Reason why businesses should accept Bitcoin payment - page 11.

RILWAN

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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.

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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.

It seems to heavily depend on the country and the products being sold as to how much benefit a business will get from accepting Bitcoin. If you're in Germany for example, the overhead costs involved with accepting it for someone buying a can of drink in a shop is probably not worthwhile. However if you're buying a big ticket item like a car or a kitchen, then that business should be as accommodating as possible to all payment methods if they end up with the same payment at the end of it - the fees almost become insignificant. Bitcoin is not a "business within a business", it is a currency used to trade. The blockchain is also just a ledger, much like a bank would have a database of all their transaction activity.

Sanitough

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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.

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the reason companies accept bitcoin is that as a way of paying in business, it can be a solid and promising market today. This is predicted to pave the way for you to face competitors and improve your business performance. We must keep up with the times, we must dance according to the musical instruments being played.

Dhoe

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When it comes to marketing strategy, nowadays it's important that you think ahead, and start recognizing the potential of Bitcoin and incorporating it into your business' payment system. Embracing the power of new technologies, such as Bitcoin, will show your prospect's customers that you're always following the big thing in the world. the world of business and modern technological advances. The industry you run by accepting Bitcoin, could just put you in a more successful position.

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For now many large companies that already know the performance of bitcoin and they want to use bitcoin as a means of payment in the company have a strong reason, one of which they easily know every spending transaction that occurs and also bitcoin is decentralized so it is very compatible with the company's business, but when bitcoin is experiencing this decline will also be a problem for the company then using bitcoin in every company. It's a consideration for now.

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If that company can accept bitcoin, that will provide new innovations from the company and if they succeed in doing that, their rival will try to follow that company.
But before a company accepts bitcoin as a payment system, they need to know and be aware that bitcoin prices will always be volatile and change day by day.
If they can realize that, they will not panic when they use bitcoin as payment because, in the future, the bitcoin that they have will give them a big profit if they convert into fiat.
The benefit is when the bitcoin price is down, their customer will pay more bitcoin, so they will have a chance to accumulate bitcoin in their wallet.

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Quote from: Zilon on October 09, 2021, 01:16:19 AM

Let's assume one gets paid in Bitcoin and just after receiving their payment the price drops drastically the holder is left with two options either to wait until it rises again or transact at a loss. Remember Bitcoin doesn't have its own value it solely relies on fiat

Absolutely! That's the main problem for businesses that plans in accepting Bitcoin as a payment.

The success of business relies on how a businessman roll his profit and expand his service/products and the business in general. Now, what If Bitcoin remains at a lower price and the businessman run out of products and needs replenishment?
Does that mean he'll use his own pocket or sell even if it means a loss?
Well, I guess big businesses can do that, how about the start-ups?

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Accepting Bitcoin as a means of payment will solve the issues of monetary exchange across boarders but how about it's volatility we should also consider the market isn't stable as it has tendencies of appreciating in value so does it still depreciate. It should rather be a store of value other than a legal tender.

Let's assume one gets paid in Bitcoin and just after receiving their payment the price drops drastically the holder is left with two options either to wait until it rises again or transact at a loss. Remember Bitcoin doesn't have its own value it solely relies on fiat

MrcMrc

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Global Bitcoin adoption is going to take a while to be achieved as the government will want something they can control, but some countries have a flexible law concerning Bitcoin and the business within that country are taking full advantage of that. Just as the thread creator stated they stand to enjoy several advantages compared to the old traditional payments.

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Quote from: nelson4lov on October 08, 2021, 05:57:53 PM

There's another way to look at this. Established companies or startups might be willing to integrate bitcoin to their payment systems and platforms but the jurisdiction that are in might not allow them to. So that's something should keep in mind imo. Its no longer news that adding bitcoin to a business has more pros than cons.

That's why legal adoption of bitcoin in every respective country will be a chance for those established companies or startups business to integrate bitcoin to their payment method because it is hard to implement such kind of payment systems if the country that they were located at are not open to accept bitcoin as a legal tender. I believe that today there were many business establishments and startups that was willing to add some payment method on their payment systems but still hesitant because of how government's responses to cryptocurrency.

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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.

the reason is the same as the OP said. but a little addition because payment with bitcoin provides many advantages for the company.
first the value of the price of goods remains the same as the value of bitcoins paid.
secondly there is no need to charge a fee for depositing bitcoins in the wallet.
all three bitcoins have a good market value when the market price strengthens.
So by accepting payments with bitcoin the company gets double the profit.

Jawadu

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Accepting Bitcoin as payment in a business is a good thing, though we have to remember there are two sides which are bullish and bearish. Maybe some businesses are afraid if they'll accept BTC as payment then it drops, but others have taken a risk to accept it and until now they've already made a profit because the price is not bad.

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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.

Good analyzation, for me, the business that will operate with btc as their second option of currency needs to understand the possible result of losing during operation specially in bullish day of trading it. But if the business has a good other income then saving btc for the future is also a great option for them. Either way, this will be an opportunity for btc to be recognized for those who dont know it yet.

Rajamuda

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With all its advantages, of course Bitcoin is worthy of being a payment medium, especially if the price seems to show a more stable ATH.
Bitcoin is already in its increasing popularity until its value continues to increase, its role is getting better, it will definitely be responded positively by many other things, especially in terms of work and business. Well, it seems it is time that the world will be more closely related to Bitcoin.

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Quote from: oktana on October 08, 2021, 06:29:05 PM

One of the reasons which people may not see is that accepting Bitcoin exposes you to more customers. If I want to buy a product and I see two stores, I'd rather patronize the guy who accepts Bitcoin. Maybe because I don't have enough cash, maybe because I find it credible that he is promoting Bitcoin, but somehow, I patronize that store.

That is if there's more people there that uses bitcoin, what would happen if you're living in a poverty stricken area in your city? That's unlikely that people there are using crypto as a primary currency and they might not even know how it works.

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One of the reasons which people may not see is that accepting Bitcoin exposes you to more customers. If I want to buy a product and I see two stores, I'd rather patronize the guy who accepts Bitcoin. Maybe because I don't have enough cash, maybe because I find it credible that he is promoting Bitcoin, but somehow, I patronize that store.

livingfree

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Not all of the companies who has an idea of what bitcoin is have that type of mindset.

There are a lot of businesses that wants to assure that what they have should also be taken in value of cash and that's why they are not taking bitcoin as payment and they're good as is what is.

Yamifoud

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If you've been aware of the volatility of the market, you can also think about the risk that want you to endure. To say it was convenient, easy, and fast transactions, no, it was not the real thing that happens. Delays always happen nowadays and much more for those who have an intermittent internet connection?
A lot of things why merchants or business owners are not accepting Bitcoin yet, they are worried about its volatility. They are in business and they wanted ROI assurance which is hard to make from this volatile market.

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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.

Yeah you could say its one of the advantage but take a look on the con's side when dealing with crypto.Its VOLATILITY and this had been the main reason on why we do see not so many merchants
are considering on accepting or integrating crypto payments on the business because of this sole reason and the next is about regulation.Not all countries does have positive views or treatment towards
crypto and as a legit physical business then dealing off with these things will really be putting you in doubt but well we are really heading there when it comes to recognition and adoption.

Topic: Reason why businesses should accept Bitcoin payment - page 11. (Read 1246 times)