Topic: My little research. - page 2. (Read 589 times)

Yes, you have to learn a lot of things, especially if you want to allow Bitcoin in your business as a payment method. Governments usually don't like Bitcoin, though some countries allow their users to use it. The government won't allow two currencies in their country, where fiat is currently ruling. It's just a part of centralised government policy. I admit a few country even don't understand Bitcoin. For example, my government doesn't have enough knowledge about Bitcoin. So we can't expect Bitcoin adaptation from them.

To be honest, I have no experience transacting using bitcoin because in my country bitcoin is only legal as an asset and can only be used for trading on the crypto market. Our country still prohibits bitcoin from being used for transactions and all transactions must use our local currency (IDR). Maybe it would be really fun if we could transact with bitcoin. I hope our country will also legalize it one day

In my opinion, if Bitcoin is used to buy products priced at $1 - $10 then a network transaction fee of around $0.5 will feel expensive, especially if we buy the product two or three times a day. However, for buying and selling goods that have a price above $100, it will be effective, especially if we buy products across borders, it will look very cheap if we use Bitcoin.

Some governments are worried about Bitcoin because they can't control it, and it might affect their money and economy. Different governments have different views on it.

I think you want to say investors does not rush to buy.

You are right, Practicing is good but keep in mind practicing with.. I mean only invest amount which you can afford to lose.
You can learn about accepting bitcoin in business here

The Government of some country refuses bitcoin but we don't know the reason that why they are doing so but if they are not accepting bitcoin then it will be suitable for their citizens because Government always take steps which are beneficial for the people of a country. There is no doubt that bitcoin is a good investment asset therefore in those country where there is no restrictions on bitcoin investment can easily take benefit from it. In business there will be difficulty in using bitcoin because not everyone has a knowledge about bitcoin but you can use bitcoin for the purpose of investment and also learn about it when you have hold it.
Your money will be at more risk when you don't know the exact timing of selling or buying so first try to know the market condition and join certain groups on Telegram that can help you about the coming Bull or bear or about the time taking benefit from market situation. If you don't have much knowledge then use minimum amount that yo u think that if unfortunately you loss it then you will not be much worried about it.

The product of his business doesn't need to be that expensive. But yes, Bitcoin should be legal first before he starts accepting Bitcoin as means of payment. Like in our country, even a small business can accept Bitcoin. We have a local wallet that you can easily top-up money and convert it to Bitcoin, even a small amount is acceptable.

I have no idea about the current business of OP, or if Bitcoin is even legal in his country. But the idea is not bad, what he needs to do is to study more about how it will be possible before he proceeds to implement it as a new means of payment.

To be honest, I don't really understand what you are trying to convey. But at the end of your post, I found that you had the idea of ​​accepting bitcoin as payment in your business. I think it's a good idea, you can try it. But before you implement it, does your country legalize bitcoin? if yes then that is good, if not then what you are doing is against the law

I don't know what business you have, but hopefully your business has quite expensive prices because as far as I know, Bitcoin is not effectively used to pay for cheap goods.

Well, it depends on the kind of business you're doing, are your clients those that use bitcoin?,  can you use the bitcoin that you've accepted as payment to purchase new items for your business activities?.
What if after you receive payment, the price of bitcoin falls?. can you still go on with your business successfully?.
Accepting bitcoin is good, if you have other funds for the running of your business or the nature of your business is such that you render services and get paid only. If you buy  goods to render those services, then I'm not comfortable with accepting bitcoin as payment because of its volatile nature. The country you base is also an important factor, is bitcoin accepted in that country?. Your need to take account of all these points before thinking of accepting bitcoin payment in your business.

Finally, bitcoin is a good thing if you're not under pressure to sell at a short term, if you can just hold, you'll see the blessing pouring out in mega quantities pretty soon.

Investment in Bitcoin has both returns like it can give you a good return and can decrease in value too. But if you believe in Bitcoin so definitely you can get much benifits from it.
And if you want to accept Bitcoin for your business so this is a good idea for your business. But you have to believe in Bitcoin. If you accept Bitcoin for your business so not every costumer will give you Bitcoin this will be 10% 20% or other percentage. So you can exchange Bitcoin which you need otherwise you should hold.

It's really easier to use digital currency in making transactions as you just need to be able to connect to the internet and then process the transactions, cause we know the hassle of bringing fiat money like the coins which is to heavy to carry. But I agree that if you are starting a business, then you accept BTC in making transactions, for sure it would be hard to process and cycle the capital, since BTC is volatile, if you do not take the capital from your sales, for sure you would lack funds for providing the needs of your business such as restocking your foods, shirts and etc., as you only hold the Bitcoin. Imagine Elon Musk, that are capable to run a company related to spaceships and technologies, but still gave up using digital currencies since they are too volatile causing money to get liquidated.


Well, in my country, there are few people that accept Bitcoin or crypto in making transactions since it's not that widely spread yet, but if the government plans to take action and put taxes in it, for sure they would have a hard time cause back then, even a P2P game Axie, they did not succeed on putting taxes on it. They could only ban it or put an alternate digital currency such as the popular in the Philippines which is what we called Gcash similarly to Paypal.

Since you have been with this forum for a few days and are interested in learning about Bitcoin, you must spend a lot of time. If you need to know everything about Bitcoin then review the important topics where Bitcoin research has been done. If you want to be financially prosperous in future and invest bitcoins to earn money then surely you have come to the right place. By learning about Bitcoin from here you can start your business that can make you financially stable. As the Bitcoin market is currently in a good position, you should get a good knowledge of Bitcoin and invest accordingly. When you hold bitcoins you can definitely wait for the bull market but you can earn. Also you need to get good experience about investing so that you don't face losses and you will understand that there are volatility in bitcoin market. To get a good education you will never be able to from bitcoin and crypto that's why you need to know and learn different strategies. The more time you spend learning about bitcoin the more hard work a person gets, the more you read the more you can learn bitcoin tricks.

If people understand how to use it and not everyone has the same abilities as us, especially if that person doesn't understand technology. The OP also did not mention what business he owns, so it is not known how old his customers are. At the same level as Elon Musk, who has the ability to prepare much better work equipment, it is difficult to develop a payment system using bitcoin in his business. Just imagine if we were trying to accept payments using Bitcoin for the business we run.

This concerns legal aspects and if the country where we live prohibits the use of bitcoin as a transaction tool, it will have a negative aspect in the eyes of the law, so it will be quite problematic when it is forced to be implemented. It is better, as we said, to use bitcoin only for investing and it will be much safer to use this opportunity compared to forcing ourselves to accept bitcoin in the business we run.

No wonder everyone knows why the government refuses to accept Bitcoin for their own country. The government is unwilling to accept bitcoin because the purpose of bitcoin is to create a system in which the sole owner of the supreme authority is bitcoin. While the government is facing trouble for accepting Bitcoin because they want no such system to be created without third-party interference, Third parties refer to the centralized authority of the banking system. Although it has been said that Bitcoin does not need any third parties, it connects people through a decentralized peer-to-peer network.

While this government is not ready to accept such a system in which everyone can transact among themselves without any difficulties and without any dependency, And this is the reason why the governments of most countries are afraid to accept Bitcoin, because if the Bitcoin system is implemented, the centralized authority of these governments will be reduced, and they will not be able to take or accept any such action. This government will not want any such case to happen.

Many Companies accept Bitcoin and we have seen top companies that also accept Bitcoin as a currency. As one of them is Microsoft and I know many of you are very familiar with Microsoft. So, it would be better to make it still in the coming years, we would see that there will be more accepted currencies in different countries and they would start their business in their own countries with these accepted currencies which we are seeing todays in different exchanges.

That would be better for the Coins which are accepted as the currencies but I don't think after that their price will be in the same position as it was before. It will be too used to I think they will lose their original prices as it has today. After some years gaining its originality would be a little difficult for these.

A Bitcoin investor should never rush to sell but it is also advised to not marry your wallet. The thing is, holding for a longer period of time will give you profit for sure but you should never miss out any opportunity that comes in between that time. Whenever the bull run happens, the market price goes up. And what goes up, comes down too. And that is what we call a bear market. If you keep on holding during these periods of time, then you won't be as profitable as you should be. My point here is, it is also important to learn / know when to sell and which will be the perfect time.

There is no perfect time while buying but it is important to know the perfect time for selling. If you take your profit from the bull run then you can fill up your bag more while the bear market begins.

So Bitcoin investment is for long-term, but we need to figure out how long it should stay. And when the time comes, we should also be prepared for selling.

I agree; I don't see a point wherein the OP will include bitcoin or crypto payments, as he himself says that the business is small. I'm not discriminating; in fact, it is good that you have a business and yet you still study, like bitcoin, to earn more. I salute the OP with that, but I don't think including bitcoin payments will be a good idea for you and for your business. People, even crypto holders, are still not ready for that concept. Yes, there are some willing to do that, but not all. It is still a small percentage. And I think you are not ready to accept that concept, as you still said that you are new in this field or in bitcoin. I guess just focus on growing your business first, and then little by little, you may include bitcoin in your business. That would be great that you are futuristic.

As soon as you talk about using bitcoin in business take your time take it easy and move forward. It is true that it will be difficult if the government does not give legitimacy but you can use your own knowledge and intelligence to move forward it requires a lot of experience. Although bitcoin is banned it is very difficult to find information about it for use in the online world. Adoption of bitcoin for business is a good move small businesses will become much bigger if the value of bitcoin increases. Bitcoin is completely banned in many countries even then its transactions do not stop as the day goes by its demand is increasing.

I do think it is way easier to make payments with BTC for purchases or for transactions, than to keep the BTC received as payments for such purchases or transactions. It would be more tasking for our dear OP to try to set up a good system for receiving payments for a business that may not have much capital to start.
Elon Musk tried taking payments for his Tesla cars but suffered much volatilities that he had to stop and even did liquidate a very great share for some of his other businesses.

Setting up a good payments system for a new business intending to accept crypto or BTC payments is going to require by law how legal it is within that country or jurisdiction and if it has or is something the citizens know, have heard about or even make use of .

The last one you mentioned is good for me, where you practice little by little what you learn about Bitcoin. Just don't stop learning about it. Read most of the time here on the forum platform and also look at what other commentators are telling you here on the forum as well, because you will get an idea for sure.

The risk in Bitcoin will not disappear because of its volatility; all you need to know is how to take advantage of Bitcoin's volatility so that you can get a profit from it in the future.

Some newbie fail to understand that what they are going up to is really a risky matter for them that's why they usually commit mistake on their investment since they didn't think about each position they place. If they could just able to do a lot of research before practicing to have bitcoin or any other altcoin to invest maybe they will not fall on wrong position that can cause them losses of their money used for their first investment. Nobody would really know how the price would able to go or down that's why they need to understand the risk so they can possibly adopt and can do some initial action on what they should do especially on crucial situations like bear market is coming since this is really gives a huge pressure to majority especially those people who doesn't fully understand that this scenario happen and they don't need to panic with those movements.

That is correct. You should not be in a rush to sell cryptocurrency or any kind of financial product you can trade on some kind of exchange. Because by their very nature, they are very volatile, and nobody will know whether their prices will go up or down, and everyone's predictions of such are only as accurate as your average astrologer.