Topic: Is it helpful or harmful to the Bitcoin to offer products/services only in BTC? - page 2. (Read 3551 times)
October 04, 2015, 12:47:56 PM
i think that its helpful for bitcoin for sure, doing that helps to rise the price as more and more people are getting more interested in bitcoins
October 04, 2015, 06:07:14 AM
- Why do you mine bitcoin?
- To use it to buy miners
- Why do you buy miners?
- To mine bitcoin
- To use it to buy miners
- Why do you buy miners?
- To mine bitcoin
What a narrow view on Bitcoin
October 04, 2015, 05:57:10 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.
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
October 04, 2015, 03:18:47 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.
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.
October 04, 2015, 03:10:31 AM
It would benefit bitcoin, yes, but it would limit the merchant's profitability by turning off the rest of other people who still want to transact with fiat. Also bear in mind that in order to run a business, you need to pay things with fiat, and a utility or power service provider that accepts bitcoin for utilizing their service doesn't exist yet.
October 04, 2015, 12:07:52 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.
Fiat is legal tender and not accepting it in a store might get you into trouble, depending on the jurisdiction involved.
October 02, 2015, 09:33:38 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 view, it won't be harmful for bitcoin, as it provides more buisness for bitcoin, even marginally, but it will be harmful for the seller, as he will find trouble finding someone with bitcoin/wanting to spend their bitcoin
Virtually all merchants who accept bitcoin immediately convert to fiat through a payment processor, so they're never actually receiving the bitcoin, just offering it as a payment option.
This is true, but in the case of OP, the question is whether or not to only offer BTC as a payment method. In this case, it is unlikely that the store owner is going to convert their BTC to a local currency right away, since they would also accept said local currency in addition to Bitcoin.
Either way, in this case, it certainly is harmful. Bitcoin users are an extremely small minority, and I highly doubt that any mainstream business could survive through exclusive acceptance of Bitcoin.
Ah, good point. I can't imagine anyone being able to run a physical storefront accepting only bitcoin either. Even a virtual store space would be difficult to run on only bitcoin. It would be a fine compliment, but I agree with you.
October 02, 2015, 08:33:21 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 view, it won't be harmful for bitcoin, as it provides more buisness for bitcoin, even marginally, but it will be harmful for the seller, as he will find trouble finding someone with bitcoin/wanting to spend their bitcoin
Virtually all merchants who accept bitcoin immediately convert to fiat through a payment processor, so they're never actually receiving the bitcoin, just offering it as a payment option.
This is true, but in the case of OP, the question is whether or not to only offer BTC as a payment method. In this case, it is unlikely that the store owner is going to convert their BTC to a local currency right away, since they would also accept said local currency in addition to Bitcoin.
Either way, in this case, it certainly is harmful. Bitcoin users are an extremely small minority, and I highly doubt that any mainstream business could survive through exclusive acceptance of Bitcoin.
October 02, 2015, 08:26:34 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 view, it won't be harmful for bitcoin, as it provides more buisness for bitcoin, even marginally, but it will be harmful for the seller, as he will find trouble finding someone with bitcoin/wanting to spend their bitcoin
Virtually all merchants who accept bitcoin immediately convert to fiat through a payment processor, so they're never actually receiving the bitcoin, just offering it as a payment option.
October 02, 2015, 07:40:09 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 view, it won't be harmful for bitcoin, as it provides more buisness for bitcoin, even marginally, but it will be harmful for the seller, as he will find trouble finding someone with bitcoin/wanting to spend their bitcoin
October 02, 2015, 06:40:18 PM
Yes, that would help a lot; please do it. Well, that unless you want to sell drugs or porn, but BTC badly needs regular stores accepting it. It's a great way to raise BTC awareness. And make sure to register your store in all BTC directories.
October 02, 2015, 01:20:33 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?
If you want to open your business don't bet on bitcoin alone. You will limit yourself by doing that.Bitcoin is not that popular and well known among people as we may think. Open your shop and include Bitcoin as one of the payment methods.
You can try to offer some promotions for people who want to purchase with bitcoin, that's all.
October 02, 2015, 12:56:47 PM
I don't think it's harmful, but if product/service being offered is in a Country where Bitcoin is not yet accepted, this will affect the sale of the product or service being offered since there is not much customer or client who will buy the product or take the service.
It's not harmful. You may force people to convert their fiats into bitcoin to avail your service or to buy your products. In this case your strongly supporting bitcoin to go higher than fiats. As long as bitcoin find more usage than fiat, that are all favorable situations to bitcoin.
If the bitcoin is not accepted that's mean that bitcoin is banned from that country. At least in this way I understand this expression. Maybe I'm wrong. But if banned it will be not possible to offer any kind of service or good in bitcoin.
October 02, 2015, 10:45:24 AM
I don't think it's harmful, but if product/service being offered is in a Country where Bitcoin is not yet accepted, this will affect the sale of the product or service being offered since there is not much customer or client who will buy the product or take the service.
It's not harmful. You may force people to convert their fiats into bitcoin to avail your service or to buy your products. In this case your strongly supporting bitcoin to go higher than fiats. As long as bitcoin find more usage than fiat, that are all favorable situations to bitcoin.
October 02, 2015, 03:10:29 AM
I don't think it's harmful, but if product/service being offered is in a Country where Bitcoin is not yet accepted, this will affect the sale of the product or service being offered since there is not much customer or client who will buy the product or take the service.
October 02, 2015, 02:22:54 AM
As far as how having products denominated in BTC will effect it:
Certainly this will make BTC more valuable as it become more useful as a means of payment. In fact, if you were able to and want to be part of something that really creates value, try to find a way to also buy what you need for your business in BTC. This way you will create a sort of closed loop, decreasing the supply of BTC on the market (as you won't have to sell it) and increasing demand as your BTC-denominated sales grow.
As far as running a profitable business:
You definitely need to prominently advertise that you accept fiat to attract the vast majority of customers. The customer base for BTC-denominated purchases is just too small to run a profitable business around.
Certainly this will make BTC more valuable as it become more useful as a means of payment. In fact, if you were able to and want to be part of something that really creates value, try to find a way to also buy what you need for your business in BTC. This way you will create a sort of closed loop, decreasing the supply of BTC on the market (as you won't have to sell it) and increasing demand as your BTC-denominated sales grow.
As far as running a profitable business:
You definitely need to prominently advertise that you accept fiat to attract the vast majority of customers. The customer base for BTC-denominated purchases is just too small to run a profitable business around.
October 01, 2015, 10:29:13 PM
- Why do you mine bitcoin?
- To use it to buy miners
- Why do you buy miners?
- To mine bitcoin
- To use it to buy miners
- Why do you buy miners?
- To mine bitcoin
October 01, 2015, 09:42:49 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?
I think another merchant accepting bitcoin can't hurt the bitcoin economy. That said, it will make a difference what you do with bitcoin when you receive it. If you immediately convert to fiat, I don't think this really helps the bitcoin community; at best it's neutral. On the the other hand, I'd be skeptical that a bitcoin only merchant could possibly do enough business to stay afloat. Your best bet to help you and potentially help the bitcoin community would be to accept all forms of payment, including bitcoin.
October 01, 2015, 11:02:05 AM
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?
The part in bold it will be my choice. If you choose only one from the two currencies you will lose the buyers of the other currency. So have no sense doing the choice of one currency. This it would be my advice. But you must think and decide only by yourself. Only you know the market of your country and only you know the conditions that must be fulfilled that you have the maximum of profits.
July 02, 2015, 01:12:53 AM
Just hypothetical, wouldn't BTC fluctuate less and less when more and more businesses accept it as a viable payment method?
Ofcourse why not, that is why I mentioned there, it is too early to start such that at present condition, definitely in a years down the line Bitcoin will be in very stable condition as more and more businesses accept it as a payment methods, However till that moment, he can start implementing bitcoin gradually, but definitely not instantly. Jump to: