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 Start up new online business (Bitcoin ONLY store), Bitcoin Only Business

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TSmztang52
post Jul 22 2018, 11:35 PM, updated 6y ago

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Hi there, is it hard to manage an online business with BITCOIN only shop? I need recommendations. Thanks.
vasculio82
post Jul 22 2018, 11:38 PM

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Selling Bitcoin or accepting only bitcoin as payment?
TSmztang52
post Jul 22 2018, 11:40 PM

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QUOTE(vasculio82 @ Jul 22 2018, 11:38 PM)
Selling Bitcoin or accepting only bitcoin as payment?
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Accepting bitcoin as the only payment.
Atsutane-Shirane
post Jul 23 2018, 12:05 AM

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I dont think it's hard to manage... The only hard thing is there any customer wanna pay using bitcoin?

I mean is the public ready to adopt bitcoin yet?
GreenSamurai
post Jul 23 2018, 08:50 AM

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Somehow I think currently it's hard to manage a bitcoin only payment store. Right now bitcoin is like gold where people buy just to keep and I don't see that trend changing for the next 2 years at least.
yushin
post Jul 23 2018, 08:52 AM

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Bitcoin payment usually take like 10 minutes to confirm. I don't want to stand in front of counter 10 minutes to wait for payment confirmation.
TSmztang52
post Jul 24 2018, 08:55 AM

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QUOTE(Atsutane-Shirane @ Jul 23 2018, 12:05 AM)
I dont think it's hard to manage... The only hard thing is there any customer wanna pay using bitcoin?

I mean is the public ready to adopt bitcoin yet?
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Maybe introduce bitcoin to them like make it more popular in Malaysia by promoting the use of bitcoin.

QUOTE(Piak Piak Piak @ Jul 23 2018, 12:06 AM)
Target Market ? Malaysia or Worldwide ?

If worldwide, go for it.
Only in Malaysia ? Well need to rethink , as for now I don't think there is alot of people using Bitcoin
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Currently want to target on Malaysia only. I would like to further the plan to worldwide too if possible.

QUOTE(GreenSamurai @ Jul 23 2018, 08:50 AM)
Somehow I think currently it's hard to manage a bitcoin only payment store. Right now bitcoin is like gold where people buy just to keep and I don't see that trend changing for the next 2 years at least.
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Make it as a currency then. It's a virtual currency , it's future. Just like how some people keep USD, yes indeed it's very worthy but hey why not just use it as a currency instead?

QUOTE(yushin @ Jul 23 2018, 08:52 AM)
Bitcoin payment usually take like 10 minutes to confirm. I don't want to stand in front of counter 10 minutes to wait for payment confirmation.
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Accept other altcoins as option?

This post has been edited by mztang52: Jul 24 2018, 08:55 AM
PrincZe
post Jul 24 2018, 09:09 AM

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Accept Alt coin as other payment.

But Alt coin fluctuate alot. So u gotta accept that, or change every 24 hours
ShinG3e
post Aug 10 2018, 12:43 PM

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suggest to accept other mainstream cryptos as well.

i sold quite a number of software to worldwide crypto community and accept 4 major crypto mainly BTC, BCH, LTC or ETH. At least give them options to pay whichever currency they feel they want.

the only issue is whether your product is fix price or fluctuates according to market?
lw13
post Aug 10 2018, 03:50 PM

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i think its good to go, but have to make sure the security.
besides, what i know if want make the payment more faster, maybe can try research about bitcoins lightning network.
Juan86
post Aug 11 2018, 11:39 PM

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with the volatile price , u need to close shop temporary when the price is shaking
Azurika
post Aug 14 2018, 12:05 AM

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Does not work, merchants and users will not accept the volatility, unless is pegged
ocphangaz
post Aug 14 2018, 12:10 AM

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QUOTE(Azurika @ Aug 14 2018, 12:05 AM)
Does not work, merchants and users will not accept the volatility, unless is pegged
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at last someone answers from business perspective.
webbie
post Aug 14 2018, 12:42 PM

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the idea to startup online store accepting crypto pop up in my mind few months back. the rough idea is to start off with selling some computer accessories/consumable product like home made mee/mee suah or seafood product(as my places is nearby to this resources) and also some home made red wine and yellow wine(non halal). (this is just the rough idea) my aim is to encourage more real usage of crypto in read deal and also intro crypto to my hometown communities. few concerns that arise is
1. the volatility of the crypto price .. as for this , i think off every product shall have 2 price. which is 1 is fix in fiat. like a packet of mee is rm10 include postage. and then the crypto price will be list based on cryto type that i accept (btc,bch,eth,lite is few of the priority choice) and how much the crypto price need to be charge will base on live price on that day.
2.what payment system i shall approach?
3.the overall cost for this to be setup
4.in order to encourage more buying using crypto, pay using crypto will have 5-10% discount
5.how i turn the crypto i received to cash base on daily basic or upon when i need it to be done

any opinion are welcome hehe to shed some light here. but of course the rough idea kick off from encourage more crypto usage and to stand out from other online store due to accept crypto as payment
Simon23
post Sep 12 2018, 10:32 AM

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I think the answer is very simple: No it is a terrible idea as of now.

There are a lot of reasons but the absolute killers are:
1. Transaction cost & speed!
Check this out: https://www.buybitcoinworldwide.com/fee-calculator/
At the moment a transaction completing below 20 minutes (!!) will cost you around 0.33 USD in satoshies. During the hight of the bitcoin frenzy end of 2017 you could pay over 30 USD (!!) for a transaction and it would still take a day to clear.
2. Your risk exposure to volatility
Your suppliers and other business cost are likely to be not in bitcoin but MYR. Bitcoin goes down the moment you got to pay a big bill? = you are screwed.
3. Limiting your customer base
Lets face it the vast majority of people do not own any BTC and wont figure out how to get it just to buy from your shop.

So unless you are in a niche that deals in very low volume and high margin products you will most likely not succeed today. I would wait for wider adoption and implementation of the LN - that might be a game changer.

You are welcome!

Cheers
Selectt
post Sep 18 2018, 04:45 PM

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possible if your shop name is "Close My Shop"

 

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