Reason why businesses should accept Bitcoin payment - page 10.

Quidat

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Quote from: Tessnik on October 10, 2021, 05:28:51 AM

Quote from: dansus021 on October 10, 2021, 03:58:12 AM

first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future Grin

and if the owner shop want to hodl it can become interest and benefit to owner

The major advantage of receiving Bitcoin as payment is its scalability advantage and the ability to share in market gains, business owners are beginning to take advantage of such opportunities and also Bitcoin allows for easy transaction process and time without involving a third party.

If you do talk about the probabilities of earning more profits due to that market activity or something like that then its true it could really have that kind of benefit but most of business owners doesnt really
need nor mind off about that which most of them do prefer on having stable profits or lets say that they dont like for their profits to go lower or simply just permanent or stabilized.
This is the main reason on why there are lots of them doesnt still convinced on accepting it nor having that problem towards regulation or something and some are just in personal too.
Its their own choice though whether they do accept or not but cant really blame off with their initial impressions.

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Quote from: vv181 on October 08, 2021, 04:40:02 PM

Do note that the company needed to run their own node to achieve the decentralized nature, if they are using the third-party payment gateway, they are not truly achieving decentralization. The volatility is also a double-edged sword for the company, some might want to store the payment in crypto, on another hand, some needed fast cash to operate it.

I do not imply and discourage its hard for businesses to accept Bitcoin. As a matter of fact, there is some payment gateway that has a FIAT conversion feature to mitigate volatility. My take is, whether a business accepts Bitcoin payment or not, it's a multi-variate problem that needed to be solved by the company self-interest. Not to mention, in some countries, regulatory issues are the obstacles.

I think the same, for a person adopting bitcoin is an easier decision than it is for a business, as a person which wants to hold their coins for the long term the only thing you need to worry about is how to store those coins safely so you can retrieve them whenever you want.

A business is way more complex than that, many times they need the money to pay for their operations which means the volatility of bitcoin plays against them as the price could face a correction just when they need to sell their bitcoin to raise funds for their operations, as such it is not a simple decision to make, however once the owners decide to do so it could bring them a lot of advantages as businesses can get very cheap loans and could use the loan to buy bitcoin in the middle of a bull run, then sell their coins, pay the debt and pocket the difference.

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Quote from: RILWAN on October 08, 2021, 02:26:53 PM

So the company gain in two ways for accepting bitcoin for payments and if the price of bitcoin goes upward interest are generated also.

it is true that implementing crypto in a business can provide convenience and expand a business. maybe the consideration is because a volatile value doesn't always mean a good thing. because it could interfere with the money flow of their company or their business. therefore it takes a high level of confidence and trust for a company to implement crypto or bitcoin in their business.

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Real businessmen are wise, they won't add anything to their business if it's not profitable and helpful. So if there are businessmen that don't want to add bitcoin on their payment option, they're just trying to be wise. But if there are businessmen too that adopts bitcoin as a payment method to their businesses then they're the wisest because they're aware of its volatility and there's two-way for accepting it. One for the actual payment, second for its volatility that they understand and it's another form of business to them.

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Quote from: GeorgeJohn on October 10, 2021, 01:43:13 AM

Globally before you see a country that accept bitcoin for any payment system is very strenuous or arduous to indicate because at least hundred percent of the countries out of seventy five percent of the countries don't accept or adopt bitcoin as payment system instead of fiat currency

We both know Bitcoin is not difficult for people or business owner to accept Bitcoin as payment but it is each countries Federal government stance toward Bitcoin that is preventing this from happening. The last time I checked every business owner like an innovation that will increase their chance of making more money or growing their business.

Quote from: GeorgeJohn on October 10, 2021, 01:43:13 AM

but it's good idea and reasonable enough if some entrepreneurs or traders enroll into bitcoin payment system if really the government of their country will adopt bitcoin, because right now i know that different countries government dislike bitcoin

Yes, the government are the major reason why Bitcoin is not accept as payment in some country but those that know how to use it arereceiving their oversea payment through Bitcoin.

Quote from: GeorgeJohn on October 10, 2021, 01:43:13 AM

so from my perspective it will take like period of time before cryptocurrencies which we officially know the head as bitcoin been generally adopt by different countries as means of exchanges in equivalent with fiat currency.

Bitcoin is officially know and that's why a lot of Central Banks are planning their own CBDC. An example is Nigeria. However, Bitcoin is not officially recognised by the government as currency and El Salvador is the first country to make this happen.

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Quote from: dansus021 on October 10, 2021, 03:58:12 AM

first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future Grin

and if the owner shop want to hodl it can become interest and benefit to owner

The major advantage of receiving Bitcoin as payment is its scalability advantage and the ability to share in market gains, business owners are beginning to take advantage of such opportunities and also Bitcoin allows for easy transaction process and time without involving a third party.

Ararbermas

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Yup that's the advantages of using bitcoin into business, because at the same time it's like you are investing your income as well. Or should i say double investment? Grin

indeed people nowadays love using digital currency when it comes paying bills or any stuff around the internet, wherein even in public places because of some business that adopted bitcoin as well , so its a good idea to put bitcoin into a business especially if it's a new business.

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Quote from: dansus021 on October 10, 2021, 03:58:12 AM

first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future Grin

and if the owner shop want to hodl it can become interest and benefit to owner

The role of Bitcoin serving as an alternative currency will encourage customers to prefer it to the faint traditional currency, but again it depends on the fee that will be paid on Bitcoin transactions. If the business can develop a lightning network that will enable the lowest transactions fees.

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Quote from: dansus021 on October 10, 2021, 03:58:12 AM

first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future Grin

and if the owner shop want to hodl it can become interest and benefit to owner

Business platforms and consumers will get an alternate option. In reality even with the digital payment applications and other payment gateways like credit/debit cards, business people are more satisfied. So, if bitcoin can bring in something unique to the market it'll easily grab the attention.

The most important thing I believe on the need for bitcoin acceptance is the upcoming digital generation. The future generation will be much dependent on technology. By the time cryptocurrency will get priority among that generation.

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first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future Grin

and if the owner shop want to hodl it can become interest and benefit to owner

GeorgeJohn

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Globally before you see a country that accept bitcoin for any payment system is very strenuous or arduous to indicate because at least hundred percent of the countries out of seventy five percent of the countries don't accept or adopt bitcoin as payment system instead of fiat currency, but it's good idea and reasonable enough if some entrepreneurs or traders enroll into bitcoin payment system if really the government of their country will adopt bitcoin, because right now i know that different countries government dislike bitcoin, so from my perspective it will take like period of time before cryptocurrencies which we officially know the head as bitcoin been generally adopt by different countries as means of exchanges in equivalent with fiat currency.

nira09

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When a company/business accepts Bitcoin, it will indirectly make friends with the Bitcoin community and have new users/customers from the already very large Bitcoin community.
If it's an export/import business, then transactions using Bitcoin are very helpful in speeding up payment transactions.

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Quote from: RILWAN on October 08, 2021, 02:26:53 PM

Haven't spent some hours thinking about the advantage that is associated with Bitcoin in company ecosystems, new start-ups that are located in crypto-friendly countries are now diving into Bitcoin as payment against the regular faint traditional currencies, after administering questionnaires to some of the business CEOs stated the reason to be the anonymous nature and its intrinsic value. That is to say, Bitcoin is a business within a business because of its decentralized nature and volatile market.
So the company gain in two ways for accepting bitcoin for payments and if the price of bitcoin goes upward interest are generated also.

however, there are many advantages if a company accepts bitcoin as their medium of exchange, and the most perceived benefit is expanding consumers from all over the world. we know that bitcoin has a decentralized and P2P system. So, you can sell what you have all over the world. it is the most tangible and great advantage.
The other advantage is like you said, that if the price goes up, the assets will increase. however, vice versa.
however, not all countries allow this. some countries have regulations regarding payment instruments in their country. however, if your country has a permit for it, then you can expand the business you have.

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Quote from: adzino on October 08, 2021, 03:25:57 PM

It's easy to use. You have control over everything. You can easily track all your transactions and lets not forget, all transactions are public. You don't have to go through a lot of paper works and you skip all the inconveniences that you have to face when using a third-party centralized financial institution (banks). Users can send or pay right away without having to go through multiple random checks. So many reasons why businesses should start accepting bitcoin as payment.

Quote from: RILWAN on October 08, 2021, 02:26:53 PM

So the company gain in two ways for accepting bitcoin for payments and if the price of bitcoin goes upward interest are generated also.

Don't forget, the price can drop too!

That's the primary reason why third parties backed by governments are mostly against this system. Bitcoin is breaking the monopoly and abuse of customer carried out by banks for decades. I don't believe that btc coming from centralized exchange is really bitcoin, since that's killing the purpose of decentralisation.

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As long as you understand bitcoin's characteristics and the volatility risks that affect your business, that's fine. There are various drawbacks that lead to skepticism about bitcoin's acceptance, especially if it is adopted by retail-scale businesses. I will talk about the facts about the protests of Elsalvador citizens who know the government's first rule (art.7) that requires all economic agents to be able to accept bitcoin.

Business in Elsalvador can be a reference forecast in the case a company wants to adopt bitcoin.

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Quote from: RILWAN on October 09, 2021, 04:01:14 AM

Quote from: Sanitough on October 09, 2021, 03:11:06 AM

There advantage in accepting bitcoin, and that is the company will be able to gain more customers especially if they also offer business outside of the country, it's very useful especially for online stores and online gambling as well. Actually, they can just add bitcoin as their payment system to their current payment system, it's not that hard, and as long as they know how to manage the risk of volatility, I think bitcoin will be an effective currency for their business.

In addition, the government has to be friendly with crypto so they will regulate it fairly, that's actually the most important thing as businesses are regulated by the government.

Bitcoin gateway has a tremendous advantage for new start businesses as it will help build its capital in the long run, if the price of the asset goes up. But again, we must also identify the risk that is involved in this type of payment. But in all business is all about risk-taking.

With the volatility of bitcoin price and time-consuming to get confirmation from the transaction, it seems bitcoin is not recommended to be the payment method because when you pay using bitcoin, both customer and seller need to wait for 1 confirmation. Although when you click the send button, the transaction will get confirmed later. But sometimes, the customer does not want to wait too long to see it's completed.

Maybe the companies can use bitcoin for their employee as the saving or the investment from their salary and use some percentage from their total salary and send it into bitcoin.

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It is difficult to say that Bitcoin is suitable for fast business and daily payments due to the problem of delays in transmission time and high fees and also due to its high volatility, but in the long run Bitcoin is a very successful investment and also because of its other great features such as decentralization, store of value and use as a hedge all of this makes Bitcoin a valuable Great value and if the delay and high fees are resolved, bitcoin will replace fiat money in the future.

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Quote from: Alisha-k on October 08, 2021, 03:15:39 PM

I totally agree with this, accepting Bitcoin in buisnesses today should be one of the biggest things that'll happen in the economy, it saves you so much stress and unnecessary charges that would have been made using FIAT.

It is obvious if you look at how the other companies adopted the new revolution and continue to develop their companies with it, they will remain and stay with a high rate of a stable economy. Now that we already have bitcoin recognized with a high number of trusted companies all around the world, it's better that they think of ways to adopt or make develop something so that their companies will accept it and be one of those companies to become successful in the future.

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Quote from: RILWAN on October 08, 2021, 02:26:53 PM

So the company gain in two ways for accepting bitcoin for payments and if the price of bitcoin goes upward interest are generated also.

So how about the downside? You cant expect only capital gains are in the process. You should also take into account those scenario where bitcoin experience a huge slump. Yes that could also be a factor of going down and totally loss instead of gains. Bitcoin is good type of investment but we must also see its negative impact on some other variables.

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Why not? it's actually an advantage for everyone, I would personally be glad to accept BTC as a form of salary, the only downside I can see is that if the value becomes bearish, other than that, if the price is going up, and so does our salary.

Start-ups that will be taking Bitcoin as a form of salary is a good investment, the fact that they can also gain profit from this is a good idea, both ends will actually get profit.

Topic: Reason why businesses should accept Bitcoin payment - page 10. (Read 1246 times)