Making use of Bitcoin as payment in our business. - page 2.

virasog

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

I totally agree with you but for this to happen there should be positive support from the government regarding bitcoin and cryptocurrencies. You cannot just implement bitcoin if the legal status of your country does not support crypto.

In the majority of the world, bitcoin is not legally accepted, and hence it is very difficult to accept bitcoin as a payment method. Also, everyone is aware of how to use bitcoins and crypto which is another hindrance to this innovation.

istiak2277

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

There will not be any problem with accepting cryptocurrency if you are talking about only stable coins here. For BTC and other altcoins, it is not ideal for real-world business use. Also, if the producer does not want to accept crypto payments, then the seller will not accept them either, because the seller needs to rebuy goods from the producer regularly. I think bitcoin is okay as a currency to reserve the value.

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

I think there's often a problem that there is no use. If people are comfortable with fiat and if they have no problem paying by card, nothing motivates switching to Bitcoin. But Bitcoin can be useful if the inflation is brought up, and also merchant fees by the banks, and international transfer fees, and identification via paying and how this data can then be used an abused if it gets to companies. Also, it can be useful in specific contexts, such as international donations or a currency when your fiat is devaluating too fast or when foreign fiat usage is restricted.

Moneyprism

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implementing crypto in business transactions is a bit difficult especially in countries that regulate crypto circulation like in the US and other countries ... the government does not want crypto to be a means of payment used by customers for their transactions officially because they are afraid that it will interfere with the adoption of their currency ,, but it seems that if crypto payments are made secretly, I don't think it's too much of a problem

palle11

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This is becoming possible because more people are now aware that bitcoin can be converted to fiat that is why they accept it and have it to transfer for the payment of transaction made. Now there are plenty means of selling or converting of bitcoin to fiat unlike past that it is very difficult to get it converted. This is the reason it is that growing in awareness and more investors hodling it as asset.

sunsilk

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It's okay and that's actually the use of bitcoin aside from what we're doing to hold it as an investment. You're just typically adding another payment option for your customers.

You're just preparing your business with expansion from those customers that would be willing to pay in bitcoin. You also have the option to use those third-party services that automatically convert paid bitcoin to you in USD or fiat if you want to.

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

What is the size of your business that you have an idea of the work that will be promoted by BTC payments? I have seen some products from Internet services currently accepting BTC payments as well, but that is still the case. Not the revenue they focus on. Basically, for any business, I think they will not skip any form of payment so that it is easier to get the money. Nowadays, we can see the popularity of crypto in our lives, but we should admit that fiat is still the most popular method of transaction. So we should focus on the product and connect it to more people. BTC is only a small part of the exchange formula.

NeuroticFish

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Quote from: Lanatsa on May 03, 2022, 02:56:02 PM

As a merchant or business owner then you would really be having these consideration before you do opt in on dealing with crypto

I will add to the list that accepting crypto can also:
* need some knowledge/learning curve, since most payment processors ask for high fees and/or KYC, hence one may have to install a local solution (like BTCPay); properly securing the wallet/funds is another important topic
* handling crypto in accountancy may not be straightforward

So while I do welcome the idea, unfortunately it's not "easy-peasy" to do this.

Dunamisx

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy,

This is gladly seen and already implemented by many businesses, institutions, industries and firms which has been a thing of tremendous success around the world economic growth and i also as well see the arising need for the localities to as well stage the implementation as well in accepting bitcoin for transactions.

Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business

Any business model on the platform of bitcoin cannot be moved by the current downsize of the economy through inflation because bitcoin has over such and gone far beyond the scope of how fiat could reach, it's a good source of an investment asset and more profitable than many others with results evident enough.

Bitstar_coin

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Awareness is very important in spreading the word of btc around, the more people are aware the high the chances of acceptance. The idea is good, by doing this it will create an avenue for esteemed clients to come in contact with btc, even if they don't know how to use it, seeing it as a payment option will trigger a thought in their mind to make some of the client want to enquire more about it. While those who are already informed clients will be glad to find it as part of payment option.

So the idea will be include btc payment as part of payment option just for awareness purposes and how it goes. I also agree some people would rather not spend their btc but there are some who don't mind using their btc instead of fiat.

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

It hasn't been clear to me if you actually have a business and are thinking about implementing that or are you talking hypothetically, trying to motivate business owners to do that.

Quote from: Johnyz on May 03, 2022, 03:36:44 PM

Bitcoin was meant for this but since it becomes an investment opportunity, people tend not to spend their Bitcoin and hold it instead, but if you are planning to use you have to consider many things especially its volatility since the price is not guaranteed on the top, you can occur losses if you are planning to accept Bitcoin. This is indeed a good idea, you just have to create your plan before executing this.

It is normal that people do not spend it if they have it as an investment, but regarding what you say about volatility, I believe that business owners can implement an automatic conversion system to fiat when they receive the payment to avoid volatility.

Johnyz

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Bitcoin was meant for this but since it becomes an investment opportunity, people tend not to spend their Bitcoin and hold it instead, but if you are planning to use you have to consider many things especially its volatility since the price is not guaranteed on the top, you can occur losses if you are planning to accept Bitcoin. This is indeed a good idea, you just have to create your plan before executing this.

ChiBitCTy

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

I think this is a good idea as promoting adoption of bitcoin throughout any means possible is what we should all be striving to do if we support this new type of electronic currency. But there are of course things to keep in mind. Bitcoin is still a bit slow and expensive for many every day purchases. ( this is why I've always stressed that bitcoin is not perfect where it currently sits "as is" so to speak).

Do you own a business and are considering doing this yourself?

Anonylz

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

This is a good idea and also one sided because you have to consider the customer as well, their knowledge about btc, their ability to use btc and the willingness to use btv instead of fiat.
Maybe you should start by running a poll in your business to see the number of your customers who are actually aware of btc and what it is use for. Just because you have the knowledge of btc dont mean your customers have same knowledge as well.
It is important to find out what they know and prepare them.

Lanatsa

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Quote from: Sammy4547 on May 03, 2022, 02:24:26 PM

Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

As a merchant or business owner then you would really be having these consideration before you do opt in on dealing with crypto or applying
it into your business and here's the following.

1. Consider your countrys laws or stance towards crypto.
2. Make yourself aware about crypto volatility
3. Look for Demand on your place

In overall its not a bad stance or recognition on applying on someones business but you should be sure
on knowing these things first before making such step.

Sammy4547

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Making use of "Bitcoin" as another means of exchange In our daily business is my own opinion to improve our business strategy, if customer doesn't have money to pay after purchasing goods and any other business transaction, we should try and implement the means of Bitcoin payment and through this our business will improve in market and it will promote our business both in local and international way because the present century we are now is century of cryptocurrency...so my fans what do you suggest on my opinion!!!!

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