What are the challenges people who accept bitcoin face in their businesses face - page 2.

Die_empty

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Give all before death

Quote from: Nangiconference on January 30, 2024, 11:26:56 AM

I don't know if this is the right place to post this but I think I have to let the community know of this as I was shocked to see a local shop in community accepting bitcoin and upon closer look and questions, I got to find out that the owner of the shop just recently started accepting bitcoin and I had to also ask how profitable has bitcoin been to his business and he pointed out two things which.
1. That alot of people don't willingly want to pay make payment with bitcoin as a result of the high transaction fee
2. Security as alot of customers also shy away from making payment in bitcoin as they don't want to be identified as people who own bitcoin.
https://ibb.co/h76Fr9r

I am always glad when I see businesses adopt Bitcoin as an alternative means of payment. But from the cost of transaction paying in Bitcoin for items that cost a few dollars is not encouraging. The picture you attached that showed the business you claim accepts Bitcoin made me doubt your story. How will a business that sells sachet drinks that cost less than $0.11 adopt be Bitcoin payment option? It will be a total waste of time and funds because fiat will be the best option for such a business.

Quote

I've read some post about businesses accepting bitcoin and I want to know if they also face those challenges mentioned above and how do they face and solve these challenges as I think this initiative in my local community will also help to raise awareness about bitcoin and since I'm still new in the space, I would love to spread the news of bitcoin but I think it will be at the right time when I get the required knowledge.

Some of these business that accepts Bitcoin use Lightning Network. While others are temporarily accepting other altcoins that have lower transaction fees until the Bitcoin transaction fee is reduced.

btc78

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First of all, it is truly both shocking and amazing to see more and more people trying to utilize bitcoin

The picture you posted seemed to be a small local store where people buy a few products from so most likely the cost would not be too much even I personally do not think it is worth to pay bitcoin for if i buy a $1 worth of candy and i pay for bitcoin just imagine how much i would lose due to high transaction fees

Yes those problems are also met by other entrepreneurs right now there really is no other way around bitcoin’s high fees what your local community store can do however is to instead offer other altcoins to pay with they have a lesser congested mempool so transaction fees would not be that high

Nangiconference

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I don't know if this is the right place to post this but I think I have to let the community know of this as I was shocked to see a local shop in community accepting bitcoin and upon closer look and questions, I got to find out that the owner of the shop just recently started accepting bitcoin and I had to also ask how profitable has bitcoin been to his business and he pointed out two things which.
1. That alot of people don't willingly want to pay make payment with bitcoin as a result of the high transaction fee
2. Security as alot of customers also shy away from making payment in bitcoin as they don't want to be identified as people who own bitcoin.
https://ibb.co/h76Fr9r

I've read some post about businesses accepting bitcoin and I want to know if they also face those challenges mentioned above and how do they face and solve these challenges as I think this initiative in my local community will also help to raise awareness about bitcoin and since I'm still new in the space, I would love to spread the news of bitcoin but I think it will be at the right time when I get the required knowledge.

Topic: What are the challenges people who accept bitcoin face in their businesses face - page 2. (Read 244 times)