Is it good to accept crypto as a payment? - page 3.

GreatArkansas

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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.
(....)

There are already a lot of businesses tried to accept cryptocurrency for payments for their businesses. And accepting cryptocurrency to your business is made easy because there are already some platforms or software that will make it easy for you, like payment processors for cryptocurrency.

And take note also that there is some businesses that started to accept Bitcoin at the beginning but later on, they suspended it because of high volatility. I can give example is Steam before, they started to accept Bitcoin but later on they suspended it.

Vaskiy

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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.

My country hadn't disclosed its position on cryptocurrency usage. The government have taxed 30% and with that I don't know on what basis they'll tax on bitcoin accepted into any of the businesses. Now I don't have any business and if something developed surely I'll accept bitcoin but with the fear as I'm not sure of the taxation policy in the country.

Bushdark

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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?

those that could accept crypto are those that are doing business and Bitcoin activities is not restricted I'm there region. That is the benefit of using cryptocurrency because even though our local currency keep losing value, wewill not have problem because what we are holding is more of an investment and digital currency. I receive Bitcoin in most of my business especially for those are accept to pay me in Bitcoin. We might not know the importance of having Bitcoin I'm our portfolio until we meet people who might had been longing to own or buy Bitcoin but don't know how to go about it.

serjent05

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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.

tjtonmoy

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Quote from: rat03gopoh on February 23, 2023, 03:12:05 AM

Quote from: tjtonmoy on February 22, 2023, 03:40:42 PM

So I had to stop so that I don't wind up in jail for illegal use of crypto.

I've never heard of a case where ordinary trading using bitcoin in a country where it is prohibited will be punished with imprisonment at the first sanction. In my country, there will be sequential legal action for violators: reprimand, termination of activity, revocation of license, and then fine or imprisonment^[1].

Unless it literally constitutes trading for "illegal" purposes, administrative sanctions probably won't be awarded in the 1st place.

1. https://www.liputan6.com/hot/read/4869047/hukum-mata-uang-kripto-di-indonesia-sebagai-alat-pembayaran-dan-aset-perdagangan

The law maybe different in your country, but in here, you could go to jail just by owning any cryptocurrency. You don't have to use it or trade. This is how fu*ked up the law is in our country. But bitcoin being decentralized, they can't track you. So if you keep it a secret from the government, then you can own them.
Here's a news regarding this issue. After this arrest, the law is being made that owning any cryptocurrency is illegal here.

Three arrested for illegal trade of cryptocurrency

Quote

The Bangladesh Bank on July 29, 2021, said that it did not allow keeping or trading of any kind of virtual coin or cryptocurrency in the country.

panganib999

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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.

BITCOIN4X

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As of tomorrow I can't consider bitcoin adoption for anything in the business I'm developing, but it's certainly not impossible to change.

Regulation is still the biggest hurdle for anyone in my country when it comes to bitcoin adoption in real business, while I can't reach any service operating in my country's jurisdiction that accepts bitcoin as a means of payment. I don't know how long, but I've never felt compelled to expect that to change in the future. Governments can issue CBDCs themselves without legalizing bitcoin, and there's certainly very little room for anyone to adopt one.

DiMarxist

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Quote from: Ayers on February 23, 2023, 03:14:29 AM

Quote from: crypticj on February 22, 2023, 10:58:42 PM

It's very convenient. Especially if you don't trust banks. I hold all my savings in crypto and that way government doesn't know how much money I have I'm now afraid that the bank will freeze my account or go bankrupt.
But the problem is because there are no crypto regulations right now, you might face some issues with the law/IRS if you will accept such payments. So be careful.

Save with cryptocurrencies? If it's bitcoin, then I think its safe for you, if it's altcoin or stablecoin, nothing is safer, and if you keep your crypto assets on centralized exchanges, that's even worse than the bank. Nothing is 100% safe, you should diversify rather than just bet on 1 asset class, especially cryptocurrencies, a top risk asset. Except for some politically unstable countries like Nigeria, I really haven't had any problems with banks since I used them so far.

To accept cryptocurrency as a payment is for bitcoin users, because if I'm a bitcoin users and the person am working for too is a bitcoin users,then it's good for me to accept bitcoin as a payment.but if don't understand cryptocurrency is not good for him/her to accept cryptocurrency, because you will not know how to use it.And also is not good for learners to accept cryptocurrency as a payment,it will affect them to use it because him/she never understand anything call cryptocurrency, it's good for bitcoin users to accept cryptocurrency as a payment,but cryptocurrency like bitcoin.

Noruka

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Quote from: BlackHatCoiner on February 22, 2023, 12:22:37 PM

Quote from: Noruka on February 22, 2023, 12:09:55 PM

That is what I notice as well. A good number of merchants do accept Bitcoin, but that doesn't change the market dynamics of Bitcoin for better as it is just funneled back as a sale into the market through Bitpay etc.

It does change the market dynamics, because more merchants will exchange their goods for bitcoin. It's just not progressive. Most still rely on intermediaries, which is the situation we were trying to avoid in the first place.

I'm afraid that there are two causes:

Merchants want immediate conversion to fiat, which can't be done if they do self-custody.
Potentially mistaken interpretation of some legislation. Doing self-custody electronically is, no doubt, a brand new thing, which might sound too good to be legal.

Well ok so it would change the market dynamics for all the goods that are in stock and have been bought with Bitcoin. That would draw more Bitcoin out of circulation.

But regarding the intermediary thing, isn't that the gap that could be closed by a full-fledged software that is fully adapted to applicable legislation and easy to handle for the merchants? There is already massive accounting software out there. What do you think is holding software companies back to tap their toe in the water and try to build something where merchants could more or less get started with plug and play?

wiss19

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As a crypto enthusiast yes because by accepting crypto in our business could mean that we are spreading awareness about it to those people who are new to it. The only sad part is that I don't have any business right now or stores. I think I will save up for a while and once I already have a decent capital maybe I will ask my wife if what business she wants to open up.

I won't hesitate to put a crypto logo in my business banner and then I will stick a poster with QR code of crypto. They can scan it and they will be redirected to a crypto website to help them understand it further. I think it's also a good idea to put some free cryptos there as a form of reward.

borovichok

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Quote from: BRINIRHA on February 23, 2023, 09:04:57 AM

accepting payment by bitcoin / crypto would be great. But on condition that this is allowed by regulations in that country. But maybe for online stores it can still be done. but for physical stores I think there must be legality first. and I'm also interested in paying with bitcoin/crypto if there are stores that accept payments with bitcoin/crypto. because it will be a good experience. although I'm not sure I want to do it more often. because currently using fiat is still more practical.

There's a good chance that since fiat currency continues to predominate in the majority of nations, it took bitcoin decades to stand out in the crowded industrial sector. Accepting bitcoin as payment for goods and services is a very wonderful idea for organizations and enterprises, but due to some nations' stringent regulations banning cryptocurrency, this seems unattainable because not everyone is able to access the new contemporary era. The world is quickly transitioning into the digital age, and it is up to us to embrace it by taking all available measures. The market will expand enough in places like El Salvador, which has already made bitcoin legal tender.

TheUltraElite

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

Are you guys accepting crypto payments for your business?

This would depend on a number of factors :
1. The legal status of bitcoin in your country
2. The ease of conversion of bitcoin<>fiat in your locality
3. The acceptance of crypto in general goods in your country/ease of paying with crypto.
4. The public opinion about crypto and whether the people you cater to have a chance of owning crypto.

If these responses are good you might want to add crypto to your "list" of payment modes. Dont try to force it on people, you will get counter-productive results. You can include some perks for those who are paying with crypto so that the customers get inclined to it.

I would rather do a survey before doing something so radical. If you are going to run a business you need to run it with payments that are easy for the customer.

Nheer

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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 don't see any reason why you shouldn't accept cryptocurrency as payment in your businesses since it's also a form of payment and there is nothing wrong with it as long as you understand how it functions. Crypto payment is a good thing and will improve the cryptocurrency world. More people join the cryptocurrency community every day, and over time, more than half of humanity will be familiar with it. Additionally, cryptocurrency will soon be legal in many countries.
When all goes as planned, I'm about to launch a business, and I'll undoubtedly accept bitcoin payments from clients who like to do so. we should all do so it will help and benefit the adoption of bitcoin by others.

BRINIRHA

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accepting payment by bitcoin / crypto would be great. But on condition that this is allowed by regulations in that country. But maybe for online stores it can still be done. but for physical stores I think there must be legality first. and I'm also interested in paying with bitcoin/crypto if there are stores that accept payments with bitcoin/crypto. because it will be a good experience. although I'm not sure I want to do it more often. because currently using fiat is still more practical.

posi

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Quote from: bakasabo on February 23, 2023, 07:26:29 AM

Users who have answered that is good to accept crypto as a payment, have you ever paid in crypto for goods or services? Or you are mostly holders or traders? Also, as we are on a crypto forum, I doubt that anyone will say that it is no good to pay in crypto.

I think it is too early to make a decision whether it is good or not. We dont have much crypto payment opportunities world wide. A lot of people still pay in crypto only as a test. They dont do crypto payments regularly. Frankly speaking, I dont see much pros so far. Similar to cards and mobile, you still need a device or app to be with you to pay, unlock it. Practically same algorithm of actions to make a payment. Ability to stay anonymous - what about warranty? How to prove ownership of a purchased item or received service?

You have a good point. To be honest, I wouldn't be willing to use my crypto assets for payment either, if possible, it's just experience and not as often as using fiat.

In my opinion, since cryptocurrencies are being treated as an investment rather than a form of payment, it doesn't hurt to accept it as a form of payment for businesses, but it also won't bring any benefits.
OP can try but don't expect as many clients as people say, because very few are willing to spend bitcoins or crypto assets.

livingfree

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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 have no business but with participation in campaigns, you'll see majority of the people in here that are into different types campaigns and businesses like loans and selling of services.

Accepting crypto as payment isn't really new.

And outside the forum, I'm happy to see that it's not just limited to this forum and other crypto communities but many merchants do prefer to accept it as well.

The community is growing and it's unstoppable that majority in the nearest future will prefer to accept top cryptos for payments in different services and businesses.

Rockstarguy

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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?

The rate at which people accept bitcoin in business is increasing everyday. It is not bad if you accept bitcoin as payment it is advantage to you and your business, you are also promoting bitcoin. Adoption of bitcoin is not only occurring in small businesses, some countries have already adopted bitcoin and it is been used in exchange of goods and services. This is something you need to look into and make decisions if you think it will be okay for your kind of business and if your business won't be affected by volatility in the crypto market. But I must tell you accepting bitcoin as payment is not a bad idea.

Questat

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Quote from: Emitdama on February 23, 2023, 06:19:04 AM

Accepting Bitcoin or cryptocurrencies as payment for services or goods can have its pros and cons which need to be evaluated before going ahead and letting your consumers pay with it.

That is what we are supposed to do because it was important to know our market first and to assure that when this will happen we have users to take our services. Otherwise, it was useless to run the business and only just fail in the end. It was to know that even though the spread of crypto is getting stronger, this won't gives us a reliable thing also to decide unless we know that we are surrounded by crypto holders.

Therefore, it was advisable to know our environment so well because this is the basis of our project business.

bakasabo

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Users who have answered that is good to accept crypto as a payment, have you ever paid in crypto for goods or services? Or you are mostly holders or traders? Also, as we are on a crypto forum, I doubt that anyone will say that it is no good to pay in crypto.

I think it is too early to make a decision whether it is good or not. We dont have much crypto payment opportunities world wide. A lot of people still pay in crypto only as a test. They dont do crypto payments regularly. Frankly speaking, I dont see much pros so far. Similar to cards and mobile, you still need a device or app to be with you to pay, unlock it. Practically same algorithm of actions to make a payment. Ability to stay anonymous - what about warranty? How to prove ownership of a purchased item or received service?

noorman0

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Quote from: Aanuoluwatofunmi on February 23, 2023, 05:47:22 AM

bitcoin vs bank

Comparisons are not too intense. I can make bank transfers 24/7, local banks in my country also open 24/7 online customer service.
I think that the advantages between bitcoin and fiat will not underestimate each other.

Quote from: Aanuoluwatofunmi on February 23, 2023, 05:47:22 AM

this will hasten up your decision to start the acceptance of bitcoin when being considered over other payment means.

Exactly, some situations are also unfavorable/allow transacting using bitcoins. Both will be mutually alternative.

Topic: Is it good to accept crypto as a payment? - page 3. (Read 680 times)