solutions that allow shop owners to accept Bitcoin and auto-convert to naira instantly to avoid volatility.
What I know is when you receive Bitcoin you convert it to USDT or you leave it in Bitcoin and then trade it using P2P exchange, so if a supermarket is interested in accepting Bitcoin they should employ someone who will be in charge in doing the P2P trading, for now I don't think there's an auto-convert to naira app or device, however it can still be developed.
Having auto-convert to naira will be helpful because shops can now be accepting payment through Bitcoin without fear of volatility.
Some people may say it those not matter and that why should a shop owner be scared of Bitcoin volatility when even if Bitcoin falls in price it will surely rise again, if you are having this thought you need to understand that this is a business and they sell and restock there goods and they do this with the money they have already sold so you see they need to always have there money complete.
I'm happy to be here, I never knew we have Nigeria discussion place here.
Other forum I join don't have a place like this.
You actually raised a solid point bro. Right now the closest thing we have is apps like Bitnob, Bundle, Binance Pay etc, they let you receive Bitcoin or USDT and then quickly swap to naira, but it’s still not “instant naira” like a normal POS.
The challenge is regulations, banks no gree allow direct auto-convert yet. Most shop owners that really want to accept Bitcoin just tell customers to pay in USDT, then they P2P it to naira almost immediately.
If one fintech can build a crypto POS that auto sells BTC to naira through P2P/OTC, that one go blow. Until then na manual runs we dey manage.