Okay. Here's my question:
Question 9.5: Pretend I own a large business that sells physical items, with all orders being sold online. Tell me about the benefits and drawbacks of accepting Bitcoin for my business. I reside in and pay taxes in Canada.
Considering that you're an online business, cash generally isn't a payment option for your customers. Paying via credit card means that there are fees: for both you and the buyer. While these fees are usually offset for the buyer via bonuses, such as points or airline miles, you, as the seller, are stuck with having to pay merchant fees for allowing credit card payments. Accepting bitcoin means that you, as a seller, do not have to pay fees for the transaction. Chances are that the transaction fees are [currently] lower than the credit card fees for the buyer, as well. Customers can also rest assured knowing that their personal information, such as their billing information that is tied to their credit card, is not divulged to your company. This should allow the customer to buy your products with ease, knowing that their privacy is never at risk.
Additionally, you no longer have to wait to have the cash on-hand. Once a bitcoin transaction successfully receives confirmation, it's yours to spend immediately; no more having to wait for your credit card agency to transfer the money to your bank, especially when there are international fiat currency exchanges involved.
More importantly for you, as a business, you're not susceptible to chargebacks, such as with credit card payments! Once a transaction has occurred, it's final. Customers can no longer fraudulently chargeback a transaction for any reason.
Given that there is a small minority of retailers that accept Bitcoin, yours will be considered one of the "forward thinkers" of this day and age. As a large business, you'll definitely gain positive press for accepting Bitcoin, which will be free press and marketing for simply deciding to accept Bitcoin.
Additionally, given that Bitcoin is considered a commodity by the Canadian government and the Canada Revenue Agency, you don't have to pay taxes on your Bitcoin earnings, unless the value of Bitcoin is higher when you're ready to convert it to fiat currency than it was when you acquired it. If so, then you'll have to pay capital gains taxes on it, which is the perfect segue into the drawbacks of accepting Bitcoin for your business:
Bitcoin is still highly unknown to the Canadian government. Because of its past ties to illegal activities, your Bitcoin could be at risk if the authorities deem any form of investigation into how you acquired the bitcoin. Because you'll be forced to comply, your bitcoin could be in limbo while investigations are conducted. All the government needs is one (false) report that your company is using Bitcoin to launder money or for trafficking, and you'll be forced to give up your bitcoin while they (attempt to) clear any false claims.
This is a farfetched scenario, but the risk is definitely there. Another risk of accepting Bitcoin? The extreme volatility of the currency. Because it's not tied to any fiat currency, and given that all of the products that your store will offer are based on a cash value, you could end up taking a loss for any given transaction if the price of Bitcoin dips after the transaction was conducted. This could be a matter of minutes or a matter of weeks. Because there is no guarantee that the price of bitcoin will increase, every transaction you conduct is at risk of realizing instant losses the moment you sell a product. On the contrary, your profits could be easily multiplied if the price of Bitcoin inflates after a sale has been made.
As a large business, you'll also be susceptible to hacking, and you'd be a target for hackers to try and intercept your customers' payments. Because bitcoin users are also more tech-savvy, it attracts the bad along with the good. Your store's website could be prone to attacks, which could come with hackers' demands for you to pay a ransom (ironically more than likely with Bitcoin) in order to resume your site's normalcy.
There are additionally many perks and drawbacks to the customer for using Bitcoin to purchase products, but since you asked about benefits and drawbacks of your business, I'll leave it at that. Does this answer your question?