Topic: Advantage of accepting bitcoin in business (Read 1484 times)

I was recently watching youtube and in the recommended ones, I got a video that reminded me of this post, it was about a guy who went to a Subway to pay with Bitcoin. I see that they are applying the same payment resource and I am glad to hear and read this type of thing.

Here I leave the video in case you want to see it: https://www.youtube.com/watch?v=zWsd1WwhhNg&t=4s

It also reminded me of a parallel that occurred here on the forum of a guy who opened a cafe and received btc as a means of payment.



I identify with the man you mention in your anecdote, there are times when we only have Bitcoin and not fiduciary money and it becomes somewhat tedious when we want to pay anything, I think that with a little more information, more people would be able to use these facilities in other parts of the world. Without further ado, I congratulate you on your idea, keep innovating and teaching people.

I like reading stories like this where bitcoin is been used as a means of payment, especially in my residing country, I will love to also receive bitcoin as a means of payment in the future but for now, I am not into any business you can pay for with bitcoin  but rather engaging mine as an investment

I guess it would be strong potential for international trading plus increasing companies investing cash flow

For now, doing business using bitcoin is quite expensive and really requires a lot of cash, especially in the case of small shops, it really needs cash.
Basically small businesses take advantage of the velocity of money so that they need more fiat to be spent again into goods to be resold. If with today's bitcoin access, I myself am still having quite a hard time because indeed when we receive bitcoin payments and the goods provider has not received bitcoins, I think it will be quite difficult, plus there is no exchange that provides fast and cheap or free services to exchange bitcoins I was then withdrawn to the securities wallet for free, I did it longer and indeed it was still quite difficult for now on its way so that it became fiat again to be spent.

Unless you have a facility like that and have a big business, so providing alternative payments is not difficult and will definitely be profitable, especially if the business scale is at a global level, of course using bitcoin is a solution for more profits, different from small businesses and still within the scope of the region. those who collect profits of $ 0.1- $ 1 from each item, I think that profit will be eaten by transaction fees. I think this is also felt by the pizza seller besides seeing the price volatility.

you really need a lot of spare cash if you want to start accepting bitcoin as payment in a business. i have seen another merchant that accepted bitcoin as payment before and I'm sure you are familiar with it too which is Burger King. eventually they stopped that kind of transaction maybe due to people are not yet knowledgeable about crypto and not that much are using bitcoin as payment but rather upfront cash. there was also the risk due to it's volatility and the story about pizza guy might repeat again.

I have a similar topic before on Small Business that accept bitcoin or cyptocurrency here in PH, worth it ba?. In my opinion, you're going to need a lot of liquid or cash if you are running a business so that you can sustain your business and continue the cash flow in cash there are problems when it comes it finances or some sort of rise in prices like for example pork or chicken.


Accepting your bitcoin is actually a good thing since it's a good investment for the long term, it's a great promotion on bitcoin and you could multiply your profit by investing in bitcoin using your business, but the problem is that payment cannot be used since your gonna need to sell that bitcoin to convert it to fiat money. IF you doesn't have enough cash to sustain that business your just gonna end up selling your bitcoin to a loss, so if you don't have enough cash to sustain that business you should not accept bitcoin at all because it could easily bankrupt your business if a lot of people start paying bitcoin.

I think there are a lot of advantages to accept Bitcoin in business and these are listed below and ate according to me,
1. Bitcoin is a future can store Bitcoin for next 10 years
2. Bitcoin is a fastest payment gateway.
3. Through Bitcoin international Traffic will come
4. In future Governments encourage Bitcoin accepting Merchants.

It can be said that spreading and teaching people about bitcoin is an extremely arduous task, and as you said, we should be ready because we will not be able to derive any benefit from it, even will receive criticism or blame. That's why many people have knowledge about bitcoin, but they never want to teach someone.
I also taught bitcoin to some of my relatives, but all I got in return was reproach, criticism and contempt. Since then, I no longer want to share this opportunity with anyone, if someone actively asks me, I will also just say that the person should self-study on youtube and social networks.

You are absolutely right if not all businesses can easily accept payments with Bitcoin.
Depending on the laws of the country where the business is being conducted, if Bitcoin is deemed illegal and there is not much acceptance by the public then there is no point in posting notifications to accept Bitcoin payments because it will clearly be against the law and subject to sanctions or penalties from law enforcement officers.
One more thing, I think we know if Bitcoin is very fluctuative we should be considered to accept Bitcoin as optional payment not main payment. Because we might have a hard time if our business needs a refund for production costs as soon as possible for tomorrow like for example a food business then it will be certain we will have a hard time buying ingredients for tomorrow morning with Bitcoin if the value of Bitcoin is experiencing a decline.

Not all people are curious enough to investigate further after hearing the name of something which are new to them and also some of them will think negatively and end up not using BTC. This comes the importance of explaining BTC to them in a way that they can easily get. We can use basic words and examples for this. It's a tough and challenging task so we must be willing because we can't get anything in return for doing this.

There's even some who gave free Bitcoins to their students only for them to be encouraged and as a way of saying thanks for their patience because they know that some can get bored with it. A solid Bitcoiner is willing do anything to help the BTC community grow.

Given the volatility of bitcoin, are you sure it will be a suitable store of value for your business? What happens to your business when you accumulate bitcoin at $69k, and you need that capital this year to solve business problems? Would you sell bitcoin for $30k to solve those pressing problems? Fiat depreciates over time, but bitcoin is so volatile its value can drop by 80% in the investment period.

There are a lot of things we need to consider when accepting Bitcoin. And aside from those things that you have mentioned, it was also important that we know that Bitcoin is legal in our country to expect that many Bitcoin holders will take their chance to spend in your store otherwise, it makes no sense at all.

And the last thing is that we know also how to spread awareness of our business regarding accepting crypto as an additional payment option. The more we spread information like this, the more it gives curiosity to the community.

Using Bitcoin is not as difficult as you think, I think if one uses smart phones and the internet well, learning about bitcoin is not too complicated.

In my opinion, educating someone to use bitcoin as a means of payment is advisable, but if teaching someone about investing, we should be cautious. What I fear is that when people know about bitcoin, they will not use it as a means of payment instead, they will use bitcoin for investment. And investing is risky, if they lose they will most likely blame us.

There are two advantages of accepting Bitcoin in my country.

1} To avoid the devaluation of fiat, every year our currency depreciates significantly in value, there is no reason to accept Fiat and save money in the bank, they lose value too fast. I keep money in the Bank because of expenses.

2.} If your business is flourishing, you can easily gather some Sats from your earnings and redirect the rest to your business if you have a lot of Sats to spare.

indirectly what is done is to form a community in a residential area. there will be many people who gather and ask about payment methods, of course in a warm conversation they will tell about the advantages of bitcoin, especially when it comes to getting money, of course there will be many people who are interested in knowing how, so the conversation will go deeper, especially for those who already proven or felt the result, over time it will be more crowded and spread kindness to many people

At least if something like this is done, of course he is ready to take all the risks because indeed, as you say, it would be very wrong if we don't really understand bitcoin but want to teach it to others.
Indeed, it is still possible but this is risky because there may be several perspectives that will later be wrong so that when it is transmitted to the public and justified then of course everything will be wrong. Actually teaching bitcoin to others is a good thing but when we don't really understand the context then don't even try to do it.

If someone is able to introduce BTC to a community, of course he also has the ability to explain more things related to cryptocurrency and Bitcoin to that community. Even though it can be a challenge for him to teach more things that are not known by those in his community, I am sure that someone who has introduced something to more people. Of course he knows how to explain and provide answers to questions that will be born by people in his community.

It is a very good idea.  I have appreciated you because you educate and introduce BTC to your community.  This is a very good breakthrough.  I was just thinking how do you educate your community regarding the use of cryptocurrency as a means of payment.  I mean I have thought that there must be a lot of your people who don't understand crypto currency and I think it is a challenge for you how to get your people to know crypto currency positively.

Also in the digital age, a good solution to help you adopt cryptocurrency would be crypto processors like SHKeeper. This is a crypto processor that is more convenient to use than plugins.

Sensible remark. It is always important to keep in mind both your safety and safety of your counterparty. And first if to pay in bitcoins we should have different addresses for different purposes. If lots of people pay with bitcoins and majority have very few satoshis then it will be less dangerous if a balance in an address you use is small. But the retail should think of anonymity of clients as well, you are right.