Is it good to accept crypto as a payment? - page 2.

AmoreJaz

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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.

Cryptomiles1

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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.

armanda90

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Accepted Bitcoin as payment or not depending with your country regulation have allowed or Bitcoin still illegal, actually accepted Bitcoin is good but you need understand about your country regulation if accepted Bitcoin as payment transaction. In my country not allowed accepted Bitcoin as payment transaction although bring positive viewed how many people interested with our business when Bitcoin in the list for payment currencies.

If your business still small seems possibility accepted Bitcoin as payment transaction, but if your business have bigger better need allowed from government is possibility or not using bitcoin for payment currencies.

Distinctin

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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 am still planning to establish my own business and once my business has become known, I will start posting that crypto payment is accepted. Who knows, there are also some crypto owners around that I have never known. And it’s really a great advantage if you can go extra mile aside from fiat as crypto will always accelerate its value in years and by that time, the volume of crypto has grown in your wallet. That will bring a lot of profits if you sell them in times of bull run.

batang_bitcoin

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I've got some little business and if a random customer of mine asks me to pay in bitcoin, I'd be more than happy to accept it. But most of my transactions are cash and a few from digital.
I'm not too hyperactive in discussing it with my customers since majority of them come and go and even I've got long term and repetitive customers from my rental business, no one has said anything to me that they're interested in paying in bitcoin. Maybe because I'm not telling it to them or it just so happen that they're not aware of it and still didn't hear anything about bitcoin.

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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.

If it is illegal in your country then obviously any shops in your country will avoid Bitcoin as a mode of payment. Obviously, these merchant doesn't want their business to shutdown because they are transacting with illegal stuff.

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

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.

True that to be recognized legally as a mode of payment depends on the government's acceptance of bitcoin. If the government ban Bitcoin then adoption on that country stop there in legal terms but obviously there are people and businessman who would defy their government's regulation and will continue accepting Bitcoin as a mode of payment.

skarais

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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.

Hamza2424

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OP, This is not a crypto section as far I know this is the Bitcoin Discussion section so I would like t read things more related to bitcoin here I know it's just a title still, but I'm expecting better from you next time.`

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Is it good to accept crypto as a payment?

Answering your question there is a misconception in the community (Newbie) that bitcoin provides anonymity and privacy to the users on Blockchain but it really doesn't provide anonymity to your funds, so if you want a transparent system then Bitcoin acceptance is important it can expose each and everything and provide a really transparent and open Environment as we all need. For privacy and anonymity, you need to hide, you can use mixers to hide.

If your Publick address is somewhere related to your public social account then bro anyone can track each n every single bit of your transactions, so in democratic countries, the use of taxed funds on development projects is a lifetime shady business this problem can be fixed using the Bitcoin network as when you public the fund's transfer addresses then anyone can audit where the government funds are going it can directly eliminate dirtiness in the politics.

Synchronice

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Quote from: BlackHatCoiner on February 22, 2023, 10:05:25 AM

On one hand, I like seeing greater adoption. There is no doubt that we have more and more merchants who add it on their portfolio, and as consequence, accept it in their store as payment method. On the other hand, I rarely notice merchants who do self-custody. I'm surrounded by Internet services which have BitPay, Binance Pay and Coinbase, and very little comparably support lightning. We should fix that.

Every single shop where I have paid with bitcoins was using Coinbase Commerce. While this forum is against centralized services and I fully support that idea, it worth to highlight that decentralized services, including centralized bitcoin payment gateways will remain the most popular choice because you get everything ready and it's as easy as ABC to implement it on your website. Most small shops don't want to hire people for their website, so they choose Shopify & Wix with easy to integrate plugins.

Quote from: Alisha-k on February 24, 2023, 01:10:21 PM

soon enough, we'll have little or no need for Fiat currency, currently in my country, a good number of persons purchase things with Bitcoin and other crypto currency, I know they're disadvantages to it too though but, there's nothing with an advantage that doesn't have it's disadvantage.
The good thing here though is the fact that it's advantage beats the disadvantage by a good number.

Are you from El Salvador? If not, then where are you from?
Can you please name its advantages and disadvantages? I wanna know more.

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Quote from: Alisha-k on February 24, 2023, 01:10:21 PM

soon enough, we'll have little or no need for Fiat currency, currently in my country, a good number of persons purchase things with Bitcoin and other crypto currency, I know they're disadvantages to it too though but, there's nothing with an advantage that doesn't have it's disadvantage.
The good thing here though is the fact that it's advantage beats the disadvantage by a good number.

If this is done in my country, then it is a violation of the law. My country has a law that the legal means of transaction is the rupiah and other currencies that have been recognized throughout the world. Because currently my country only recognizes Bitcoin and crypto as commodities. Although I also know there is a possibility that some people have done that with the deals and risks they have known before. Although it would violate the provisions of the applicable law. This is why my state started going to create CBDC, and the whitepaper is ready a few month ago.

jaberwock

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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 do, and it has been the biggest jump economically in my entire life. I have been working in the same business for about 10 years, for the last 7 or so I have accepted bitcoin, and first few years I didn't realize the benefit and the amazingness of it, and for the past 3 years or so I have been making probably x4 more than what I used to make, that's the biggest difference.

The only reason I am making this much more is the fact that I started to accept bitcoin and managed to find a job that pays this much, otherwise I wouldn't be able to make even half of this if I just worked for fiat. I have to thank my government for ruining fiat which made me look into bitcoin.

Alisha-k

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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?

soon enough, we'll have little or no need for Fiat currency, currently in my country, a good number of persons purchase things with Bitcoin and other crypto currency, I know they're disadvantages to it too though but, there's nothing with an advantage that doesn't have it's disadvantage.
The good thing here though is the fact that it's advantage beats the disadvantage by a good number.

inthelongrun

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Business-wise, you have to consider all types of payments if you want to expand your market as much as possible. The volatility of cryptocurrencies is a concern but there are already many companies that are creating platforms in order to make crypto payments converted into fiat automatically. Personally, I will not convert the crypto payments into fiat automatically since I knew we are still in an accumulation period and next year is already the halving year of bitcoin. So if I were a businessman, I will take advantage of the cheap prices of crypto right now and cash out during a bull season.

tygeade

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

Quote from: panganib999 on February 23, 2023, 04:07:48 PM

I don't think you should base the decision of using and employing cryptocurrencies as a form of payment. Crypto as it stands today is very volatile and a price rise today could turn for the worse tomorrow. People who consider using crypto as a form of payment especially if you are a thriving small-time business should be wary of these things and should be prepared for the worst. It happens all the time and more often than you think. If this is something that already repels you from using bitcoin or any other cryptocurrency for that matter as a form of payment, then maybe you should not use it as a form of a payment. Large companies can do so with ease but they themselves are taking a massive risk here, something that is ginormous for small-time businesses.

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.

I think even better way is the fact that you could just simply accept stablecoins, many people who own bitcoin also owns stablecoin or could simply convert anytime they want wherever it is. Which is why it is quite important to realize that it is a big deal and should always be considered a big deal in the long run as well.

Because if you deal with stablecoins, the price will not change and you will be charging basically the same dollars and yet you will be getting paid in crypto, at least accepting crypto, so you open your door to a new batch of customers as well. I would suggest turning some of that into bitcoin after you got paid, would be a lot better for long term.

Stephanpomp

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Credit and debit card purchases are less secure than cryptocurrency transactions. This is due to the fact that cryptocurrencies do not require external proof. When a client uses cryptocurrency as payment, their information isn't kept in a centralized location where data breaches are frequent.

Downloading a plug-in or app on your e-commerce platform may be all it takes to set up bitcoin payments in your online shop. If you don't have access to this choice, you can incorporate HTML code payments instead (both BitPay and Coinbase provide this)

Accepting cryptocurrencies can lower these expenses to less than 1% of the transaction's worth. Protection for merchants: The dispersed nature of cryptocurrencies shields businesses from erroneous chargebacks. Because charges cannot be reversed by a third party, the deals are final, just like with cash.

Hypnosis00

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Quote from: ektotanes on February 24, 2023, 06:50:26 AM

I think it's great that more and more people are starting to accept payments in cryptocurrency. If I had my own business, I would definitely accept payment in bitcoin. That would be the best option for me.

But the question is if it was legal in your place or if you know that it has a market as well. And not just like that, we should also consider the place if crypto has already been known to them otherwise, it was only a useless option. For some reason, we can't just offer this option unless we are sure that some will take this option otherwise, we just offer the fiat option alone.

For now, we must listen to the behavior of the market and also the adoption trends. I'd see that it takes time before it is fully adopted. However, showing it to the public that you are accepting crypto will somewhat give some curiousity and could also help for adoption.

ektotanes

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I think it's great that more and more people are starting to accept payments in cryptocurrency. If I had my own business, I would definitely accept payment in bitcoin. That would be the best option for me.

bakasabo

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Quote from: Nrcewker on February 24, 2023, 12:24:02 AM

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?

Keeping multiple payment options is always a boom for any business. It will give you more reach and people who are using that payment method will eagerly use your service and business by paying through it. So implementing Bitcoins won’t be any harm to be honest. But on the other hand, if you are the one who will be affected through inflation, then accepting Bitcoins won’t be an ideal deal. Moreover you need to also install a payment processor for it, who accepts Bitcoins and hence it will manage it for your business by taking a small commission. So if you can do the above mentioned things and can adapt to it, then yes go for implementing Bitcoins.

It will all end with having an option to accept Bitcoin as a payment, but nobody is willing to use it. The logic for that is simple - if any currency's fiat unit equals 1 (1 fiat = 1 fiat), then people would avoid paying in Bitcoin, because first, they hold it as an investment, second they are afraid of overpaying in case exchange rate goes up. Trivial greet. I believe that each business is open for receiving any kind of payment. Payer can do arbitrage and pay in a foreign currency, save few %, but lose time.

Nrcewker

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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?

Keeping multiple payment options is always a boom for any business. It will give you more reach and people who are using that payment method will eagerly use your service and business by paying through it. So implementing Bitcoins won’t be any harm to be honest. But on the other hand, if you are the one who will be affected through inflation, then accepting Bitcoins won’t be an ideal deal. Moreover you need to also install a payment processor for it, who accepts Bitcoins and hence it will manage it for your business by taking a small commission. So if you can do the above mentioned things and can adapt to it, then yes go for implementing Bitcoins.

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Quote from: panganib999 on February 23, 2023, 04:07:48 PM

I don't think you should base the decision of using and employing cryptocurrencies as a form of payment. Crypto as it stands today is very volatile and a price rise today could turn for the worse tomorrow. People who consider using crypto as a form of payment especially if you are a thriving small-time business should be wary of these things and should be prepared for the worst. It happens all the time and more often than you think. If this is something that already repels you from using bitcoin or any other cryptocurrency for that matter as a form of payment, then maybe you should not use it as a form of a payment. Large companies can do so with ease but they themselves are taking a massive risk here, something that is ginormous for small-time businesses.

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.

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