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

As far as I know, there are 2 main problems facing businesses that accept bitcoin as their payment.

1. Transaction fees
From the screenshot you provided, I estimate that the price of 1 item there is under $0.5 - $1, meanwhile based on current mempool data, to get a high priority transaction, it costs around $2.37. This means that people who want to make transactions will experience losses there so they will give up their intention to pay using Bitcoin.

Solution: Using a centralized/off-chain service that does not require moving bitcoin on-chain.

2. Laws in a country
This problem depends on the jurisdiction where you live, but especially in the country I live in, we are not allowed to use any crypto including bitcoin in transactions. This law has a significant impact on business actors, because they cannot differentiate and offer other payment method to make things easier for their clients/customers.

first of all, welcome to the forum, regarding life itself, there are ups and downs full of challenges in which we have to run and make use of the efforts we have and ensure that it only bring in the best in us out, bitcoin is not difficult to use or understand, but being for the first time, many would have found it difficult in making it their mainstream means for making payment whereas there's nothing too much or that difficult than we could cope or adjust with if we learn how to use it, many businesses and organizations were already accepting the use of bitcoin and ours shouldn't be an exception.

shying away from paying BTC due to security. users taught about not divulging their identity are taking it very seriously. can't blame them because of the instances like they are putting their lives at risk. come to think of it, we are not hearing crimes related to robbing BTC in Bitcoin Beach so it must be safe to spend BTC in those areas.

if you are a businessman and you want to accumulate BTC, I think you could give discounts to BTC payers so that they will not mind the transaction fee.

Aside the unwillingness to make payments in Bitcoin due to high transaction fee which I personally consider not totally true because transaction fees are not always high, there's also the unwillingness to make payments because of people's perspective and views towards Bitcoin. Many owners and hodlers of Bitcoin see Bitcoin as investments and not to be used for daily transactions especially in local shops so they are all unmotivated to use their Bitcoin for transactions when they have fiat for it.

First of all, saying that high transaction fees deter people from using it is a bit of an overstatement because I believe that if you, like in this case, try to sell items that cost $1 for bitcoin, you're a dreamer. Math says this can never work, but that doesn't mean you can't sell thins for bitcoin. The value of an item must be much higher than the fee for it to even have the slightest chance of success.

As for the solution, there are even better ways of fixing this. You can sell in bulk, like Chinese manufacturers, or do hat many online stores do and allow clients to load funds onto their account. They can send 1k USD to the store at once and be able to use it for purchases throughout the year.

Bitcoin is a great tool for auctions, where you need proof of funds. In traditional auctions you usually have to send some money before you're allowed to participate. With bitcoin you can sign a message and achieve a similar result.

Well, the fact that the invention of Bitcoin is almost 15 years ago, doesn't clear the fact that people all over the world, are still finding this technology a new thing and are gradually being informed and trying to adopt the technology of cryptocurrencies. So, as a business owner, you are likely to face two problems, one which I will discuss in this segment and the other which I will give to the next person here.

For this, you are going to face issues with your direct customers and clients who are patronizing your products or services in terms of making payments. Not a lot of customers are ready to make payments to you using your wallet address, especially when you are still a small business and dealing with petty trades out there.

Setting up a business in a developing country, like Nigeria, will amount to almost 0 participation in customers that are willing to pay to your wallet address rather 99% of them would prefer to make payments via Bank accounts, traditional banks or online banks than to use the new invent of wallet address or cryptocurrencies.


The second aspect is what I will discuss here, which is the transaction fee like you rightly mentioned above and the laws of the country.

For a country like Nigeria that just lifted the ban on cryptocurrencies, although have not allowed the full implementation of that policy, which implies that banks are not allowed to make transactions using cryptocurrencies, it becomes a lot sketchy for a business to make use of those modes of payment in a day-to-day business arena.

The transaction fee which has been increasing almos by the day is another plague in the adoption of Bitcoin  transactions for small businesses. Let's say, for instance, if you are making $100 sales a day and you're forced to remove transaction fee that is up to more-or-less $3 to $5 in a single transaction, what do you then realize at the end of your business day.

Why can't you make use of the normal mode of payment and redeem those transaction fees that you lose during the process of using Bitcoin.

Both reasons are a prevention of accepting Bitcoin lately. Bitcoin was created to make hassle-free global P2P money transfers without centralised involvement and with lower fees. Beyond the goal, Bitcoin has become an investment scheme lately. Due to high transaction fees, it has become very challenging to accept Bitcoin payments. Merchants would move to altcoin payments due to transaction fees. Developers should find a solution to this serious issue.

I'd say volatility is the biggest issue for merchants. The worst case scenario is you accept some Bitcoin, hold it and it crashes and now you have to sell it at a loss to keep your business going. And this is bound to happen at some point, because Bitcoin has many crashes per year, which can be 5% or 10% or even 20-50%. You could say that they are cancelled by the price surges in the long run, but still some unlucky timing can cause immense damage to business.

Dear accepting or sending Bitcoin payment at business level have fo face many challenges like high transaction fee. On the other hand if the value of bitcoin goes up or down as it is volatile digital currency so the agreement of both sender and receiver is important before creating transaction. Because we know when we pay or receive payment in physical currency we don't have to face these kind of problems that we have to face in case of bitcoin.