Is it good to accept crypto as a payment?

Hispo

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Quote from: jokers10 on February 25, 2023, 11:36:51 AM

Quote from: Hispo on February 24, 2023, 09:48:29 PM

-snip-

Way bitcoin can be accepted can be different and each is valuable for some: not all entrepreneurs are huge or even big, some have small business which can be like yours and big business decisions could be not suitable for them unlike your experience. And for wide bitcoin adoption we need a majority of businesses to start to accept bitcoin, and each spot accepting bitcoin works for that, even if this spot is tiny. Wink

Just trying to be honest and admit that someone like me accepting Bitcoin is very neglect-able in comparison, if tomorrow some franchise like MacDonald's started to accept it or some giant like Amazon started to do so, the impact would be out of discussion.

freedomgo

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Quote from: skarais on February 24, 2023, 03:50:57 PM

Since I've known bitcoin, I think that's how long I've considered it good for adopted means of payment.
Maybe the problem is the regulations differ from country to country. I can't expect many shops or shopping centers in my country to adopt bitcoin as a means of payment, bitcoin is illegal as a legal currency here.

So in the end I can draw the conclusion that whether or not bitcoin is adopted as a means of payment depends only on how the government regulates it. If it is legal, then you can expect to benefit from adoption and increased demand at your services.

My country is not actually banning the use of bitcoin although it’s not completely accepted as an official currency. But if you decide to accept bitcoin payment in your business, you are free to do so. The government won’t have nothing to do about it. However, still most of the shops or stores here are majority accepting fiat payment, though some few ones are now slowly adopting bitcoin as a payment system.

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

Accepting cryptocurrency (bitcoin) depends on the country and the environment which the business is operating. If the country government against bitcoin and you are publically accepting bitcoin, if the government agencies or enemy neighbours report you the agencies, you might be arrested. And if the area of the business is not favourable, that is the people that know bitcoin are few or none then you cannot accept bitcoin. In my locality since when I started my banking agent business and in billboard I stated clearly that I accept bitcoin and for almost two years now I have not seen one person came there to do bitcoin transaction. So all depend on the environment or the location.

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Quote from: lizarder on February 25, 2023, 12:56:39 PM

I also have a clothing store business in the area where I live, but so far I haven't implemented payment using bitcoin, because there are still many considerations that keep me from opening opportunities for payment using bitcoin and if one day I start doing it, the only thing I receive is bitcoin.

I think the regulations just have prevented you from adopting for more than any other reason.

Quote from: lizarder on February 25, 2023, 12:56:39 PM

If you intend to accept crypto payments in your business preferably in the form of bitcoins, because historically bitcoin was more reliable as a safe hedge of assets in the long term and will one day benefit you.

When you start accepting bitcoin in your business, it means that you have made bitcoin your currency. You no longer need to think about volatility and its future potential in terms of price, because you have to convert back to fiat to keep your business going. You can keep your profits in bitcoin while you can withdraw your capital and supply your merchandise again.

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Whether we've got businesses or none, as an individual I'd love to have more transactions in bitcoin as payments. And if I see merchants and business establishments that have that logo of what's accepted there. I'm getting there as long as it's close to my area and purchasing stuff there and paying them with bitcoin. It's a way to interact and support not just those businesses that I know who are also in bitcoin but that's helping the economy that we're in.

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Quote from: Kakmakr on February 23, 2023, 01:39:55 AM

I do not have a business, but I make sure that I support the businesses that does accept it. This is very important, because if the consumers does not do that. these businesses will stop accepting Bitcoin as a payment option.

The use of cryptocurrency in a company will be disseminated through increasing adoption in each company, this can be ensured when they do it I think the payment options or salaries of people in the company will receive it in Crtpyocurrency currency, especially here we talk about Bitcoin, here not only those of you who support the power of Bitcoin payment options in every company, we are there to support this, but it's only a matter of time.

Quote from: Kakmakr on February 23, 2023, 01:39:55 AM

So for this reason I have accepted that my company can pay me a small percentage of my salary in Bitcoin and I take that are spend it on food at local merchants that accepts Bitcoin as payment option. Wink

Most of the people who join cryptocurrencies either in forums or so on and especially for those who hold Bitcoin assets, want these payment options to be used in place, you are one of the lucky ones to be able to use them in payments for purchases at local merchants, I think this become an alternative to Bitcoin, and as a multifunction of its own Bitcoin.

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

If it was me then clearly would say "Bitcoin". Crypto is still very common and you have to learn to say clearly what form of payment is required if you want to accept it.

You have to pay attention to the level of sanity of buyers in your area, because if someone says they want to accept payments in bitcoin, but this is new in their area and not yet accepted, then the form is more to limit customers and the pattern you are doing will make your business decline. Business man people must be smart to see opportunities and we must be able to put something in its place, so that forcing them to accept is tantamount to sacrificing the business you run.

Quote from: coinremitter on February 22, 2023, 06:21:21 AM

Are you guys accepting crypto payments for your business?

I also have a clothing store business in the area where I live, but so far I haven't implemented payment using bitcoin, because there are still many considerations that keep me from opening opportunities for payment using bitcoin and if one day I start doing it, the only thing I receive is bitcoin.

If you intend to accept crypto payments in your business preferably in the form of bitcoins, because historically bitcoin was more reliable as a safe hedge of assets in the long term and will one day benefit you.

Note: If you push something out of place, it's not going to give you an advantage but trying to put it at risk. Bitcoin is good to invest in, but not necessarily convertable in business in certain areas. If you understand what I want to convey.

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

Bitcoin for business is good, but in any case it's up to you. If you feel adopting bitcoin is profitable, then do it. But you also need to comply with government regulations wherever you are.

I'm quoting something that you might be good to know about: Bitcoin for Businesses

Quote

Bitcoin for Businesses
Bitcoin is a very secure and inexpensive way to handle payments.

Choose your own fees: There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Most wallets have reasonable default fees, and higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 bitcoins for the same fee it costs to send 1 bitcoin.
Protection against fraud: Any business that accepts credit cards or PayPal knows the problem of payments that are later reversed. Chargeback frauds result in limited market reach and increased prices, which in turn penalizes customers. Bitcoin payments are irreversible and secure, meaning that the cost of fraud is no longer pushed onto the shoulders of the merchants.
Fast international payments: Sending bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.
No PCI compliance required: Accepting credit cards online typically requires extensive security checks in order to comply with the PCI standard. Bitcoin still requires you to secure your wallet and your payment requests, however, you do not carry the costs and responsibilities that come with processing sensitive information from your customers like with credit card numbers.
Get some free visibility: Bitcoin is an emerging market of new customers who are searching for ways to spend their bitcoins. Accepting them is a good way to get new customers and give your business some new visibility. Accepting a new payment method has often shown to be a clever practice for online businesses.
Multi-signature: Bitcoin also includes a multi-signature feature which allows bitcoins to be spent only if a subset of a group of people authorize the transaction. This can be used by a board of directors, for example, to prevent members from making expenditures without enough consent from other members, as well as to track which members permitted particular transactions.
Accounting transparency: Many organizations are required to produce accounting documents about their activity. Using Bitcoin allows you to offer the highest level of transparency since you can provide information to verify balances and transactions through the block chain. For example, non-profit organizations can allow the public to see how much they receive in donations.

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

If I were to build a traditional business here, there is no doubt that I would do it with Bitcoin or Cryptocurrency accepted. Because through this method, the community will gradually get used to the fact that bitcoin can be used to pay for this type of business.

Then there are many merchants here in our country who do this, especially in a famous tourist spot here in Boracay Island that almost most of this place they accept Bitcoin as an option to pay for the product they want to buy or buy .

jokers10

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Quote from: Hispo on February 24, 2023, 09:48:29 PM

I have accepted Bitcoin for drawings I have done in the past.
But since my volume of accepted satoshis is relatively small from what could be a different kind of business, like a restaurant or a shop. I do not think my experience is specially valuable as reference.
...

Way bitcoin can be accepted can be different and each is valuable for some: not all entrepreneurs are huge or even big, some have small business which can be like yours and big business decisions could be not suitable for them unlike your experience. And for wide bitcoin adoption we need a majority of businesses to start to accept bitcoin, and each spot accepting bitcoin works for that, even if this spot is tiny. Wink

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Quote from: tygeade on February 24, 2023, 07:55:00 AM

Quote from: laurenB7742 on February 23, 2023, 11:22:17 PM

Businesses accept cryptocurrency as a payment method, specifically bitcoin, but they are still based on the value of fiat currency at the time of payment. So if you are afraid of crypto volatility affecting your business revenue, you can convert bitcoins to fiat currency after receiving the payment, and you hardly lose any money. In investing, volatility is a very good thing, but as a payment method, volatility is not beneficial but not too difficult to deal with.

~snip~
I would suggest turning some of that into bitcoin after you got paid, would be a lot better for long term.

I will disagree with you on this, the purpose we accept cryptocurrencies for businesses is to attract more customers, not to accumulate bitcoins for investment. We need to separate capital to maintain business and capital to invest. As I said, volatility is only good for investing. Bitcoin is very volatile, and that will affect the capital as well as the profit of the business, so we need to convert it to fiat. As for investment, you can buy bitcoins anytime as long as you have lazy money.

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

You are a crypto investor, you are slow to update the news because this has become so common these days. And there is no doubt that accepting bitcoin or cryptocurrencies as a payment method is absolutely beneficial for businesses as well as shoppers as they will have more choices.

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

As the world is now advancing in technology and bitcoin is becoming a potential currency and global usage of bitcoin is increasing day by day so if I start my business it will definitely be a good decision for me to accept bitcoin so as I know about bitcoin I Will accept bitcoin as payment when starting business. In this I can do better business globally and I don't have to worry about the country's foreign reserves or other payments to import or export any products. In this case, I can easily do large transactions through Bitcoin, so it is a good decision to accept Bitcoin in business.

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

Since the pandemic a lot of people are getting into crypto mostly in bitcoin as they saw the rise of it which most people want to own one as it is very volatile and can make them rich also on business they start accepting bitcoin because a lot of people talking of it and it is good for marketing which it attract customers, other also accepting bitcoin as they want to spread awareness to others which is good for the adoption of bitcoin

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

for now I haven't done it, I bought crypto just for investment it hasn't reached the stage of doing business using crypto payments.
because at this time I am still comfortable with investing and still in the learning stage.
but paying using crypto seems like an interesting thing, but I don't fully know whether it's safe or not.

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If you live or do business in an area that has people that "aren't" tech savvy, unfortunately Integrating crypto payments will not be the best option... But nothing wrong with starting or joining the revolution...

Then for those that leave in communities that are well exposed to tech, am certain this is a benefit to both the business and the customer security wise as you won't need to carry cash on you, and as a business accepting crypto payments, this gives you better accounting advantages and invites clients in this niche.

Quote from: Hispo on February 24, 2023, 09:48:29 PM

I personally believe that is ok to accept Bitcoin as payment for one's services and products, but one needs to be aware of the basics about accepting Bitcoin: how to protect oneself from fraud how to deal with volatility, how to reach sources of liquidity to get FIAT if necessary, etc. People need to know of what they are getting into.

Agree, it's not only about accepting these payments..you need to invest some time to learn about this technology to protect your business...you don't want to be failing for this like double spends and the alike.

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Quote from: coinremitter on February 22, 2023, 06:21:21 AM

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

I've seen many threads on this forum about accepting bitcoin for their business, it's a very encouraging move, but I'm not sure many people will use bitcoin or crypto assets for their payments. Accepting cryptocurrency will not affect your business but is it actually used, or do people still prefer to use fiat money? I find fiat or bank transfer to work better than crypto in this case.

Hispo

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I have accepted Bitcoin for drawings I have done in the past.
But since my volume of accepted satoshis is relatively small from what could be a different kind of business, like a restaurant or a shop. I do not think my experience is specially valuable as reference.

I personally believe that is ok to accept Bitcoin as payment for one's services and products, but one needs to be aware of the basics about accepting Bitcoin: how to protect oneself from fraud how to deal with volatility, how to reach sources of liquidity to get FIAT if necessary, etc. People need to know of what they are getting into.

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Quote from: serjent05 on February 23, 2023, 07:10:35 PM

Quote from: coinremitter on February 22, 2023, 06:21:21 AM

Are you guys accepting crypto payments for your business?

If I have a business then I would not hesitate to accept crypto payments. I will even give discounts and giveaways so that my customer will think about using cryptocurrency to avail for discounts. I believe that is one good way of promoting cryptocurrency specifically Bitcoin.

By the way, my country acknowledges Bitcoin as a mode of payment, so I think there will be no issue whatsoever if I accept Bitcoin if ever I founded a business.

Well, you live in a wonderful country with a lot of development, there are countries that prohibit it and apart from that, the only way for them to be accepted is that they must pay a lot and leave the complete identification and that is something that I do not agree with. , in the country that I am with these conditions and since I am a person who is an immigrant, I do not want to have that type of record, I think they will follow up or something to keep an eye on me, I don't know, it scares me, in Europe things are different.

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Quote from: AmoreJaz on February 24, 2023, 06:05:03 PM

Quote from: Cryptomiles1 on February 24, 2023, 06:02:19 PM

Accepting cryptocurrency isn't a new thing nowadays and with fast rising we believe it will be more secure and reliable to use in time to come more than fiat. I have accepted cryptocurrency in my business but as a law abiding good citizen I have to reduce the rate at which I do accept cryptocurrency. Actually my country have set a restriction to us associating our bank details with crypto currency payment. However p2p has come to change our narratives.

what do you mean by reduce the rate at which you do accept crypto?

but in any case, it is true, there are p2p methods that you can convert your crypto to fiat. but make sure you are using trusted platform. otherwise, you can easily get rekt from scammers. it depends on how you believe on this market, when you accept crypto. if you have hesitations, better not to. you will just blame yourself if it does not go with your expectations.

Oh sorry, reduce I mean is not to be caught by our authority knowing that there is a restriction to us dealing with cryptocurrency most especially associating our bank details with cryptocurrency, that was why I made mention of p2p service has now become the easiest way to deal with and to overcome the CBN from not knowing ones activity with cryptocurrency anymore.

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