcoin and stable coins (USDT). ..

Congratulations on it. It is a good beginning in your first month by getting more than 13 customers using Bitcoin as the payment. This means that the awareness about Bitcoin in your area is very good, moreover the acceptance. We know that using Bitcoin as payment gives us more benefits. Although we are also aware that this also has negative side about the fees. But now, we also have some ways to reduce the fees to be not very high, as long as your customers don't mind with the fees, this will be okay then.

Quote from: Dr.Bitcoin_Strange on December 06, 2022, 05:29:10 AM

First, I browsed online about accepting Bitcoin payments. Then, I was able to get a picture, so I decided to print the picture on an A4 sheet of paper, and then I displayed the printed picture on the front gate of my shop.

This is good enough. But, it will be clearer and more catching if you are using some colorful board stand on the front side. So, many people will notice the announcement easily even if they are not entering your shop. This has been enough, but you may need something more eye-catching to notify more people. Except that Bitcoin is still forbidden in your country so you must be more careful, then.

Hispo

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Quote from: buwaytress on December 06, 2022, 08:34:46 AM

Man, that's a lot of customers in such a short time -- they come and ask because of your Bitcoin sign or you talk to them about it? Because that's some amazing numbers, no other way to describe it, considering you're not advertising digitally for a digital payment method.

Exactly what I thought, 13 costumers in a month is almost 1 costumer paying with cryptocurrency every two days during 30 days.
It leads me to assume OP is from a country which Bitcoin and other cryptos are widely used to ease whatever economical frictions must be going on there.

My country has quite considerable volume in the region (mostly exchanges and stablecoins) and yet I doubt merchants who accept Bitcoin are able to get similar numbers as OP.

JoyMarsha

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It appears that you are the first business in the area where your company is located to accept bitcoin as payment. And adding bitcoin as a form of payment in your company is a lovely initiative. Once they realize how quick and secure bitcoin transactions are, I think other businesses around will follow suit and start taking bitcoin as a form of payment.

A day begins a story, and as time goes on, more people are becoming aware of bitcoin. You do have a well-thought-out plan to transfer your company's profits to bitcoin. I just wanted to let you know that in a few months, the business revenues that you preserved in bitcoin will give rise to more returns.

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Quote from: goldkingcoiner on December 06, 2022, 12:36:59 PM

congrats on your Bitcoin furniture selling business! I am sure you will be a big time furniture dealer with multiple stores in the near future!

That being said, I recommend using a wallet like Electrum, if you are accepting Bitcoin. Its just a better and safer wallet than Trust Wallet. Especially if you plan on storing your Bitcoin for long amounts of time (in other words, hodling). The best option would be a hardware wallet, though. Thats the safest wallet.

Since you accept Altcoins, you could even think about adding more payment options, since some of your customers might rather want to pay with SOL, for example.

The more the better as always which offering multiple payment options could really bring out that kind of less hassle transaction which other customers would really prefer into but also of course
on how well those furnitures been designed.It is really good to see on a certain business or merchants who had made out decisions on integrating Bitcoin or crypto payments into their business.
For sure most of these business owners are already know about the risk of volatility which is the most common problem on why some doesnt really consider on adding it out.
Lets hope that there would be more merchants around would really be considering such step.

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Quote from: Accardo on December 06, 2022, 03:09:39 PM

Promoting bitcoin payment stands out, given time, I'll advise you to initiate a bitcoin payment processor like Bit-Pay, to enable for bitcoin payment receipts.
The stable coin method is excellent and safer regarding the volatile market, but, to remain risk free, isn't it a better idea to immediately convert the capital to your local currency and hold profits in bitcoin?
As you should know by now, that stable coins a times drops below the 1 dollar peg, although its rare, yet your business shouldn't be under any cryptocurrency risk.

yes, should also think about the risks of holding stable coin. though the movement is not very much with stable coin, what i am worried about is they said that they can freeze your stable coin if the dev want it. so if possible, the OP can also convert some of it to his local fiat, at least he is sure that he has actual money to support his business. when it comes to stable coin even if it is in USDT, you are never sure about their existence as it is centralised.

The Cryptovator

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I appreciate and respect your choice of accepting Bitcoin. You are doing the right thing in the right way. So I believe Bitcoin is legal in your country, you accept it as a payment method. You are actively helping Bitcoin's adaptation as well as the innovation of faster and more secure payment. Converting your capital to stable coins is a wise decision. Because you need money to buy and sell goods. I'm sure your customer will be pleased when they can pay with Bitcoin at your business. Continue to support Bitcoin, bro.

Accardo

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Promoting bitcoin payment stands out, given time, I'll advise you to initiate a bitcoin payment processor like Bit-Pay, to enable for bitcoin payment receipts.
The stable coin method is excellent and safer regarding the volatile market, but, to remain risk free, isn't it a better idea to immediately convert the capital to your local currency and hold profits in bitcoin?
As you should know by now, that stable coins a times drops below the 1 dollar peg, although its rare, yet your business shouldn't be under any cryptocurrency risk.

RockBell

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a brave and wise choice to accept bitcoin, as well as a nice action to take I consider getting a tattoo of bitcoin to be another form of awareness Grin

The fact that there are no transaction errors with bitcoin, as opposed to the banking system, where failed transactions and overcharging for transactions are just a pain to me, the banking system to me is fucked, is one of the main things I love about it. However, I know that with this, people will start using questions for people who don't know much about bitcoin.

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Congratulations on accepting bitcoin for your business. I get excited when I see people accept bitcoin in their business, it’s a good one and I commend you for it. I understand it may not always be profitable and you will hit some bumps along the way since your business is small and you will need the capital and income to support the business. This addition will attract people to your work, many will be bitcoin enthusiasts others just out of curiosity.

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congrats on your Bitcoin furniture selling business! I am sure you will be a big time furniture dealer with multiple stores in the near future!

That being said, I recommend using a wallet like Electrum, if you are accepting Bitcoin. Its just a better and safer wallet than Trust Wallet. Especially if you plan on storing your Bitcoin for long amounts of time (in other words, hodling). The best option would be a hardware wallet, though. Thats the safest wallet.

Since you accept Altcoins, you could even think about adding more payment options, since some of your customers might rather want to pay with SOL, for example.

stompix

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Congratulations on this but one thing about the sign, you already seem to have a huge banner on the street at the entrance, wouldn't it is better to add a bitcoin sign there too? Cause it will help spread the word to people who just pass by your store, not just the ones that enter to make a purchase. Or, do you think it would attract way too much-unwanted attention there?

Quote

Knowing that the Bitcoin payment I receive from customers is not an investment but rather my business capital, what I do after receiving payment in bitcoin is convert my capital to a stable coin and leave my profit in bitcoin. I do this to avoid running a loss in my business. If I decide to hold the whole bitcoin and, peradventure, the Bitcoin price drops, I might not have my exact capital any time I want to buy more goods. I wish to ask if this is the right approach I should take given that we are still in a bear market.

But, with this you're again relying on a third party to exchange your bitcoins for the stable coins, you incur fees, and you risk having your accounts frozen, wouldn't be better to consider it an investment or either liquidate the sum you need directly via p2p for the expenses and keep a portion of coins as your profit rather than going for an intermediary (tether) that has no advantage? From my point of view I would simply liquidate 80-90% of the amount received, depending on what your profit take is and how much your running cost is, and keep the rest in BTC as an investment, be it even 1% or 3%. Moving it to a stablecoin that you might need to again convert to cash to pay your suppliers or other expenses seems to me like a useless step.

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Congratulations mate. You helped make Bitcoin a currency. I hope your business will continue to grow and that you will receive more Bitcoin payments in the near future. However, far from what you expect, Bitcoin transactions are traceable even if you create different addresses per payee. On the other hand, it helps government authorities in determining your sales and the intended tax. If you don't want to get tracked, maybe you use an exchange Bitcoin address. This way nobody has a clue how many Bitcoins you already received from your business.

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