Am just curious, how would I go about this

YUriy1991

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Quote from: dansus021 on October 13, 2024, 09:18:05 PM

I know by holding it bitcoin alone then you can still made profit from it, but you missing the point frennn the OP Asked "In a situation whereby you accept it as a means of payment while selling off your goods, then when you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?"

Meaning that the merchant always needs fresh cash to keep the store running. I mean accepting bitcoin as payment and turn back into fiat is okay In my opinion this is the first step.
The best option in my opinion is just to keep the slice of profit in the bitcoin so you just don't turn all the money into fiat

The trader's math is fast and I think if the OP is ready it's no problem and even if the goods the stock in the store runs out can submit several options to the distributor in terms of payment with fiat later. In addition, traders usually have reserve cash that can be used at any time without having to sell their BTC ownership from the sale of goods in their store when the price is corrected.

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Quote from: GeorgeJohn on October 11, 2024, 05:48:47 PM

Quote from: Barikui1 on September 28, 2024, 02:16:49 AM

Bitcoin as the first cryptocurrency was not just created for investment purpose, it was actually created as a means of payment and to be honest, the adoption process isn't as fast as expected, but one thing that am very curious about and I have been thinking on how to go about it as a business man while accepting it as a means of payment is it volatility,

As you portrayed above, that bitcoin will be advantageous, yes of course, bitcoin yield positive if you know the systematic ways to apply bitcoin to your investment, their is every tendency that if you use bitcoin as means of accepting payment in your business, it can enhance the success of your business during the time the price will skyrocket or experience a bullrun, the thing is that people always taught of the disadvantages aspects of bitcoin but they don't think of the advantages impact of bitcoin when it come in terms of business, when you have extra funds to run your business, I can encourage you to accept Bitcoin as a means of payment because of its volatility, because once you are a bitcoin holder and probably the price increases in the market, its obvious that you will be a beneficiary of the sudden increment.

Overall, the ultimate goal is that we should try to hold as many bitcoins as possible and hold them for as long as possible to make a profit. If that's what you mean then I think we just need to run the business well and use the profits to invest in bitcoin. We don't need to complicate holding by applying bitcoin to our business.

I don't know what OP's purpose is in applying bitcoin to his business. But if the purpose is just to collect and hold bitcoins, he can buy and hold whenever he wants, he does not need to make bitcoins a payment method for business.

OP, Satoshi created bitcoin as a means of payment but I guess he didn't think it would be so volatile, and I think with the high volatility of bitcoin it's really not suitable as a means of payment or currency. It brings more risks than benefits when we use it as a payment method for our business.

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Quote from: Finestream on October 11, 2024, 10:26:29 AM

Quote from: dansus021 on October 04, 2024, 10:06:41 PM

First of all the Dollar itself already losses its value for decade now, and Bitcoin payment is not new Country like El-Salvador using bitcoin as legal tender but the other gov seems don't like it, there is news that tell The IMF has been asking El Salvador for changes regarding bitcoin since 2021, when the Central American country established it as a legal tender. https://finance.yahoo.com/news/imf-urges-el-salvador-again-215246529.html

And as for now there are bunch of processing payment like the well known bitpay or coinbase commerce that basically can turn your bitcoin into fiat directly after the transaction so you don't really care about the up and down

This is good if you are accepting bitcoin only for the sake of having it as a mode of payment. But if you have another goal why you chose to accept bitcoin, like holding a sufficient amount of it and just sell when there is new ATH, then having it's volatility is a good option. However, the best solution I can suggest is set a limit amount for bitcoin that you will receive per daily transaction, and not just accept every now and then until you realized in the end that you have no fiat available but all have been paid in bitcoin that becomes a threat when volatility becomes high.

I know by holding it bitcoin alone then you can still made profit from it, but you missing the point frennn the OP Asked "In a situation whereby you accept it as a means of payment while selling off your goods, then when you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?"

Meaning that the merchant always needs fresh cash to keep the store running. I mean accepting bitcoin as payment and turn back into fiat is okay In my opinion this is the first step.
The best option in my opinion is just to keep the slice of profit in the bitcoin so you just don't turn all the money into fiat

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Quote from: Negotiation on October 11, 2024, 06:46:48 AM

The crypto market is not stable as the market always goes up and down and the price of the currency fluctuates so investors prefer to invest in bitcoin for the long term. In business if you have bitcoin in such a situation you will get better results if you keep it for long term without taking any risk. When it comes to payment most people prefer fiat to buy things with cash, but it's entirely up to you. To get something good, people have to work hard. Go ahead with the plan and hold on to the bitcoins instead of selling them.

You can be different and it will attract customers to you. I do not know which region you are located at but if you are in a region that the government are not against Bitcoin, you can accept it for your business as it also helps in the adoption of Bitcoin because we need smaller businesses to start accepting Bitcoin since the bigger businesses are not accepting Bitcoin. You can accept Bitcoin and not lose because you are not thinking about selling now but hodling for Bitcoin to get to new highest price before you sell. There are many users that are looking for where to spend their Bitcoin and other cryptocurrency therefore if you provide a place for that to happen, you can make a money from the small commission or charges that you will be adding to the service that you are offering.

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Quote from: Barikui1 on September 28, 2024, 02:16:49 AM

Bitcoin as the first cryptocurrency was not just created for investment purpose, it was actually created as a means of payment and to be honest, the adoption process isn't as fast as expected, but one thing that am very curious about and I have been thinking on how to go about it as a business man while accepting it as a means of payment is it volatility,

As you portrayed above, that bitcoin will be advantageous, yes of course, bitcoin yield positive if you know the systematic ways to apply bitcoin to your investment, their is every tendency that if you use bitcoin as means of accepting payment in your business, it can enhance the success of your business during the time the price will skyrocket or experience a bullrun, the thing is that people always taught of the disadvantages aspects of bitcoin but they don't think of the advantages impact of bitcoin when it come in terms of business, when you have extra funds to run your business, I can encourage you to accept Bitcoin as a means of payment because of its volatility, because once you are a bitcoin holder and probably the price increases in the market, its obvious that you will be a beneficiary of the sudden increment.

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Quote from: dansus021 on October 04, 2024, 10:06:41 PM

First of all the Dollar itself already losses its value for decade now, and Bitcoin payment is not new Country like El-Salvador using bitcoin as legal tender but the other gov seems don't like it, there is news that tell The IMF has been asking El Salvador for changes regarding bitcoin since 2021, when the Central American country established it as a legal tender. https://finance.yahoo.com/news/imf-urges-el-salvador-again-215246529.html

And as for now there are bunch of processing payment like the well known bitpay or coinbase commerce that basically can turn your bitcoin into fiat directly after the transaction so you don't really care about the up and down

This is good if you are accepting bitcoin only for the sake of having it as a mode of payment. But if you have another goal why you chose to accept bitcoin, like holding a sufficient amount of it and just sell when there is new ATH, then having it's volatility is a good option. However, the best solution I can suggest is set a limit amount for bitcoin that you will receive per daily transaction, and not just accept every now and then until you realized in the end that you have no fiat available but all have been paid in bitcoin that becomes a threat when volatility becomes high.

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Quote from: HelliumZ on October 11, 2024, 08:50:15 AM

When a businessman accepts bitcoins as payment for his business, he must automatically convert bitcoins into stable coins after making bitcoin transactions, otherwise, if bitcoins fall during dumping, his business may suffer huge losses.

If we intend to convert bitcoin into stable coins after making bitcoin transactions, why don't we pay in fiat from the beginning to avoid wasting time or unwanted incidents? What is the benefit of using bitcoin? Honestly, I don't see any benefit of using bitcoin in this case.

Quote from: HelliumZ on October 11, 2024, 08:50:15 AM

Moreover, this is the biggest hindrance in the case of business because if you want to accept Bitcoin as payment, you must face this problem and the businessman who accepts Bitcoin as payment must face losses when calculating at the end of the business because Bitcoin constantly goes up and down, in which case a businessman has his capital up and down. If he does, he will definitely suffer heavy losses during dumping at some point.

In my opinion, if we do not plan to use bitcoins paid by customers to turn them into investments and hold them for the long term. We should not adopt this idea because using volatile assets as a payment method for businesses will only bring more trouble than the benefits we get. We need to consider the pros and cons of using bitcoin in our business, the company's interests must come first, don't use bitcoin just because it's our hobby.

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Quote from: fikrett on October 11, 2024, 01:48:31 AM

Yeah, I also saw a thread about it there, a car shot had a BTC option as method to pay, it's cool, but if you are not the owner, it may be seen as to avoid taxes and such Grin

I do think that the adoption of BTC will continue, however, it will be a strategic resource, digital oil, whereas some other coin better suited to be a currency would take that place. LTC, for example.

Bitcoin adoption will indeed continue and will continue to expand until Bitcoin has more holders at some point. However in terms of paying for anything I would still rather use something else than throw away Bitcoin to get something else because Bitcoin will not be equivalent to anything else and will not be interchangeable with anything else despite the many other terms that many people can say about it. LTC is good, but it is only an option to throw away or to pay for something rather than exchange Bitcoin for something.

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Quote from: Barikui1 on September 28, 2024, 02:16:49 AM

Bitcoin as the first cryptocurrency was not just created for investment purpose, it was actually created as a means of payment and to be honest, the adoption process isn't as fast as expected, but one thing that am very curious about and I have been thinking on how to go about it as a business man while accepting it as a means of payment is it volatility, though it might be advantageous for holders, but am not that certain for a business men.

In a situation whereby you accept it as a means of payment while selling off your goods, then when you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

When a businessman accepts bitcoins as payment for his business, he must automatically convert bitcoins into stable coins after making bitcoin transactions, otherwise, if bitcoins fall during dumping, his business may suffer huge losses.
Moreover, this is the biggest hindrance in the case of business because if you want to accept Bitcoin as payment, you must face this problem and the businessman who accepts Bitcoin as payment must face losses when calculating at the end of the business because Bitcoin constantly goes up and down, in which case a businessman has his capital up and down. If he does, he will definitely suffer heavy losses during dumping at some point.

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Quote from: Negotiation on October 11, 2024, 06:46:48 AM

In business if you have bitcoin in such a situation you will get better results if you keep it for long term without taking any risk.

There is still a risk even in the long term. Many just don't realize that we're all taking risk even if we're holding for so long because we've just learned it as our patience taught us to be.

Quote from: Negotiation on October 11, 2024, 06:46:48 AM

When it comes to payment most people prefer fiat to buy things with cash, but it's entirely up to you. To get something good, people have to work hard. Go ahead with the plan and hold on to the bitcoins instead of selling them.

Just always stock some cash if it's about to support the financing of a business. It's true that most people still prefer to pay things with cash but we're starting to see that the adoption is increasing and therefore, at some point in time, there will be folks that will like to pay in BTC or any preferred crypto to at least support the crypto economy by spending.

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Quote from: Z-tight on October 11, 2024, 02:58:33 AM

Quote from: fikrett on October 11, 2024, 02:08:17 AM

And yet, which business would have >40% of its pay got from BTC, I wonder..

Yeah, that's another thing, very few, if any. Right now so many bitcoiners want to hold their BTC for profit alone, and they are unwilling to spend it, but it is understandable if you look at it. I know there are businesses around the world that receive payments in BTC, but i don't think payments in BTC will be even close to 20-30% of payments they receive, however, this stat should improve in the future.

For now, that remains a dream unrealized. Maybe in the future, this will change, but I wouldn't believe in it, rather doubt it Grin

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Quote from: Barikui1 on September 28, 2024, 02:16:49 AM

Bitcoin as the first cryptocurrency was not just created for investment purpose, it was actually created as a means of payment and to be honest, the adoption process isn't as fast as expected, but one thing that am very curious about and I have been thinking on how to go about it as a business man while accepting it as a means of payment is it volatility, though it might be advantageous for holders, but am not that certain for a business men.

In a situation whereby you accept it as a means of payment while selling off your goods, then when you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

The crypto market is not stable as the market always goes up and down and the price of the currency fluctuates so investors prefer to invest in bitcoin for the long term. In business if you have bitcoin in such a situation you will get better results if you keep it for long term without taking any risk. When it comes to payment most people prefer fiat to buy things with cash, but it's entirely up to you. To get something good, people have to work hard. Go ahead with the plan and hold on to the bitcoins instead of selling them.

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Quote from: fikrett on October 11, 2024, 02:08:17 AM

And yet, which business would have >40% of its pay got from BTC, I wonder..

Yeah, that's another thing, very few, if any. Right now so many bitcoiners want to hold their BTC for profit alone, and they are unwilling to spend it, but it is understandable if you look at it. I know there are businesses around the world that receive payments in BTC, but i don't think payments in BTC will be even close to 20-30% of payments they receive, however, this stat should improve in the future.

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Quote from: Z-tight on October 11, 2024, 02:00:27 AM

Quote from: FinneysTrueVision on October 05, 2024, 12:00:46 AM

The volatile exchange rate is something that can definitely make it difficult when having to buy supplies for your business that are priced in fiat.

If you have to buy new stock frequently for your business and a lot of your customers pay you in BTC, at least > 40% of payments received is in BTC, then you have to use a payment processor and convert your BTC to fiat immediately you recieve it. However, like i and a few others have already said in this thread, if only a small portion of your customers pay in BTC, you can hold the coins for a longer time and buy new stock with fiat.

Yeah, it all depends on the business we are talking about, realistically, many factors should be taken into account before even proceeding with BTC as the payment or the main source of it.
And yet, which business would have >40% of its pay got from BTC, I wonder..

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Quote from: FinneysTrueVision on October 05, 2024, 12:00:46 AM

The volatile exchange rate is something that can definitely make it difficult when having to buy supplies for your business that are priced in fiat.

If you have to buy new stock frequently for your business and a lot of your customers pay you in BTC, at least > 40% of payments received is in BTC, then you have to use a payment processor and convert your BTC to fiat immediately you recieve it. However, like i and a few others have already said in this thread, if only a small portion of your customers pay in BTC, you can hold the coins for a longer time and buy new stock with fiat.

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Quote from: Furious 7 on October 11, 2024, 01:36:41 AM

Quote from: GigaBit on October 04, 2024, 11:05:49 PM

This can be a cause of concern as businessman will have to re-import their products when their service ends. It will also affect those who are small traders or businessman. It would be beneficial for a trader if he can make bitcoin transactions at regular intervals without having to use bitcoin regularly. Or if he sells 10-15% of his business through Bitcoin he can retain that money which will also help his Bitcoin investment. He will be able to make more profit than his business through that investment. But after keeping 10-15% in Bitcoin he must consider whether the amount he is profiting is causing any problems in running his business. Because there are many businessmen who are not able to run the business without a certain amount.

Actually, it is not that big a concern because in the end when a merchant wants to start adopting bitcoin as a payment option, of course they are aware that there must be a situation and condition that is indeed unexpected or some problems like this are certainly a consequence so they have certainly thought of alternatives for this.

There are several things that can be done such as when trying to directly transfer their daily transactions or making some optional by adjusting the circumstances because even though traders adopt bitcoin as a legal tender does not mean they do not apply business management considering they do it for profit and for now the adoption of bitcoin as a legal tender by some traders is actually not motivated by those who are trying this as something that should be but this is also a promotional event for them to have an attraction among consumers because most of what I see now paying in bitcoin until now the main reason is sometimes just wanting to try it so that when there is a shop or shopping center that uses bitcoin as a payment method it will be considered to have its own appeal.

Yeah, I also saw a thread about it there, a car shot had a BTC option as method to pay, it's cool, but if you are not the owner, it may be seen as to avoid taxes and such Grin

I do think that the adoption of BTC will continue, however, it will be a strategic resource, digital oil, whereas some other coin better suited to be a currency would take that place. LTC, for example.

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Quote from: GigaBit on October 04, 2024, 11:05:49 PM

This can be a cause of concern as businessman will have to re-import their products when their service ends. It will also affect those who are small traders or businessman. It would be beneficial for a trader if he can make bitcoin transactions at regular intervals without having to use bitcoin regularly. Or if he sells 10-15% of his business through Bitcoin he can retain that money which will also help his Bitcoin investment. He will be able to make more profit than his business through that investment. But after keeping 10-15% in Bitcoin he must consider whether the amount he is profiting is causing any problems in running his business. Because there are many businessmen who are not able to run the business without a certain amount.

Actually, it is not that big a concern because in the end when a merchant wants to start adopting bitcoin as a payment option, of course they are aware that there must be a situation and condition that is indeed unexpected or some problems like this are certainly a consequence so they have certainly thought of alternatives for this.

There are several things that can be done such as when trying to directly transfer their daily transactions or making some optional by adjusting the circumstances because even though traders adopt bitcoin as a legal tender does not mean they do not apply business management considering they do it for profit and for now the adoption of bitcoin as a legal tender by some traders is actually not motivated by those who are trying this as something that should be but this is also a promotional event for them to have an attraction among consumers because most of what I see now paying in bitcoin until now the main reason is sometimes just wanting to try it so that when there is a shop or shopping center that uses bitcoin as a payment method it will be considered to have its own appeal.

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Quote from: ethereumhunter on September 28, 2024, 04:00:19 AM

You don't have to use Bitcoin as your main payment system because you still have fiat so your customer can use fiat to pay while you can holds Bitcoin until the price increase and you can sell it to take a profit. As a business man, you need to watch and adapt the current situation so you can running your shop without a problem and if you see Bitcoin price is down, you can still buy all the goods needed in your shop.

You must allocate an emergency funds to cover up for the shortage so you will not have a problem if you want to buy something for your shop. As a business man, you need to think if you are in that situation so you can solve the problem immediately and nothing happen to your shop.

Your narratives is one big reason Bitcoin should be mostly viewed on a long term perspective, a lot of people makes that mistake of thinking that they can easily rush in and out with Bitcoin whereas the reverse is mostly the case, surely it is a digital payment method but yet volatile in nature which is more like a factored functionality which has made it very interesting. However, since Bitcoin was not created to fight against fiat system but to offer certain level of financial freedom from government authorities such as banks, it gives higher level of privacy when it comes having a total control of our money, personally it is best that we figure out what Bitcoin can really do for you as every point in time which might be different from others. Holding Bitcoin has always been the best option for value appreciation over time, working towards building an emergency funds some where to 3 to 6 months worth the size of your living expenses is always advisable which is to be kept where it can be easily accessible.

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Quote from: Glen Hoddle on October 05, 2024, 12:06:40 AM

Bitcoin price changes all the time, so what kind of investment an investor can make depends on his plan. And there are several strategies in investment including long term holding, short term holding, and trading that a person can invest based on his income and strategy. There are many investors who buy bitcoins long term and hold them for a long time, there are many who buy bitcoins and hold them for a long time rather than keeping money in the bank. So it usually depends on the plan who will invest how the biggest desire.

People who have thought wisely will always make a plan that is so good and also mature enough for the long term when they want to invest. And in terms of choice, of course, it will be more directed towards Bitcoin because now there are many people who have realized that Bitcoin can indeed be relied on for long-term investment even though its price changes are always there and always visible in the market. But choosing Bitcoin as an investment will always be more appropriate for every investor so that now there are still many investors who buy Bitcoin and try to save it for the long term as their own best asset.

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Quote from: Oluwa-btc on September 29, 2024, 08:06:05 AM

Quote from: Barikui1 on September 28, 2024, 02:16:49 AM

In a situation whereby you accept it as a means of payment while selling off your goods, then when you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

Agreed that it's also created as a means of payments but holding it is very important to an individual and as well a business man but looking at the area of buying goods with it as it's not been converted to a simple fist currency could be very challenging and you need not to be in a rush. Mind you you can choose to purchase the goods in the shop by waiting awhile when everything goes down but again you can as well convert to another easier currency inorder to make payments. This is why it's advisable to have a third party funds that you can run to at anytime when such issues occur, having backup funds usually be of help in this situation do it depends on your decisions.

Not 'also', because that sounds that the currency use of BTC is only secondary, when in fact it was main. People who hold a BTC can have two reasons. One does it for investing, while the other is idling it for a while, for later use. Each BTC feature has their own importance but even without a BTC, it is still possible for us to live and there are people who are not even in BTC yet but still does well in life.

There are also people whose life was ruined by BTC, though it is also their fault on why it happened. BTC is now known and like we said earlier it is a currency, so we can just use it directly. I agree that it's important to have a backup fund (preferably fiat), since it was physical and ready to use anywhere.

Topic: Am just curious, how would I go about this (Read 1192 times)