Why should I accept Bitcoin Cash in my business?

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Avatar for ramonoropeza
4 years ago

Being an entrepreneur in Venezuela means looking for creative solutions to combat hyperinflation. Many people use cryptocurrencies in Venezuela to escape this social reality.

In my case, I've been writing a lot and surfing the internet to get some cryptocurrencies. However, I wonder now: How convenient is receiving Bitcoin Cash in my business? What price should I place on my products? What role will I play as a business that accepts Bitcoin Cash?

I already have time in this cryptocurrency and I have become a total enthusiast of them. I am completely sure that cash will disappear from the face of the earth and cryptocurrencies will be a very diverse large ecosystem where the most useful and strong cryptocurrencies on the market will cohabit. I love nothing more than the idea of ​​seeing a world in which thriving economies emerge in which cryptocurrencies are not only a means for the exchange of goods and services but also a technology that drives the productive and self-sustaining activity of each remote locality of the planet. Generating wealth and well-being in all humanity.

How convenient is receiving Bitcoin Cash in my business?

I know many benefits of receiving Bitcoin cash as payment. The transactions are very fast and the commissions are very low (unlike Bitcoin –According to my experience-). Another point in favor of Bitcoin Cash is its good price in the crypto market, which makes it a good refuge to protect the assets of my hyperinflation business in Venezuela.

The only drawback is that my cell phone is not good enough to download a reliable wallet. And so monitor payments. I use Electron Cash to manage Bitcoin Cash wallets in my pc.

What price should I use for my products?

Here I really am not sure what price to place on my products. Well, at first the cost structure of my products are all in fiat money. So I think about converting to US dollars and then to Bitcoin Cash. However, these conversions charge a certain fee, so you should include this commission percentage in the price. I also doubt the volatility of the crypto environment, this implies that, should I set the price in US dollars and let the price in Bitcoin Cash fluctuate? I do not know.

My business is called "PanXCafé: Atelier baker" is a small creative bakery from my home for my neighbors, friends and the entire neighborhood.

What role will I play as a business that accepts Bitcoin Cash?

For me this is clear: it is not just about receiving, but about giving and much. If you receive Bitcoin Cash or any other cryptocurrency in your business you must be a great promoter of this technology and show that you really believe in this. The role of diffuser of the entire cryptocurrency and Blockchain environment. Being a guide in the world and bringing information to people about how cryptocurrencies and blockchain can improve their lives and society. It is not receiving money, it is transmitting a message of change and the transition to cryptocurrencies.

This is due, in my case (My business is still small), to which of my clients can pay in Bitcoin Cash? I honestly do not know any, I know that in my city there are people who have bitcoin cash and would like to exchange them for products, but the idea is to make more and more people who use this technology. Therefore, if you accept cryptocurrencies in your business you must also be a great diffuser of cryptocurrencies.

I write this in search of financial help to boost this small business and thus be able to help our families. The goal is to reach $ 3000 and buy materials and utensils that are necessary to work from our small apartment. I'm already grateful.

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Avatar for ramonoropeza
4 years ago

Comments

Maybe cointext will soon be available in Venezuela. Then you will be able to do everything via SMS. https://cointext.io/en/regions/

$ 0.00
4 years ago

This is a smart upward trend for up and coming entrepreneurs such as yourself. I really wish the best for you and your business I see you got some nice upvotes!

$ 0.00
3 years ago

How convenient is receiving Bitcoin Cash in my business?

Do you mean that your phone can't run applications? You could try the bitcoin.com register app, which lets your phone accept payments, but ultimately the funds (your private key) would stay on your computer with Electron Cash.

https://play.google.com/store/apps/details?id=com.bitcoin.merchant.app&hl=es_vz

Another option would be to print a QR code of one of your addresses, and monitor from your computer, as you said.

I set the price in US dollars and let the price in Bitcoin Cash fluctuate

That's typically what people do, yes.

Therefore, if you accept cryptocurrencies in your business you must also be a great diffuser of cryptocurrencies.

Wonderfully said, one idea would be to create SLP tokens (more info: https://simpleledger.cash/) for your store and give 1 to each customer (even if they don't pay in crypto). You could then tell them that when they get 10, they can get a free item from your bakery (as a loyalty program and a way to teach people about crypto and bitcoin cash). You can easily create tokens through the SLP edition of Electron Cash: https://simpleledger.cash/project/electron-cash-slp-edition/

Lastly, maybe offer to pay for the ingredients (to the grocery stores?) that you use in your business with Bitcoin Cash, that way you wouldn't have to deal with exchange rates.

Best of luck.

$ 0.00
4 years ago

Thank you very much for your advice brother. I will be reporting on the progress in this process. Many blessings to you

$ 0.00
4 years ago