Do you think shops should accept bitcoin? - page 3.

Reatim

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Quote from: BlackHatCoiner on May 27, 2020, 07:56:29 AM

Bitcoin price goes up and down all the time. If someone buys something costing 10$, the next day it may cost less or more. So it's a risk for the seller.

But the price may become 100$ the next day haven't you think of that?

Bitcoin and crypto currencies are Volatile thats why things like this happens,but if you look for a long perspective then you will find whats the benefits of this.

Maybe this is not for those who wanted to invest and make a living here since this is not design for short term profiteering but still there are many advantage that we have to agree.

Just like what everybody says here (those who have been here and profiting for long time) that Invest what you can afford to lose and you must be willing to wait even if this may take long time to increase.

NavI_027

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If you are the seller who will start accepting bitcoin payments then of course you should not be bothered in the first place because you are already aware of crypto's volatility. Also, don't worry about the pricing. As long as the buyer transfer you a $10 worth of btc for $10 worth of goods then you're good. So don't hesitate to do it because any kind of adoption, whether big or small, can help to grow our community

. Just post "We accept Bitcoin" to your store today and wait for the right customer.

meanwords

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It's a matter of when are they going to use Bitcoin as a way of payment because eventually, merchants will find Bitcoin convenient for the users if Bitcoins popularity and adoption goes up even further. But the thing here is that, they will of course just makes Bitcoin as a way of payment rather than an actual price of Bitcoin. It might be a risky venture but it only is if they try to hold it.

Sadlife

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Bitcoin will be risky to adopt in a country that hasn't accepted yet Cryptocurrency as payment. So my answer is no, shop owners should only accept Bitcoin if their government decides to make it as an alternative currency for goods and services like Zimbabwe or Venezuela and Italy.

online73

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Hello everybody. Personally, I think that any stores and services, sooner or later will definitely accept cryptocurrency, it will not necessarily be bitcoin. This is a necessity that we are all moving towards.

crustycrab666

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Volatility is indeed an obstacle for cryptocurrency if used as a means of payment. The fact is there are people who are willing to accept the consequences, by exchanging other conveniences that cannot be obtained national currency. I prefer to use cryptocurrency as an investment tool, besides the crypto adoption as a means of payment is still very limited. Payment using national currency and e-money is quite effective and legal, this depends on each choice. Ah, I remember Pizza day, and I don't want to be a person who regrets using BTC carelessly

pixie85

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We cannot tell them what to do because it's their own decision but they can use a payment gateway that will instantly convert their coins to fiat to mitigate the risk of a loss.

Accepting Bitcoin could put the business on the map and give it an edge over the competition.

BuNga_cute

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Of course shops or merchants should accept payment by bitcoin, because it can increase sales. And also financial transactions
with bitcoin can prevent the spread of the corona virus. To deal with volatile bitcoin prices, after receiving payment with bitcoin
soon selling bitcoin became stablecoins or fiat.

Kelvinid

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win lambo...

If you are saying shops SHOULD accept bitcoin, it doubts to be happening. We know the risk in crypto and even big business institutions are still not finding it safe. Having Bitcoin or cryptocurrency isn't just pushing to us to use it but only to consider an optional way of making transactions an example for bills payment. We find that some establishments are having it already accepted but quite just a few of them.

Maybe we can see more shops/establishments will take this option but not this year or even next year. It probably when the time that crypto is fully developed and when that volatility rate will slow down.

Excell110

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Quote from: BlackHatCoiner on May 27, 2020, 07:56:29 AM

Bitcoin price goes up and down all the time. If someone buys something costing 10$, the next day it may cost less or more. So it's a risk for the seller.

Businesss accepting Bitcoin as a payment means, is a milestone we have been waiting for, and it would be a great thing if such happens.
Talking a about the price fluctuations, you've hit a point, but that's what we have cryptocurrency exchange platforms.
If we are looking at a global adoption of Bitcoin, there should be a means of integrating these businesses to exchanges, to allow for the instant change, to fiat, whenever a user makes payment with Bitcoin. This way, the seller doesn't have to worry about price fall, unless he decides to hold the Bitcoin for the long run.
I really think it would work.

shoreno

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Quote from: BlackHatCoiner on May 27, 2020, 07:56:29 AM

Bitcoin price goes up and down all the time. If someone buys something costing 10$, the next day it may cost less or more. So it's a risk for the seller.

why not tie the price to usd or to any fiat because they are stable .

in that way the price of the product will still be the same no matter what happens on the price of btc . the only change that will be made here is the fee , the fee can be expensive or lessen depending on the price of btc .

this is the risk for the buyer and not for the seller anyway . many shops right now are accepting btc . not just btc but altcoins too .

chaser15

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Quote from: fullhdpixel on May 27, 2020, 02:04:35 PM

Cryptocurrency is good, but I won’t recommend it to a small business. A small business that is making use of cryptocurrency might be experiencing loss, because of the processes that will be involved in converting and withdrawing their money. Big businesses are the ones that can accept Bitcoin, because they will still cover up the fees and wouldn’t mind if the price of Bitcoin drops.

Small businesses can catch up without incurring losses from the exchange rate.

They just need to use an instant service of converting bitcoin to fiat to the time the purchase was made. There are lots nowadays that offer such a service.

If direct BTC transfer, no API, no third-party, then we can say that the merchant is ready to deal with the risks.

dothebeats

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A fitting question would be 'would' in this case, given that most shops trying to accept bitcoin are at the mercy of volatility. Anyway though, I think this could be resolved if real-time conversion of BTC to fiat from third-party payment processors were to be implemented, and not 'until X amount of confirmations were checked' or 'price as of X hr.' Bitpay is as close as to getting that formula however they don't want to since a part of their income mainly comes on delayed conversion of BTC to fiat, which sucks ass to both the merchant and the buyer, forcing them to just neglect the possibility of bitcoin as a form of payment.

There may even be some shops that are willing to take the L for some time and hold bitcoin as is, so there's that too. They're quite rare though but they do exist.

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

Yes, if we want to spend our bitcoin on purchasing of items then it would be a great idea to see online stores integrating the payment of bitcoin and other digital currencies into their system. I am sure they make use of coinpayments platform in accepting cryptocurrencies.

Sayma83

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Iqcash

Why do you think, you notice, we always have to pay a fee, different types of fees in different countries, as I give the example of the name of a country here, to explain how long ago this rule existed in Saudi Arabia, and now there is The rule is that if someone buys a product or anything from a shop, they have to pay 5% VAT to the government of that country, and now it has increased to 15%! So 10 is much less than that. Because if you buy 1 million here, but your fee will be only 10 $, but if you have to pay 15%, then calculate how much you have to pay, so if the shops accept Bitcoin will benefit in many ways.

giammangiato

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Quote from: BlackHatCoiner on May 27, 2020, 07:56:29 AM

Bitcoin price goes up and down all the time. If someone buys something costing 10$, the next day it may cost less or more. So it's a risk for the seller.

usually when a shopkeeper accepts payments in bitcoin or other cryptocurrencies, he uses the instant exchange between fiat-crypto so as not to lose the value in fiat currency, obviously he loses or gains as a percentage of how much the bitcoin value increases or decreases

swap2cashcom

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Quote from: BlackHatCoiner on May 27, 2020, 07:56:29 AM

Bitcoin price goes up and down all the time. If someone buys something costing 10$, the next day it may cost less or more. So it's a risk for the seller.

They have it now where sellers get paid at the moment it was sold.

fullhdpixel

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Quote from: BlackHatCoiner on May 27, 2020, 07:56:29 AM

Bitcoin price goes up and down all the time. If someone buys something costing 10$, the next day it may cost less or more. So it's a risk for the seller.

If they are going to be converting it to fiat at the end of the day, then it’s of no need. It would be better for them to just accept fiat and nothing else. And moreover, there is a fee that is being charged when you try converting your coins to fiat or another cryptocurrency.

Cryptocurrency is good, but I won’t recommend it to a small business. A small business that is making use of cryptocurrency might be experiencing loss, because of the processes that will be involved in converting and withdrawing their money. Big businesses are the ones that can accept Bitcoin, because they will still cover up the fees and wouldn’t mind if the price of Bitcoin drops.

adzino

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Yes, they should accept bitcoin! I have seen shops where they accept bitcoin and when asked what do they do with the bitcoins, they said that they accept bitcoins from their clients but actually receives fiat currency in return. There are thirdparty companies that will accept Bitcoin on behalf of them and instantly convert them to fiat currency based on the average rates. So I think think so shops would be affected that much due to price volatility.

chaser15

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Quote from: BlackHatCoiner on May 27, 2020, 07:56:29 AM

Bitcoin price goes up and down all the time. If someone buys something costing 10$, the next day it may cost less or more. So it's a risk for the seller.

That's why shop or merchants supporting bitcoin payment is partnered with a crypto company or services. They need this partnership with a crypto company so that they can instantly convert the bitcoin they will receive from their buyers to fiat.

Here in our country, there are now lots of merchants online that support bitcoin payment. There is a third-party company, a crypto service, that will serve as the payment processor and will instantly convert our bitcoin to fiat after confirming everything.

And shop owners are already aware of those risks if they will consider adding bitcoin as a mode of payment. They sure study the risks.

Topic: Do you think shops should accept bitcoin? - page 3. (Read 526 times)