Topic: Accepting Bitcoin As Mode of Payment As A Business Owner (Read 147 times)
Most countries need to know the tax rate relative to their currency, so simple percentage calculations are not good enough. Now there are products to solve this for taking foreign fiat but crypto is too volatile for them to work. They could use a centralised processor after the transaction got confirmed but there is risk between prixing, sending and confirmation. How quick did btc drop in value recently? That's why a stable crypto is a pre requisite for mass adoptiom. You will get a few merchants before that but not many.
I think if you're an online store it's a very good idea to accept Bitcoin. More potential buyers. If you're worried about the price then you can have one of those services that converts it into fiat automatically. Of course that sounds like an extra charge.
If the owner afraid with volatile bitcoin price, they could use centralized payment processor/gateway to sell received bitcoin (or other cryptocurrency) after the transaction got confirmed by the cryptocurrency network.
If the owner sure many people would use bitcoin, they could set up their own payment gateway and sell the cryptocurrency every few days.
No, I don't think bitcoin makes sense given its volatilty and slow transaction times. That means potentially tax rates could change from hour to hour, I might be making a large profit when the transfer starts, and then by the time the confirmation goes through, it is another red sunday and now I'm losing money ont he sale, but I can't reverse it becuase the blockchain is immutable. However I think an alternative crypto (Most likely on ETH or NEO) could be the stable crypto coin that is viable for this use case.
There's no correlation between volatile price and tax rate if the owner set the price in fiat or know exactly the percentage/formula of the tax.
If the owner sure many people would use bitcoin, they could set up their own payment gateway and sell the cryptocurrency every few days.
Bitcoin is currently known for being unstable and unpredictable. In the viewpoint of a Business Owner, do you think you should accept Bitcoin as a mode of payment for the services or goods that you provide? Why or Why not?
I would really appreciate it if you can give me an informative answer.
Thank you very much for your time.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
I would really appreciate it if you can give me an informative answer.
Thank you very much for your time.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
No, I don't think bitcoin makes sense given its volatilty and slow transaction times. That means potentially tax rates could change from hour to hour, I might be making a large profit when the transfer starts, and then by the time the confirmation goes through, it is another red sunday and now I'm losing money ont he sale, but I can't reverse it becuase the blockchain is immutable. However I think an alternative crypto (Most likely on ETH or NEO) could be the stable crypto coin that is viable for this use case.
There's no correlation between volatile price and tax rate if the owner set the price in fiat or know exactly the percentage/formula of the tax.
the key is to convert your btc after transaction was finished,if you do it, i think it is a good approach to have this payment method in your business.
Bitcoin is currently known for being unstable and unpredictable. In the viewpoint of a Business Owner, do you think you should accept Bitcoin as a mode of payment for the services or goods that you provide? Why or Why not?
I would really appreciate it if you can give me an informative answer.
Thank you very much for your time.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
I would really appreciate it if you can give me an informative answer.
Thank you very much for your time.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
No, I don't think bitcoin makes sense given its volatilty and slow transaction times. That means potentially tax rates could change from hour to hour, I might be making a large profit when the transfer starts, and then by the time the confirmation goes through, it is another red sunday and now I'm losing money ont he sale, but I can't reverse it becuase the blockchain is immutable. However I think an alternative crypto (Most likely on ETH or NEO) could be the stable crypto coin that is viable for this use case.
You can accept Bitcoin by todays price and cash out instantly, in this case you wont lose anything.
Of course you should include all the fees in price of the goods and even couple of % more
Of course you should include all the fees in price of the goods and even couple of % more
The price is volatile, as we all know. It all depends on how you are going to use the payments that you'll receive, if you convert them to fiat every single time you receive BTC, you have nothing to worry about.
You can also choose to convert a percentage to fiat and pay your costs and hold a amount of BTC for the future.
It is just common sense...
You can also choose to convert a percentage to fiat and pay your costs and hold a amount of BTC for the future.
It is just common sense...
Bitcoin is currently known for being unstable and unpredictable.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
I think you mean the bitcoin PRICE. Bitcoin itself is very stable.
You will never get merit if you ask for it. :/
Bitcoin is currently known for being unstable and unpredictable. In the viewpoint of a Business Owner, do you think you should accept Bitcoin as a mode of payment for the services or goods that you provide? Why or Why not?
I would really appreciate it if you can give me an informative answer.
Thank you very much for your time.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
I would really appreciate it if you can give me an informative answer.
Thank you very much for your time.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
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