[[ch04_merchant]]
== Chapter 4 - Using bitcoin as a merchant

This chapter examines bitcoin from the perspective of a retail merchant who wishes to sell goods or services, priced or paid (or both) in bitcoin. The chapter examines the differences between consumer single-wallet use and merchant-level use of the bitcoin software. 

=== Merchant and payment services
=== Transaction fees and conversion fees

=== Handling thousands of transactions
=== Address per transaction
=== Deterministic key generation 
=== Master public key (MPK)
=== Cold storage
=== Customer culture (early adopter) and expectations
==== Anonymity and privacy expectations
==== Trust without chargebacks
==== Corporate and personal identity for trust
=== Refunds and reversals
=== Pricing in bitcoin or fiat currencies
=== Exchange rate and Conversion timing 
=== Handling currency risk 
=== Currency exchange and liquidity risk
=== Volatility risk
=== Regulatory risk