I have read through everyone's opinion and suggestions. You guys are awesome.
I have gained a lot of knowledge from your response. I'll make sure to follow those and make a good use of this knowledge.
It is really difficult to convince people to use crypto as a payment system. But you'll never know before you try.
I'll be mostly accepting stable coin payments through Binance Pay ID. It's fast and easy at the same time. So if people start to use it, then they can gain more knowledge on crypto, and they will be more eager to learn about this. I know it has many flaws and drawbacks. But I want to see how people will respond to this.
Appreciate all your help, and thanks again for sharing your knowledge.
Congratulations on your business, PAY ID is a great way to receive transactions for your business, it is very fast and secure and because of the speed associated with its use plus the zero transaction fee, after first trial by customers, they may prefer to continue to use it.
That's the reason why I prefer this method. Let's see what they will do and how fast they can be adept to this.
The first thing that comes into my mind is "not your keys, not your coins". What I mean is that the crypto you'll be receiving... it's not you who will be receiving it, it's Binance.
You have an account there and in normal circumstances you'll be OK and you'll be able to withdraw or spend those coins. But.. what if..? With so many centralized platforms going bankrupt and freezing the user funds, it's a risk.
I have the risk factor in my mind too. But as for the beginning and to let people feel more comfortable using this, I have chosen the easiest way which is binance pay. zero fee and fastest transactions. In future i'll change it up a bit to make it more secure and then i'll use a website for various tokens and crypto
I hope your business will prosper and even though the number of customers paying with cryptos are less, don't remove the option for them because you are also helping to the financial revolution we have to remove the banks from having total control of our money. I love to see the world where everyone have their own freedom with their money without any fear of inflation or sanctions from other countries and anything like it. Some business owner are considering such thing because some of them really want to hold bitcoins with the spare money they have.
That's the idea man. I hope with this every little steps of ours, we can make the future of our vision.
It depends on how many payments you have to process in crypto per day, but you can anytime just send an invoice with the exact bitcoin amount and a specific wallet address to your own cold storage wallet. If you have to process maybe less than 10 payments a day in crypto this can easily be done. If the amounts are getting higher however, you will need a payment provider or somebody who specifically sends out the bitcoin invoices.
Point noted. I'll keep this in my mind
Sorry if I have skipped on replying to some of you. But I have read everyone's comments and they were very helpful. So thanks to all.
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