Quote from: GideonGono on Today at 01:52:22 PM

Quote from: Pokapoka124 on July 29, 2022, 07:21:31 PM

~snip~
The only down side I have experienced is the price volatility of Bitcoin. This has a huge effect on the business, because you need cash to run the business. Do you convert to fiat immediately or do you hodl the crypto payments you receive? If you choose the latter, how do you keep record of your actual profits? For me, I save my money in USD because of the unstableness of the naira. Accepting crypto payments has been of great benefit to me, crypto doesn't have an off-day like the banks do not work on weekends and the network on weekends are usually terrible, crypto payments saves me the bank trouble.

Advice

You don't have to know everything to begin, just start. When I started, I used electrum wallet to receive payments. Then I got to know about lightning network, which I adopted. I have recently become acquainted with a crypto exchange in Nigeria. I'm considering a deal to create a merchant account with them as a payment gateway.

Price volatility is the risk we should always consider when we are dealing with crypto currency.
It could be good or bad on our business, we could earn more or loss some of our earnings.
We should also consider the transaction fee cost for our customers.
But great job to you OP on having a huge success, it has been a year and you are still keeping it up.

True, and also not just the volatility of the bitcoin market; we, or a business owner, should also consider the transaction fee. Yeah, accepting crypto currency or bitcoin payments to your business could add to its popularity and target customers because you are giving them an additional option for paying in your business, but the thing is, how about the transaction fees? As we know from recent months, the transaction fees for sending assets or crypto currency from one wallet to another are too expensive. The transaction fees sometimes surge too much, which results in transactions being held as they can't take the expensive transaction fees. Yes, we have a light network, but the thing is, it is not worth it to open a light network for a one-time transaction with a specific crypto wallet or address. But yeah, it would be great if more businesses would accept crypto payments because it means that slowly many establishments will adopt crypto currency.