Topic: Is it good to accept crypto as a payment? - page 6. (Read 732 times)

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.

As far as doing business, I really want to use crypto as a transaction tool for the goods I sell to consumers, but the problem is the government's regulations are very strict regarding the use of transaction tools, which require the use of national money and that is fiat, and if I violate it, I will be punished. and pay a fine. So so far I can't use crypto or bitcoin as a transaction tool in my business except maybe when my business has a global market maybe I can do it, someone once offered me "why not secretly" I think it will give bad things if there is who reported it, so far I'm taking the safe route.

Op, if you're referring to a particular article or a set of data, it would be great to add a link to the original post, so that we can discuss it more productively. If crypto payments are rising, it's wonderful. But is it measured by total volume or a number of transactions? Are there particular countries/regions that stand out in this regard? Are there particular goods/services or industries where these payments are rising more than in other areas? All those things would be great to know. A valid point was also raised in the thread about direct payments (self-custody) vs centralized services.
As for me, I don't have a business, but as a private teacher I would accept Bitcoin for lessons. However, everyone I know prefers fiat payments. Also, given that lessons don't cost much, transaction fees could be a significant part for such small transactions.

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.

@BlackHatcoiner when you say we should fix that, the biggest problem is probably for merchants to set up the infrastructure with lightning right? I haven't done any research on that topic, but are there companies like Bitpay that handle setting up lightning infrastructure and even connections to the merchants' accounting system?

One major step towards more merchant adoption would be plug and play solutions or click and install kind of things, but it is more complicated that I guess?

A solution would be amazing where a merchant could move a line chart in an easy to use interface like when you define sound volume, thereby defining which % portion of a Bitcoin payment they want to sell back into the market and which portion they want to put into their books as real Bitcoin. I think a lot of merchants would take a little risk and perhaps accumulate little by little through such a function. The software should handle all the accounting and they only need to shift this line chart from left to right, from 0% to 100%.

I don't know what the current status is of existing software solutions out there especially for smaller merchants who can't afford an army of crypto expert accountants.

Cryptocurrencies are more advanced and reliable than fiat currencies as payment methods. Cryptocurrencies are currently used as payment methods alongside fiat currencies. But with the change of time, the use of cryptocurrency is increasing day by day along with the number of payment providers in crypto. This method is Fast, accurate, and hassle-free. Moreover, it has no off days. As a result anyone is able to make payments under any circumstances. Gradually this payment method is gaining more popularity. Moreover, by accepting crypto payments, a merchant is also able to promote his business adequately.

Yes, my company currently accepts crypto payments for our business. In fact, we started accepting them a few years ago and we've seen a significant increase in the number of customers who prefer to pay with cryptocurrency. I must admit that this decision wasn't solely my own - we actually started considering it after a few clients brought it up and expressed interest in using it as a payment option. From there, we did some research and decided to move forward with accepting cryptocurrency.

One thing we like about accepting crypto is that it sets us apart from other companies in our field. We're all about innovation and trying new things, so this feels like a good fit. Overall, we're happy with our decision to accept crypto payments and we plan to keep offering this option to our customers.

It's good to accept True Cryptocurrency like Bitcoin as payment as long as you are doing it right. So it's important to do it right when you decide to accept true cryptocurrency like Bitcoin as payment.

Currently accepting just donations for goods and services. The payments I could be accepting in the future may be voluntary payments for other goods or services.
 I'm more concerned about customer's (or human) satisfaction/safety than making money. We hopefully will develop Bitcoin in such a way that this is almost guaranteed

Crypto payments are good but it all depends on your risk taking capacity. You need to understand that cryptocurrency 8s extremely volatile. So if you are willing to accept crypto payments for your business, you will have to accept the volatility as well.

So decide wisely if you are ok to accept that volatility or not. If yes, go ahead with it. Also check with your local administration if crypto payments are legal in your jurisdiction and take a call accordingly.

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.

In a business? I guess this would only be sustainable to businesses which are offering services and not products and such. If the service business would only require skill, then it would be sustainable in a sense that the owner of that particular business won't be needing money to maintain the business which will keep him safe from the burden unlike with those who offers products which will need to circulate the funds earned from payments in order to keep it alive. This has something to do with market price volatility wherein there will be time prices would decline and those are also times converting won't be a good option. Not unless your needs in that business would be payable as crypto as well.

It is not a matter of if others are accepting crypto for their business so that you will accept. The real deal should be if your customer would be able to pay with cryptocurrency, does your business needs to use cryptocurrency, can you handle the transactions with cryptocurrency for instance the security aspect and the volatility of cryptocurrency?

If your business has no need of cryptocurrency and your customers are not clamouring for it, there is no need to start introducing cryptocurrency in your business

So far this is one of the best decision I have made in business. I accept bitcoin payment for my consultancy services and some other transaction I get involved in the course of doing business. If the people I am dealing with are digitally inclined I will relate with them about bitcoin and see their response. Atleast I have been able to onboard few business associates and they are all doing fine and thanking me for showing them the way about bitcoin.  Bitcoin acceptance is gradually growing in fact, that was amongst the sole reasons why Nakamoto invented bitcoin so that business can be done through bitcoin payment whereby everyday individuals can transact with bitcoin without any third party interference, no much charges, no much delay in transactions as a result of the nature of the deal, the mobility and scalability, safety and lots more.

As you have seen, crypto adoption is on the rise, so there's no reason why you shouldn't adopt it in your business, but make sure crypto is legal where you live. Adding cryptocurrency as a payment method will help businesses get more new customers, who prefer to use crypto to pay. However, crypto is very volatile, you should consider which coins you will accept. If you only intend to accept crypto with no intention of holding them, then you need to convert them to fiat or stablecoin to avoid unnecessary losses.

Maybe check around your area if crypto is well known? Or if it was an online store of sorts, create a public survey and check around if crypto is well known, at least, enough for you to implement crypto payments. I don't accept them since I'm not selling any sort of service whatsoever yet, but I do plan to do so when I finish all the necessities that I think I need. There's no loss really if you think about it, setup is relatively easy as well so if there's enough demand for it I reckon it wouldn't be that bad.

Yes only if it's bitcoin and No if it involves other cryptocurrencies, i can't stand to hodl the acceptance of some sort of shitcoins project as a means of payment in my business, bitcoin so far have been popularly accepted by many organizations for making payments and I've not seen them including other cryptocurrencies as an addition to this, likewise El-Savador and Central African Republic the two countries that have adopted bitcoin as a legal tender and not other cryptocurrencies, therefore cryptocurrency is a good option only if it's involves the acceptance of bitcoin.

I don't have a business, so I don't do it, but if I did, I would try to accept crypto and perhaps, teach crypto use to my clients. But before you want to accept crypto payments for your business, you should check the laws in force in your country because if the use of crypto for payments is not allowed, you could be subject to penalties from your government.

If your country allows crypto payments for businesses, you should find out what it takes so you don't break the rules. Regulations such as tax issues, licensing, and others. Don't get yourself in trouble for using crypto improperly and receive a warning from your government.

I think it is very beneficial to adopt crypto currency in business. I have set up a small business in my country. I envisioned on my own to introduce crypto currency trading in my business. But my imagination didn't let me go far. Because Bitcoin is not legalized in my country. I have put a hold on introducing crypto currency transactions in my business because of the administrative hassles. But I hope to fulfill my dreams one day.

Everyone has its own strategy, and what may work for someone may not work for others. Majority of businesses today are done in fiat, and now, few merchants are moving towards Bitcoin. It's a matter of time before we will see the benefits of accepting bitcoin as payment.
In my view, the main hurdle in accepting bitcoin is regulatory compliance. There are governments that want tax on every payment made while with bitcoin, it's impossible to tax every transaction.

Unfortunately I am not a businessman at the moment and still work as an employee in other people's businesses and the owner of the business where I work now does not want to accept crypto into payments and is still happy to accept fiat to continue running his business.

But that doesn't mean it's a bad thing for him and me as his employees at this point because as long as you're still very comfortable using fiat, I don't think there's anything wrong with continuing it because everyone's goal is to make money through profit when doing business.

You're asking a crypto community, so most probably the answer is going to be a big YES. Who doesn't want to skip a fee when you're buying your own Bitcoin or trading it from fiat to crypto. If someone pays you directly with Bitcoin, I believe the buyer would  usually eat the transfer fee for you to have the item or service's whole amount paid. Other than that, the merchant also has the opportunity to multiply those payment made with Bitcoin, when the price starts to rally again.
Those merchants/service providers who accepts Bitcoin payments actually have foreseen the potential of Bitcoin's future.