Pet shop want to become a bitcoin exchange? - page 2.

bryant.coleman

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Quote from: Rawbsoup on January 26, 2020, 09:07:56 AM

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

First check whether the usage of cryptocurrency as a payment is allowed in your country. If there are no legal issues, then you can accept Bitcoin or any other cryptocurrency as a payment - either directly, or using a payment processor (such as Bitpay or BIPS). I would advise you to go for a payment processor. Because it will immediately convert your crypto to fiat currency, and you no longer have to worry about the volatility (BTC can go up or down by as much as 10% in a single day, and this is a major issue while accepting payments with crypto).

Assface16678

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As one of the growing payments, today is the use of cryptocurrency, and no law tells they are; there are no restrictions about paying of bitcoin instead of fiat currency. Also, it is an excellent adaptation for making the payment if bitcoin because today there are a lot of people, for now, is using the bitcoin ad payment in other countries, and also they made atm and banks that support the withdrawal of bitcoin to them. If you think most of the customer you have has a cryptocurrency and you want to make payment for bitcoin, it is suitable also it is less hassle because you are sending the address without trouble in the queue and both of your time becomes more productive.

Initscri

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Any business that accepts Bitcoin will automatically receive some hype just due to the fact you accept Bitcoin. Expect to be placed on map sites, which in turn will drive some traffic.

As to how much traffic, that really depends on your area. Some niches may derive more traffic from the use of Bitcoin (such as tech stores, etc) than other (for example, your pet store).

Honestly, you got nothing to lose though. It's worth a shot.

As for turning into an exchange, I'm not entirely sure how you'd approach that. Are you talking about physically creating an exchange. As in you'll buy/sell bitcoin face-to-face w/ users?

hahay

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I think it does not matter as long as you do not violate the rules that might have been applied in your country, because what must be considered in this case is about the legality of crypto in your own country, if there is no problem about this then of course making your store as a place to exchange crypto with fiat is a good idea because anyone who has crypto there will immediately cash it directly in your shop.

HarmonyA

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Quote from: Rawbsoup on January 26, 2020, 09:07:56 AM

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

What decides bitcoin's cost? The cost of a bitcoin is dictated by market interest. At the point when interest for bitcoins builds, the cost increments, and when request falls, the value falls.

The all out Bitcoin advertise is still moderately little when contrasted with different ventures. It doesn't take noteworthy measures of cash to move the market cost up or down, along these lines the cost of a Bitcoin is still to some degree unstable.

Rawbsoup

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Yes this is exactLay what I literally just thought of. I was gonna create a new post. Could I offer to sell bitcoin for cash?

How would it work in laymen’s terms? What cut would I make?

pixie85

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You can do anything if you really want to and have some money and dedication OP. A Magic the Gathering card exchange became Bitcoin exchange one time Wink

Of course it's not going to be easy now because there's a lot of them to compete with. Maybe first become a physical exchange like fiat exchanges. People will bring you cash and you will trade them Bitcoin and other coins.

xiboothrezi

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Quote from: Asuspawer09 on January 31, 2020, 04:46:51 PM

Some how it was a good idea but we all know that it is very risky and in my personal opinion this is not going to work most of the time because in a business if your going to make the payment in a cryptocurrency like a exchanger I think it is going to need a lot of capital and also you need to accept different token or Altcoins in the market which is a bit risky for a lot of people because the market is also having its movement, if you need money for your business you cannot easily sell they Altcoins.

That's right, it's risky especially stable prices, and the OP has already talked about it. Fluctuating prices can be overcome by using stable coins such as USDT to provide a constant price from existing services. However, this goes back to the objectives of the OP, if you want to pay using BTC or ETH or another altcoin, you can make a price benchmark with fiat and then confirm it with the cryptocurrency price right then. Whether it goes up or down after that is the risk, and it can be considered as investment or savings.

Asuspawer09

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Quote from: Rawbsoup on January 26, 2020, 09:07:56 AM

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

Some how it was a good idea but we all know that it is very risky and in my personal opinion this is not going to work most of the time because in a business if your going to make the payment in a cryptocurrency like a exchanger I think it is going to need a lot of capital and also you need to accept different token or Altcoins in the market which is a bit risky for a lot of people because the market is also having its movement, if you need money for your business you cannot easily sell they Altcoins.

virasog

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Quote from: Rawbsoup on January 26, 2020, 10:41:02 AM

Lol ok so accepting bitcoin and alt coins how do you go about it? I signed up with BitPay

What is doge coin?

You can get more information about dogecoin here.
https://coinmarketcap.com/currencies/dogecoin/
And you should include in it as an option along with bitcoins.

Wintersoldier

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Incorporating bitcoin to different stores especially those that we personally own is one of the great ideas we could possibly implement, but the problem is that, are the customers willing to wait for the transactions to be processed? Or else, I like the first idea you have which is to first connect your store to local exchange, because basically, having the same exchange will make your transaction even faster to be confirmed. Though, you need to think deeply about the regulations that you need to follow for this to happen.

Reatim

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well I dont think using bitcoin as payment method at your pet shop is great idea. it wont give you much benefit since price of bitcoin is still very uncertain and you have to wait for hours to get it confirmed.

what?don't you know that it is more advantage to received Bitcoin as payments now?because this is 2020 and the Bitcoin halving is near to happen again?

and besides OP is not asking on how he can accept Crypto as payment instead he is looking to create his own exchange things that i think very hard to try specially if you have no Big knowledge about how this works and run.

Mumbeeptind1963

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Quote from: Rawbsoup on January 26, 2020, 09:07:56 AM

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

The only thing that will be a problem is the price of bitcoin that it is always unstable or its volatility, better to have a list of price in USD then you will show the daily rates in your shop, just like what they are doing in some gasoline stations, so that your clients will be updated and will not ask any questions, also it is okay if you will put some of your products online so that you will reach more people outside of your vicinity.

Accountsell

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Quote from: Rawbsoup on January 26, 2020, 09:07:56 AM

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

Pet shop ad bitcoin exchange would have no actual connection.
You can try to sign up on some payment gateways like coinspayment, coinmama, etc and start accepting local payments by generating invoices.
Creating a exchange is not really a easy task and you would need a lot of money to make it start and regulate.

hendra147

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Quote from: Rawbsoup on January 26, 2020, 09:07:56 AM

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

you can use coinbase merchant register at here https://commerce.coinbase.com or you can use https://www.coinpayments.net the detail to using coinpayement at here https://www.coinpayments.net/merchant-tools

or if you dont want to be merchants you can use simple bitcoin address, then calculate every someone want to pay in bitcoin.

NotATether

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Quote from: virasog on January 26, 2020, 10:39:46 AM

Doge Coins best suits the pet shop. Maybe OP can put a logo of Doge coin on the sign board of his shop.

You aren't serious about this, are you? There are less people around who have a dogecoin wallet than a bitcoin wallet and using a lesser known altcoin as the only payment method will turn away potential customers.

Besides OP could have just as well accepted rabbitcoin, catcoin or birdcoin, all of these exist.

asus09

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Quote from: Rawbsoup on January 26, 2020, 09:07:56 AM

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

Pet shop become most popular shop right now because many people like for adopting pet and they look like with pet like cat and dog, when you opening pet shop and accept bitcoin as payment transaction is very good but is worth when transaction under $20 or $10, did you can manage with fee transaction using bitcoin or altcoin?

wozzek23

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Quote from: Rawbsoup on January 26, 2020, 09:07:56 AM

I’ve got a pet shop and I wanted to accept bitcoin and alt coins then I was reading about becoming a bitcoin exchange ... is this possible? I understand it’s worth goes up and down.

If your pet business is good and things are working out fine, then there is no need to be worrying yourself about changing business or venturing into crypto exchange, you don’t even know whether you can make it there. And moreover there is nothing wrong with having two Businesses, rightfully you’re meant to have two sources of income – why you should have two sources of income is in case one doesn’t work out you can then rely on the other to support yourself and also raise the other one back to a higher standard. You can accept bitcoin for your pet shop, that’s cool.

Running an exchange is not a small business and the competition is even too much.

pinggoki

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Quote from: sayaya17 on January 28, 2020, 12:32:44 AM

Actually it is a good idea to accept payments using bitcoin and altcoin at your pet store, so that more and more people are using it. And if you want to start a business to open a crypto exchange, that's a good idea too, but you should be able to find a team that is truly an expert in their field, honest and full of dedication.

Yes it is indeed that it is a good idea to accept payments and transact using a bitcoin and altcoins but the only problem here is it is very hard to make an payment using bitcoin because many people are not aware about cryptocurrency, but the main goal was to introduce it first to them so that they will be able to make a payment and transaction using bitcoin and altcoins as well.

sayaya17

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Actually it is a good idea to accept payments using bitcoin and altcoin at your pet store, so that more and more people are using it. And if you want to start a business to open a crypto exchange, that's a good idea too, but you should be able to find a team that is truly an expert in their field, honest and full of dedication.

Topic: Pet shop want to become a bitcoin exchange? - page 2. (Read 953 times)