Topic: Is it good to accept crypto as a payment? - page 5. (Read 732 times)

Amidst the lack of regulated support from the government, people have begun to add bitcoin acceptance into their businesses. In particular bitcoin acceptance into the business can be seen much on Nigeria in recent days from the small scale businesses. Western Nations have got more stores accepting bitcoin, here in Nigeria even a roadside fruit vendor accept bitcoin. Similar scenario needs to happen around the world.

Where do you see this report or news? Yes bitcoin adoption is increasing but not as fast as we think.

In most places of the world governments are still a hardle and people are not free to accept bitcoin easily in the businesses.

Even though we haven't received it yet, talking about payments / wages received through crypto currency I think has made the growth of cryptocurrency increase, but here we haven't received it, because some of our places and business owners are still very comfortable with Fiat currency.

But this is not a problem, because everyone certainly has a different strategy, especially in using currency like this, maybe for now we haven't got it, and this use is of course related to state permission, which we already know that it hasn't evenly all countries that have legalized cryptocurrencies.

There are positive and negative sides for sure. but when it's implemented and we can manage it, in fact, paying with Bitcoin has several advantages. moreover, at this time we also have several options so that payments with Bitcoin have a cheaper and faster transaction fee. One can also manage when they should cash out the Bitcoin or invest it. So that they can continue to get profits from both.

However, if you cannot manage it and you are a low-risk taker with high panic and worries, this is not a good idea, for, Bitcoin still has high volatility. So, you may feel dizzy every time the price drops after receiving the payment with Bitcoin. 
So, just consider the plus-minus of accepting this or not for yourself, based on your condition, not other people's idealism.

It's a really nice idea accepting bitcoin as your payment method, but you should have basic knowledge about bitcoin and cryptocurrency before you start accepting bitcoin, you don't just have to start accepting bitcoin because you heard other people are accepting it, learn to know about it to be at a safer side.
I don't accept bitcoin as payment method because I don't own any business yet, but I believe later in the future I will get my business and I will definitely accept bitcoin as payment method.

Don't have to accept crypto as means of  payment in your business all because some other person's are doing so. First thing you need to check, is your line of business convenient and workable through use of crypto for payments,
For someone that's into automobile the difference can't be compared to a grocery sellers. Succinctly put, you don't expect a customer to buy a grocery of $20 only to pay it in bitcoin with attached transaction fee to it.

I was accepting it few days back, but the government put a ban on crypto in our country. So I had to stop so that I don't wind up in jail for illegal use of crypto. But it is a great experience and joy to get crypto payments and teach those who are not aware of it. Inspire them to use it. It's a new thing to the people where I live and those who showed interest, they are still learning after I explained it to them.
So sure, if it's not banned in your country, and you are not facing any legal issues, then you can use it as a payment. It's a great experience for you and also your customers. Those who knew about crypto already and were able to pay in crypto, the joy they felt, I was able to see that in their faces.

Why not? Assuming that the law permits it, I don't see any significant downsides to accepting cryptocurrencies as an additional payment method. For example, some local governments in my country already accept cryptocurrencies as a form of payment for public utility charges. Additionally, grocery retail chains and some gas stations also allow customers to pay with cryptocurrencies. On the other hand, larger businesses such as car dealerships and real estate agencies have also started accepting cryptocurrencies as a payment method. So why not?


Bitcoin doesn't necessarily have to be accepted as legal tender to be an acceptable form of payment.

Given the recent increase in its use, it won't be long before this is adopted globally. The use of Bitcoin as a payment method has spread somewhat around the world. Even countries that have not yet legalized bitcoin and whose citizens use it accept bitcoin as payment for services rendered, all in an effort to increase its adoption. A number of forum users have also reported that they now accept bitcoin as payment. This is all done to improve its global adoption, which is a gradual process.

Not yet, but I am about to, right now I don't have any business set up for Bitcoin payment and I do not think that all businesses are fit for Bitcoin payment, but there are so many people accepting Bitcoin as means of payment right now and it's been going on for many years, adoption rate won't happen in a day, that's certain but gradually everyone will know about Bitcoin, what the government feared about Bitcoin has been unleashed since the beginning, now it's too late to stop.

I believe it is not something that's hidden that technology used in the 21 century has advanced and blockchain with the inclusion of cryptocurrency is part of the advanced movement of the 21 century.
Having said that, accepting crypto as payment for business is good since the fiat currency is losing value every day. However, everything is determined by your residence country's rules and regulations towards crypto. If your country of residence is not against crypto as a payment method, before can accept it as payment for your business you need to understand the fundamental concept of crypto and I will advise you to go solely for Bitcoin and privacy coin like Crypton coin (CRP) which is already accepted as payment by 1859 online merchants.

In the current world it is easier to take FIAT, pay taxes and park it in the bank account until it is taxable again, irony. I think it's always good to accept Bitcoin because no one can't take it away from you. If you want to pay with Bitcoin, it important where you are in the world, and if there are more people and businesses or companies that accept it, so easier it is. So yes, and the chance of someone else accepting it is higher.

You are very correct mate. This aspect is very much favorable to those rendering Services through skills or freelancing because they would not need much pressure to sustain their business through funds since they would have nothing to add up or buying. This works best for them because of the advantage they have as they have no product to buy or sell so therefore there is no capital they need in purchasing but rather they are giving out knowledge and their skills in return for bitcoin payment but when it comes to production or goods, a business would need capital to restock their business for transaction so therefore accepting bitcoin would be a bit challenging to them as they would need to restock but however if they take in profit through bitcoin that would be ok then convert their capital to fiat so they could restock as there is every possibility that they would need to do as some of the producers of those produce might not be accepting bitcoin.

Accepting cryptocurrency depends on a number of factors. The key concern is with the laws in your country. depending on your business model then. You should recognize the price volatility of bitcoin if both are good. When you accept Bitcoin for your business, you must be aware of both the positive and negative aspects. If there are no limitations, you can implement by simply including a cryptocurrency payment gateway. Hence, if there are enough cryptocurrency users in the area where you run your business, you may start attracting customers that are well-versed in cryptocurrency.

As merchant, yes everyone should start accepting the payments in bitcoin form and it could really kept as alternative to fiat on every till/bill desk we pay. The reason behind this is, a shopper might not pay in the first visit however he may start thinking about second or after third visiting into the same shop and same bill desk. We can call it as visual marketing and also unconscious marketing because no one is actually telling a user to go for it. The bitcoin payment sign would be just sitting there and it will be visually getting recorded in visitors mind.

This would be enough from the merchant side and slowly there shoppers could turn into bitcoin investors or payer for instance.



Exactly my point however, there is no limit for which type of business the bitcoin is suitable. I mean it's a money at the end of day. In fact bitcoin would be privacy run, low fee and high throughput sort of money which anyone would accept freely in an exchange to their business / service.

The trend could kick start from the countries like USA, Canada, Europe and then followed by Russia.

Considering the number of ATM;s that I studied yesterday, those country top the list and thus tell us there might be more craze than other countries for sure. Deifnitely they should go for merchant desk payments in the form of bitcoin and start the magic reaction.

Is it good to accept bitcoin as payments? Sure, why not! I don’t own my own business but I offer bitcoin as a payment option to anyone anytime I sell things alone. Like yesterday I listed a few window AC unit for sale on Facebook marketplace and offered up bitcoin as a payment option and actually had a few people say they would be willing to pay in btc if they decide to buy it.

I don't have any business, but for sure I will accept this and be putting signage at the entrance saying we accept bitcoin, as this can also attract new customers and make them curious about using bitcoin, which will lead to others adopting it. As you can see right now, mostly in those countries where bitcoin is not banned, they are adding this as another payment method as they can see the market for those who own bitcoin. I've also seen a documentary about the most expensive jewellery companies that accept bitcoin as their payment method because it was requested by their millionaire customers because of crypto.

Anyone that decides to start accepting cryptocurrency should not make the choice and decision under pressure and because other businesses or business owners have begun accepting crypto payment. Accepting crypto for business has many advantages and benefits that it can add to your business, but it may also not have any benefit to your business if it is not well suited for the kind of business that you operate. Before you choose to add cryptocurrency as a medium for payment in your business, first examine the kind of business that you operate.

I run a business that has some amount of crypto payment. It's not a massive volume in question (maybe 5-10%), more in the form of an added option and "another basket" to work with.

With that said, amidst proper regulations, which, of course, depends on where you live, doing business with crypto is a bit of an administrative nuisance. It's basically an accountant's nightmare, which is why we convert the received payments into FIAT momentarily. Otherwise, working it into the company's balance sheet would be next to impossible.

It's always going to be a challenge because of the volatility and the fact that this is not "your country's native currency," but I'm hoping that at least we could have some changes in the laws which would enable us to have a more streamlined workflow with it.

Not all businesses in various countries are suitable for adopting bitcoin as a means of payment, in my opinion bitcoin is an option that can be considered according to the needs and demands of its customers. So I never expected everything to be the same.

Maybe, that's only if my country legalizes bitcoin as legal tender.