Topic: Is it good to accept crypto as a payment? - page 7. (Read 746 times)

It is very good to accept Bitcoin as payment because it offers diverse benefits to customers and to you as a business owner. It's privacy, fast, reliable and security attributes are some of the benefits of using it. It could also help to attract more customers from different countries to your business. International financial transactions are done with little or no restrictions. The problems most businesses encounter due to the inadequacies of conventional banks are limited.

But the first thing I will consider before accepting Bitcoin as a means of payment is government policy on cryptocurrencies. If the government favours cryptocurrencies it would be a big boast to consider it as a means of payment. There are some countries that have banned crypto transactions, using it as a payment option might attract punishment from law enforcement agencies.

The goods or service you offer should also be considered. If you sell products that are very cheap, using Bitcoin might not be advisable because of the transaction fees. The popularity of Bitcoin in your location is also important. If your customers are asking for Bitcoin as an alternative payment option, then it is important to include it. But there are places where people are very ignorant of cryptocurrencies, this option might not be effective in such areas.

The number of stores accepting crypto is surely going to rise because of the growing demand and use of crypto, so it is expected that most businesses would have to adapt for the sake of their customers who would want to pay them in crypto.

Accepting crypto payments is good if you do it well, and you have a good plan on what to do with the crypto you would be accepting, using a payment processor is a good way to add crypto payments into you business so you would not be affected by volatility. If only a small percentage of your customers are paying you with BTC, you can use that income as a form of dca to hold BTC for the long run, but to do that successfully you must be sure of the continuity of your business with the fiat income you are receiving. BTCpay is a recommended payment processor you can use to accept BTC in your business.

The rate of people that use crypto in my area need to be put into consideration before accepting crypto, the reason why I'm considering the adoption rate is because mine is a local business and not those type that require me building and setting up a website for it. So for now I don't accept crypto but I don have plans to adopt Bitcoin into my business as soon as my business starts to grow and maybe later on add some more like BNB, LTC and maybe DOGE (I'm adding BNB because it's transaction fee is lower than that of Ethereum). But for now I'll stick to my fiat.

Accepting Bitcoin for payments is not a new thing. Most countries already allow the use of btc for some trading activities and soon there is no doubt it will become a major means of transactions or trading all over the world. In my school, we can buy food stuffs and some other things using cryptocurrencies and it has really being helpful.

Accepting payments in cryptocurrencies is one thing, continuing to use them is another, and keeping the bitcoins generated through them is quite another.
Stores accept payment in any currency if there is a demand for it, and the settings for accepting it are easy and simple.

From a technical point of view, you can easily add bitcoin to your site, but the problem remains in the presence of sufficient demand. This demand is achieved by individuals.

The important percentage now is that stores continue to accept cryptocurrencies.

Yes! I’m encouraging my customer to pay using Bitcoin whenever they do a purchase on my shop and online store through giving them an exclusive discount. I have a Bitcoin investment and I’m usually converting my fiat into Bitcoin every month. This way, I can save fees on converting since I’m using my shop crypto sales as my investment then I give my fiat salary to the shop balance.

But also it depends on how you handle your business capital. It’s not advisable if you need to liquidate your capital immediately for restocking of your items since the price of Bitcoin is too volatile and the fees on converting it to fiat is sometimes high. You might get a negative profit with I wrong move of conversion to fiat. But in general it’s good if you can manage to add an extra fee on their purchase instead of discount.

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?