Is it helpful or harmful to the Bitcoin to offer products/services only in BTC?

pitham1

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Quote from: mrhelpful on October 19, 2015, 12:04:04 AM

Using local payment for traditional business I think is still preferred.
You never know on the price of bitcoin will fall or rise.. so taking traditional method will be safer.

If price fluctuations are your only concern, you can use a payment processor like Bitpay.
That way, you can lock in the fiat value of your transaction.

Skjöld

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Offering only Bitcoin payments is a bad idea unless you have a consumer-target that is Bitcoin-friendly. Better is to offer the both but with a lower pricing when you pay in Bitcoin so people will have an incentive using it.

dothebeats

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Positive for bitcoin but idk in the merchant's end. Obviously there would still be people wanting to pay for fiat or cc and not bitcoin, so I don't think it will be a viable move in the current times. Also take into consideration some other expenses that cannot be paid with bitcoins such as power, rent and utility bills. Overall, not a smart move for the merchant.

mrhelpful

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Quote from: avatar_kiyoshi on June 26, 2015, 06:26:07 AM

Quote from: akiliholmes on June 25, 2015, 04:50:00 PM

I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?

Better to use local payment and btc payment. And for the price I think use local price, not btc price, why? because bitcoin price movement.

Using local payment for traditional business I think is still preferred.

You never know on the price of bitcoin will fall or rise.. so taking traditional method will be safer.

eternalgloom

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I would definitely offer other methods of payment together with Bitcoin.
Like other people have mentioned, you could offer a promo for Bitcoin payments.

Kevin77

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Quote from: aakashsangwan on October 15, 2015, 04:22:05 PM

it is a very good idea like this you will create awareness of bitcoin , at the same time give some discounts if they do payment through bitcoin, like this more people will go for bitcoin and like this they will come to know about bitcoin.

Forcing to buy only with bitcoin may create awareness of bitcoin but mostly people will start to hate if they find any disadvantages in getting bitcoin to spend. Instead of bitcoin buying must posses some discount to attract a user to spend with bitcoin like most of the credits cards are doing.

Operand

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It is highly dependent on the nature of the product/service; some way believe it is a far more convenient method of paying for normal goods although with the negative publicity of bitcoin with services like slik road etc. it only embeds fear into the unsuspecting public mind

aakashsangwan

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it is a very good idea like this you will create awareness of bitcoin , at the same time give some discounts if they do payment through bitcoin, like this more people will go for bitcoin and like this they will come to know about bitcoin.

blxlihnk

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you could offer a discount for People paying with btc

another option, if you want support an altcoin is to sell with this altcoin only
aim : Increase altcoin's volume

but you have to sell something with high demand

traderbit

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The more payment method you have the more interest you get.
You should implement as much as you can afford for you store.
Being limited only to bitcoin can make people not much interested.
It is helpful for bitcoin users but harmful for the rest of potential clients.

apriyani420

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i believe its helpful as more people would consider on using bitcoins to shop and thus the popularity of bitcoin would grow a lot

pereira4

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Simply put there's not enough users out there to make a business profitable going in 100% Bitcoin only, but make no mistake, whoever pulls it off, and does it correctly and manages to establish themselves as leaders in a niche and only using Bitocoin, will be considered pioneers in a couple of years, so there's a risk-reward to be made there.

Q7

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Why not both. Accepting fiat and at the same time bitcoin is a value-added attraction especially for bitcoiners like myself. Perhaps it can change one day when bitcoin adoption has gone mainstream and suddenly you will find that there will be less and less people paying in fiat, so it might be a good idea to even set up an automatic terminal for bitcoin payment. That is how I would do it.

HeroCat

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I think, for BTC - this is helpful Wink

Products/services can be offered only in BTC, that's mean more people are using BTC Grin

Laosai

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Quote from: akiliholmes on June 25, 2015, 04:50:00 PM

I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?

In my opinion, it won't be that harmful to bitcoin instead it will be more helpful to the bitcoin market and also to raise popularity of bitcoin. I think if you are opening a small general store, it would be better if you accept your local currency and bitcoin as well as a payment option.

azguard

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this is only up to you also if you country dont allow this that is something else personally think that you do this and accept something else too beside btc

HeroCat

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Well, decision is on you - either you will sale only in BTC or also in some other ways Wink

It would be very hard to say which decision is the best, if the store is making sales with goods from BTC world, you can try BTC Wink

zimmah

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If your store offers something unique that can not be easily found somewhere else, it will promote the use of bitcoin.

If there are other stores that sell the same or similar products, it will just move most of your customers to your competitors.

pitham1

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Quote from: Mickeyb on October 04, 2015, 04:40:40 PM

Well it might be illegal in the US, but I don't think it's illegal in Europe. For example, Satoshi Labs, the people that are making Trezor, are offering to sell Trezor just in bitcoins and they are based in Czech Republic, in the EU.

To add, I think that the best way to earn bitcoins is to offer services or sell goods and get paid in bitcoins. This can only benefit the Bitcoin economy.

I am not sure about Satoshi labs, but this is what I could get on the internet.

http://ec.europa.eu/economy_finance/euro/cash/legal_tender/index_en.htm

Within the euro area, only the euro has the status of legal tender. This mean that in the absence of an agreement of the means of payment, the creditor of a payment obligation is obliged to accept a payment made in euro which subsequently discharges the debtor from his payment obligation. Yet, contractual parties are free to agree to use in transactions other official foreign currencies with legal tender status in the state of issuance, e.g. the Pound Sterling or the US Dollar. The same applies to privately issued money like local exchange trading systems (e.g. voucher-based payment systems in certain communities) or virtual currency schemes (e.g. Bitcoin).

The Q&A which follows this has an interesting point

Can a retailer refuse payments in cash at all times?
- Payments in cash should be the accepted rule. This should only be refused because of the 'good faith' principle - for example, if the retailer does not have enough change

From what I understand, Satoshi Labs might not have the option to refuse to accept Euro.

Mickeyb

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Move On !!!!!!

Quote from: pitham1 on October 04, 2015, 06:57:10 AM

Quote from: coinplus on October 04, 2015, 04:18:47 AM

Quote from: pitham1 on October 04, 2015, 01:07:52 AM

I am not really sure about this, but are you legally allowed to refuse fiat?
Fiat is legal tender and not accepting it in a store might get you into trouble, depending on the jurisdiction involved.

I do not think there is any legal issue when we refuse to accept fiats. It may be up to you, if you have wide range of payment acceptance, you may get more business than you stick with only one payment system.

Are you sure about this? There may be some legal aspects of refusing to accept legal tender.
http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx

Well it might be illegal in the US, but I don't think it's illegal in Europe. For example, Satoshi Labs, the people that are making Trezor, are offering to sell Trezor just in bitcoins and they are based in Czech Republic, in the EU.

To add, I think that the best way to earn bitcoins is to offer services or sell goods and get paid in bitcoins. This can only benefit the Bitcoin economy.

Topic: Is it helpful or harmful to the Bitcoin to offer products/services only in BTC? (Read 3535 times)