BTC India
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I’ve never owned bitcoin or crypto. I’m selling my business and have someone who really wants to use their bitcoin to buy my business. For someone who doesn’t know much about this digital currency, is it a good idea to accept bitcoin for the transaction?
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View Reddit by Forgodsolovdtheworld – View Source
This is a horrible idea, if u don’t know anything about bitcoin don’t do it
You need to talk to a lawyer, not orange-pilled teenagers on the internet.
Don’t get scammed. If this is a significant sum, use a company like swan or River to assist.
It’s a great idea, but you must do it wisely. There are scammers in this space who will direct you to certain apps or websites to receive payment. That’s not how this works.
You need a self-custody wallet (if you plan to keep it), or an exchange account (if you don’t plan to hold it) from a reputable exchange of your choosing. Do not follow any links from the buyer.
From the wallet or exchange, get a receive address, and send that to the buyer. When they make payment, you will see it in your wallet or account, but you can also check it by looking up the address on [mempool.space](https://mempool.space), to verify the money is sent. Remember, it’s not yours until there are at least a few confirmations.
Good wallets are open source and bitcoin-only, phone apps or hardware wallets.
Phone apps: Blockstream Green, Bluewallet, Nunchuk
Hardware wallets: Coldcard, Blockstream Jade, Bitbox02
It depends, mostly on what you plan to do with the money from the sale. If you’re planning on parking it somewhere then sure take the btc. If you’re planning on using it to invest in something else (another business, real estate, etc) then ask for USD/Euros.
Ultimately, it’s not much different than accepting a different form of payment. “Caah or kind” as the saying goes.
Probably the best transaction you will ever make. Make sure you understand how Bitcoin custody works fully. Understand how hardware wallets work and the difference between those and exchange wallets. With such a large amount of Btc you may want to do a deep dive into multisig custody and learn how that works as well.
Imo the best source on learning about these topics and everything Bitcoin related is the [Bitcoin University](https://youtube.com/@Bitcoin_University?si=VxCom8ejPIKMLDKK) youtube channel. Orange pill yourself by learning as much about this fascinating asset class as possible. You can search that channel for all topics you want to learn like “hardware wallets” “how to custody” ect.
Yes it is a good idea
Do you know how much Bitcoin they are offering, and whether that is an appropriate amount?
There is no such thing as $200 of Bitcoin
yeah if you hold for a long term. it will increase its value next year due to the halving.
I assume you would want to change it into cash. You should receive it to an outflow exchange in your country, coin base as an example. It will probably be a pain in the ass to transfer that much to a bank account, I assume both the exchange and your bank will require extensive verification on the source of the funds. You are also liable to lose maybe 5-10% from fees and fluctuations.
Id charge a 10-20% premium to have to deal with that much crypto
Don’t get scammed. I would get a hardware wallet, create a wallet on my desktop with it. The seed will be generated offline so it will never be exposed to the internet with a hardware wallet. You can then have the buyer send the bitcoin directly to this fortress of a wallet. You may get a receiving address for the wallet and send that to them. They can then send the bitcoin to that address for like $0.70 in gas fees. You might also be able to send them a QR code. You can then hold that forever and become extremely wealthy.
Do a lot of research and practice sending btc between a few mobile wallets yourself to see how it works. You can do that with like $10. Maybe $5.
Don’t answer you’re direct messages they are scams. If they really want to help you they would comment on the post.
Hey guys, (takes puff of a joint), here me out…
If you don’t know anything I wouldn’t be doing large transactions to start with. After a lot more experience I would consider it more but no way is this a good idea.
You don’t know what you’re doing. Don’t do it.
If you don’t know much about it and how to safely handle and transact with it; tell them to sell it for cash and pay you in that cash.
!lntip 500
Now you own Bitcoin
If you don’t have prior experience, absolutely do not do it. The fact seller knows you have no experience and is suggesting it highly suggests it’s a scam offer.
There is no reason they cannot convert to cash and pay you w/cashier’s check/wire transfer. There is no advantage for seller or buyer to do the transaction in Bitcoin, but there is a high probability of something going wrong if you lack experience.
And you should absolutely not be attempting a transition of this size w/o an attorney.
No. Have them convert their btc to cash and pay you properly. You can convert whatever you want after that but cash is still king.
i’ll leave this here:
https://medium.com/hackernoon/otc-crypto-deals-part-1-traps-scams-and-potential-risks-3dbd295e415a
https://medium.com/hackernoon/otc-crypto-deals-part-2-minimize-your-risks-ad4d6a717620
https://medium.com/coinmonks/otc-fraud-is-still-rampant-in-2022-use-common-sense-to-avoid-it-72f78a04caba
If you have to, do it through an intermediary. In the current regime, YOU are responsible for KYC. It’s unfair but it is what it is. Many unwitting mule cases out there. Best do it through fiat and then exchange it for btc if you want to.
I love the idea of BTC being used for transactions like this but there are a few red flags here in my opinion. The largest of them being source of funds and tax obligation.
Both of these concerns can be addressed by having the purchaser sell their BTC for a stablecoin (like USDC), and then sending you the USDC. This means the coins would be scrutinized by the chain analysis software that the exchange uses to identify any underlying issues, if any. This would also put them on the hook for any tax obligation since it would be a taxable event tied to their exchange account and identity.
This way, you would still receive payment in crypto that you could then use to repurchase BTC or convert to cash and send to your bank.
There’s way more here I didn’t bother to get into, but if you’re serious about entertaining the idea, I think it has merit if done carefully.
Lol, let him sell btc and give you cash
It’s a scam
No.
Great idea.
Probably a scam. Very small possibility that the person is just some kind of hardcore BTC preacher. I would not risk it, especially if you dont know anything about bitcoin.
If he wants to buy he could just exchange into dollars unless…well who knows where that money came from and if the transaction can get you in trouble.
On the plus side – he wants to buy your business so he can probably not run away with it but still…