Contest: My take on accepting crypto payments as a business owner

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Compliments of the season, my dear Steemians. I trust you are doing very well. It's a day of contests, and it interests me to organize a contest about crypto payments, which is titled, "My take on accepting crypto payments as a business owner."

Accepting crypto payments such as Bitcoin, STEEM, TRX, and other cryptocurrencies as a business owner can boost your business and even increase the number of payment methods you make available to your customers, which may also lower your transaction fees. Payment, however, cannot be stopped after it has been started through the network. In contrast, credit card payments are processed instantly, but customers can still contest payments after they have been made.

As a business owner who has chosen to accept crypto as payment for goods, you may decide to convert your payment into U.S. dollars or your local currency instantly or choose to hold the crypto as part of a long-term investment plan.

Today, accepting crypto payments has been made easy through a system called "point of sale" that is provided by some crypto payment gateways like Coinbase, PayPal, BitPay, etc. These crypto payment providers can easily convert your cryptocurrency payment to cash automatically, where you can then send the money into your business account.

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CONTEST HINTS

1. Is cryptocurrency good for a business to accept as payment? Let us know why.

2. Do you think integrating crypto payments into your business can boost your business above your competitors?

3. What are the risks of accepting cryptocurrency as a business owner?

4. With respect to fees, this is generally true. Merchant processors will typically charge a 1% transaction fee, compared to credit card transaction fees of about 2.5%. With this, are you considering taking the plunge into accepting crypto payments?

5. If you were to start accepting cryptocurrencies today, what are the five cryptocurrencies that you would accept?

6. Highlight the key difference between crypto payments and credit card payments.

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CONTEST RULES

👉 Post your articles in the Steem4Nigeria community. The participation time is from Saturday, January 7, 2023, at 00:00 UTC to Friday, January 13, 2023, at 23:59 UTC.

👉 Your article should be a minimum of 300 words and free of plagiarism.

👉 Images must be your own or copyright-free.

👉 The title of your article should be "My take on accepting crypto payments as a business owner." Add the tag among your first four tags: #crypto-pay, #business, #Steemexclusive, your country example (#nigeria).

👉 You must be an active participant in any of the following: #club5050, #club75, or #club100. Newbies whose Achievement1 post has not paid out can use the tag #newcomer in place of clubstatus.

👉 Invite at least 3 of your friends to also participate in the contest, and also leave the link to your entry as a comment on this post. VOTE and RESTEEM this post so other users can participate.

👉 Mention me, @josepha, in any part of your post so that I can easily see your entry.

The contest is open to all countries.

You can be creative in your analysis beyond the content rules.

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CONTEST REWARD

• 14 Steem Power is set to be shared in this contest, where the top 3 winners will share 10 SP at the ratio of (4:3:2) and 4 SP to the top 4 enteries at the ratio of (1:1:1:1).

• Quality entries would be eligible for community curator support.

• Quality entries may receive booming support (not guaranteed).

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CONCLUSION

Cryptocurrency is becoming more popular day by day, and a lot of people think it's just all about selling it for fiat currency or using it to pay for gas fees. A lot of people are using crypto for numerous transactions like sending money to their loved ones abroad, shopping, converting to gift cards, and many others that some of us, especially newbies, aren't aware of. The essence is to let us know other useful features of cryptocurrencies.

Cc:@disconnect