I don't get why it makes more sense to earn in USD and then purchase BTC rather than just accept BTC directly instead. If you want to take the risk of owning Bitcoin, it doesn't matter whether you purchase it on the spot or you just accumulate all your earnings and invest in it.
It's not like Bitcoin transactions are predominant anyway. If you had Bitcoin accepted on your own store, you would probably have less Bitcoin earnings than the overall profit. One other option you have is accepting BTC through a third party which allows you to instantly convert the Bitcoin you accepted into USD, so that there's no loss on your side (although I would rather recommend eliminating 3rd parties whenever possible).
Topic: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ - page 2. (Read 366 times)
December 01, 2020, 04:31:26 PM
December 01, 2020, 03:39:26 PM
Nope. I only accept crypto. Won't touch filthy fiat. Our local currency is shit and drops in value 10% every year to the USD. Who cares if it's volatile you missing the big picture. Just because you think you losing money because bitcoins going down in price doesn't mean it is. I know of a company that used bitcoin and stopped and said "never again" however if they kept the coins and were patient they would be selling them today at a profit.
You need to see the bigger picture.
You need to see the bigger picture.
November 27, 2020, 03:00:53 PM
There are several solutions, as follows:
- Thinking that bitcoin are investment to make profits, and here you can store these currencies for a time, as those who bought at the highest peaks did not make many losses if they continued to keep their money.
- Think of it as money, and here you can use payment gateways to transfer bitcoin directly to a paper money.
- Thinking that bitcoin are investment to make profits, and here you can store these currencies for a time, as those who bought at the highest peaks did not make many losses if they continued to keep their money.
- Think of it as money, and here you can use payment gateways to transfer bitcoin directly to a paper money.
November 27, 2020, 02:32:07 PM
I don’t think taking bitcoin as a payment system is mistake. To me taking bitcoin as payment will open a great way to have more customers to my business. Who doesn’t have any card they can pay me in bitcoin or other crypto. So, it will bring more profit to my business.
But yes I agree with the price fluctuations of bitcoin. For that you need to convert your btc to usdt immediately to avoid loss on the fiat. I don’t see any other options rather than this.
But yes I agree with the price fluctuations of bitcoin. For that you need to convert your btc to usdt immediately to avoid loss on the fiat. I don’t see any other options rather than this.
November 27, 2020, 12:45:38 PM
We believe that cryptocurrency is a large part of the future, of blockchain, is. But there's a big problem right now with accepting Bitcoin as payment. You as a business have a specific profit margin. That profit margin could be five percent, 10 percent, 30 percent.
Although I do believe it is the future. But what I would do if I were you is, I would not take Bitcoin as payment right now. It's risky because it fluctuates so much. And it was like the stock market. What most people don't realize about the stock market, is if you think back into the 50's, 60's, or 70's, or whenever the stock market was a lot newer, there wasn't as many people trading.
Take cash payment and then if you want more Bitcoin, use the cash to buy it. But at least you know if something happens to Bitcoin in a day, and it drops 50 percent, I'm giving a crazy extreme, at least you're not out 50 percent, and you lost money on a transaction. You don't want to lose money because that could make your business go bankrupt.
You want to ideally take USD for now, unless you're super cash rich and you don't have to worry about that. Take the USD, then if you want Bitcoin, use the cash, use the profits to buy more Bitcoin. Because even if you take Bitcoin as payment, if you live in the U.S., what you're supposed to do is, you're still taking some currency.
As I mentioned what I would do is take USD and then if you believe in cryptocurrencies, in the long run, go and buy Bitcoin, hold onto it, but don't take it as your main payment source because it's too volatile when you have thin margins. If your margins are 500 percent, yeah, by all means you can take Bitcoin, you have very little to lose, and I think it's an interesting bet right cause as a lot of successful people say, it's the internet currency of the gold, or no it's a gold equivalent for the internet.
Although I do believe it is the future. But what I would do if I were you is, I would not take Bitcoin as payment right now. It's risky because it fluctuates so much. And it was like the stock market. What most people don't realize about the stock market, is if you think back into the 50's, 60's, or 70's, or whenever the stock market was a lot newer, there wasn't as many people trading.
Take cash payment and then if you want more Bitcoin, use the cash to buy it. But at least you know if something happens to Bitcoin in a day, and it drops 50 percent, I'm giving a crazy extreme, at least you're not out 50 percent, and you lost money on a transaction. You don't want to lose money because that could make your business go bankrupt.
You want to ideally take USD for now, unless you're super cash rich and you don't have to worry about that. Take the USD, then if you want Bitcoin, use the cash, use the profits to buy more Bitcoin. Because even if you take Bitcoin as payment, if you live in the U.S., what you're supposed to do is, you're still taking some currency.
As I mentioned what I would do is take USD and then if you believe in cryptocurrencies, in the long run, go and buy Bitcoin, hold onto it, but don't take it as your main payment source because it's too volatile when you have thin margins. If your margins are 500 percent, yeah, by all means you can take Bitcoin, you have very little to lose, and I think it's an interesting bet right cause as a lot of successful people say, it's the internet currency of the gold, or no it's a gold equivalent for the internet.
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