Reason why businesses should accept Bitcoin payment - page 4.

karanggatak

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Quote from: habebe on November 15, 2021, 03:13:48 AM

most people now 50%already use bitcoin and there are also businesses that accept bitcoin payment so there is a reason that bitcoin will be accepted soon in patronized stores, maybe because there is not enough cash and usually cases are now using of digital payment like credit card and also now promoting bitcoin somehow.

im not sure if half population using crypto, and its hard to reach 50% all of the world until some years. in my place, crypto still taboo, something strange, and hard to know by people here.

profit will be gain be buyer and seller. sometimes one of the other will regret after paying or receive because of fluctuation number.

dimonstration

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Quote from: KaliLinux on November 18, 2021, 06:32:09 AM

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.

I do understand if some businesses want to accept Bitcoin for their services or goods but what I don't understand is why some people now think that Fiat has unnecessary charges associated with it with regards to doing business. Before Bitcoin, Fiat has been the main means for a transaction and still is even now, and don't also forget that Bitcoin too, does have Fees for transactions. I just believe that whatever form is best for anyone/organization is what they should go with even if it's both.

The transactions being referred to is the time you will buy or cashin some bitcoin. Here in my country it was still not popular due to some users who expects no transactions fee when cashing in . There are fees or less amount they will get in btc when they buy and see it in their apps. They are not aware yet that those fees can be recovered once their crypto pump if only they will hold and trade. Some just see the negative side but didn’t bothers to tackle what benefits they can get more. So those who really know crypto should only accept btc and when ask by their customers they can explain it how it really works to convince them.

KaliLinux

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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.

I do understand if some businesses want to accept Bitcoin for their services or goods but what I don't understand is why some people now think that Fiat has unnecessary charges associated with it with regards to doing business. Before Bitcoin, Fiat has been the main means for a transaction and still is even now, and don't also forget that Bitcoin too, does have Fees for transactions. I just believe that whatever form is best for anyone/organization is what they should go with even if it's both.

Tellek Garing

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Quote from: Abiky on November 17, 2021, 09:06:32 AM

Quote from: leea-1334 on November 15, 2021, 01:10:21 AM

I think,,, you should ask businesses if volatility is important or not.

Why do 90% of merchants who accept Bitcoin only accept fiat settlement as you say? Because of volatility! That means they use stuff like Bitpay,,, which actually means merchants do NOT have Bitcoin wallets. You pay with BTC, Bitpay changes it to fiat and gives it to the merchant. So this really means they are not even accepting Bitcoin,,, just letting people pay with Bitpay or whatever gateway.

Guess how much fees they have to pay to accept that. And have you seen Bitpay's fees to you as a user? You actually sometimes have to pay more to use Bitcoin.

And then refund. What happens if you paid 1 btc when price was 60k and then when customer request refund of 1 btc, but price is 70k? Bitpay will bill the merchant the new price, probably worse rate than spot!

Of course volatility is a huge factor for business

If that's the case, then businesses are better off with Fiat as payment method. They could choose stablecoins if they want to, but then they'll have to deal with the underlying blockchain network's scalability issues. Imagine trying to withdraw a stablecoin on an congested blockchain network like Ethereum and having to pay huge fees in return. It wouldn't be feasible to run a business this way. It's all a matter of convenience and ease of use. Knowing that Bitcoin has many limitations, I don't see major businesses joining the game anytime soon. At least, Bitcoin is doing well as an alternative to the current monetary system. As long as it remains decentralized, nothing else matters. Just my opinion

Well the fact still remains that if business can adopt lightning network for they transactions and being able to serve all it underlying problems then Bitcoin will still remains the best option for payments.

leea-1334

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Quote from: Abiky on November 17, 2021, 09:06:32 AM

Quote from: leea-1334 on November 15, 2021, 01:10:21 AM

Of course volatility is a huge factor for business

If that's the case, then businesses are better off with Fiat as payment method. They could choose stablecoins if they want to, but then they'll have to deal with the underlying blockchain network's scalability issues. Imagine trying to withdraw a stablecoin on an congested blockchain network like Ethereum and having to pay huge fees in return. It wouldn't be feasible to run a business this way. It's all a matter of convenience and ease of use. Knowing that Bitcoin has many limitations, I don't see major businesses joining the game anytime soon. At least, Bitcoin is doing well as an alternative to the current monetary system. As long as it remains decentralized, nothing else matters. Just my opinion

Exactly! I am a big fan of crypto for sure but the problem that people do not realize with business is that volatility is problematic because at the end of the day they pay bills, salaries, loans, rent, suppliers, everything all in fiat. This is nice to know if crypto always goes up but if it goes down then they can get in debt very quickly.

So crypto is not a good solution and stablecoins maybe (if you use Layer 2 then fees is not problematic.

Abiky

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Quote from: leea-1334 on November 15, 2021, 01:10:21 AM

I think,,, you should ask businesses if volatility is important or not.

Why do 90% of merchants who accept Bitcoin only accept fiat settlement as you say? Because of volatility! That means they use stuff like Bitpay,,, which actually means merchants do NOT have Bitcoin wallets. You pay with BTC, Bitpay changes it to fiat and gives it to the merchant. So this really means they are not even accepting Bitcoin,,, just letting people pay with Bitpay or whatever gateway.

Guess how much fees they have to pay to accept that. And have you seen Bitpay's fees to you as a user? You actually sometimes have to pay more to use Bitcoin.

And then refund. What happens if you paid 1 btc when price was 60k and then when customer request refund of 1 btc, but price is 70k? Bitpay will bill the merchant the new price, probably worse rate than spot!

Of course volatility is a huge factor for business

If that's the case, then businesses are better off with Fiat as payment method. They could choose stablecoins if they want to, but then they'll have to deal with the underlying blockchain network's scalability issues. Imagine trying to withdraw a stablecoin on an congested blockchain network like Ethereum and having to pay huge fees in return. It wouldn't be feasible to run a business this way. It's all a matter of convenience and ease of use. Knowing that Bitcoin has many limitations, I don't see major businesses joining the game anytime soon. At least, Bitcoin is doing well as an alternative to the current monetary system. As long as it remains decentralized, nothing else matters. Just my opinion

phillipjackson

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If they do so, then it means you don't have to pay outrageous international bank fees, and there is no point in waiting 3-5 days for processing of your transactions.

habebe

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most people now 50%already use bitcoin and there are also businesses that accept bitcoin payment so there is a reason that bitcoin will be accepted soon in patronized stores, maybe because there is not enough cash and usually cases are now using of digital payment like credit card and also now promoting bitcoin somehow.

leea-1334

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Quote from: Abiky on November 12, 2021, 09:25:24 PM

Volatility is the least thing businesses should worry about, since they can easily cash out BTC to Fiat. There are payment gateways which instantly convert BTC to Fiat at the current exchange rate. If that's not enough, businesses can accept stablecoins as payment method in order to gain the benefits of crypto/Blockchain tech and the stability of Fiat. There's simply no excuse to avoid accepting Bitcoin as payment method.

I think,,, you should ask businesses if volatility is important or not.

Why do 90% of merchants who accept Bitcoin only accept fiat settlement as you say? Because of volatility! That means they use stuff like Bitpay,,, which actually means merchants do NOT have Bitcoin wallets. You pay with BTC, Bitpay changes it to fiat and gives it to the merchant. So this really means they are not even accepting Bitcoin,,, just letting people pay with Bitpay or whatever gateway.

Guess how much fees they have to pay to accept that. And have you seen Bitpay's fees to you as a user? You actually sometimes have to pay more to use Bitcoin.

And then refund. What happens if you paid 1 btc when price was 60k and then when customer request refund of 1 btc, but price is 70k? Bitpay will bill the merchant the new price, probably worse rate than spot!

Of course volatility is a huge factor for business

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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.

If we are to accept bitcoin for payment of bills is every country that will accept such, because right now too some countries is making payments with bitcoin which i know that is not everybody that is paying with bitcoin, i just try reason this and i normal point bitcoin payment will be fast if its accepted but the charges will go higher so i think many people will prefer the old fiat than making payments with fiat.

ropyu1978

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Of course, this is not an easy matter in that it certainly has to go through a very long process considering that currently bitcoin has not been widely adopted so it is very difficult to make payments using bitcoin in the form of business investments.of course it requires some appropriate steps to implement this because this must be done. get approval from both parties for the transaction process

galambo

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Quote from: Abiky on November 12, 2021, 09:25:24 PM

Volatility is the least thing businesses should worry about, since they can easily cash out BTC to Fiat. There are payment gateways which instantly convert BTC to Fiat at the current exchange rate. If that's not enough, businesses can accept stablecoins as payment method in order to gain the benefits of crypto/Blockchain tech and the stability of Fiat. There's simply no excuse to avoid accepting Bitcoin as payment method.

If you have to convert btc to Fiat instantly then why not proceed with centralised Fiat payment system that is trusted by businesses world-wide. Businesses with low turn over (that doesn't fall under government regulations) may accept btc payments if issue of volatility and scalability are resolved.

Abiky

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Quote from: dothebeats on October 08, 2021, 05:46:01 PM

But there's still that looming threat of a possible value depreciation in bitcoin, hence why not a lot of companies or businesses have fully committed to accepting it on their platforms. Huge businesses and conglomerates can potentially accept bitcoin as a form of payment no problem as they can easily churn whatever losses they may incur on the bitcoins that they gain. Start-ups, on the other hand, do not have this financial capacity just yet, hence why them accepting bitcoin and crypto is not a good idea.

Volatility is the least thing businesses should worry about, since they can easily cash out BTC to Fiat. There are payment gateways which instantly convert BTC to Fiat at the current exchange rate. If that's not enough, businesses can accept stablecoins as payment method in order to gain the benefits of crypto/Blockchain tech and the stability of Fiat. There's simply no excuse to avoid accepting Bitcoin as payment method.

I think the reason why most businesses haven't done the move is because of fear from the government. Regulations in some countries are strictly fierce against crypto/Blockchain tech, so this scares away many businesses from accepting Bitcoin as payment method. Crypto may have numerous benefits, but it's highly risky. As more governments legalize Bitcoin, more businesses will join the game. Who knows if someday big retail stores like Walmart and Amazon adopt Bitcoin as payment method? Just my opinion

deadmousehat

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if i had my own business i would do it. Accepting payments with bitcoins is currently a great move and can earn more profit from bitcoins. but first they have to have a strategy in case the bitcoin price goes down. but not all business people believe in the future of bitcoin or are afraid to lose when the price falls

dimox

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good idea, the problem is people still dont know about bitcoin, and prefer to keep it until the price good enough, sell for be riches.
in small village, its hard to implement this idea, good method but none want to act is nothing. hard to explain them from beginning, or just wait until time show this stuff to them.

dark1234

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anything that is profitable will become a business and this is the basis in the economy including bitcoin which has value and offers benefits to those who own it because basically a business is a business is an organization or economic system where goods and services are exchanged into other forms or in the form of money . Every business needs sufficient investment and customers to sell its output at a certain quantity to make a profit.

Lanatsa

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Quote from: romero121 on November 09, 2021, 06:00:57 PM

Cross border transactions can be made with ease
With time the market keeps growing, so what we generate as profit through the business will grow further when the same is kept hold in terms of bitcoin
Businesses always need to be updated, even the common man have started to make use of digital payments. So, thinking the future generation accepting bitcoin at present is good
We've got more user friendly payments access on traditional fiat. However having an alternate is always good, because we don't know which customer is gonna prefer which payment method

That's the pro's then lets talk about its con's.

- Tendency of negative profits when the market tends to make out some u turn
- Legal issues
- Security issues itself
- Not really that much familiar

There would really be some sort of questions on mind would be made but if you do really tend to compare or making
it neither it outweighs the positive on negative then it is really considerable.

MrcMrc

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Quote from: zaesvlas on November 08, 2021, 09:07:36 AM

Should everyone introduce such an opportunity? As for me, this is really important and useful, but it may not be useful for everyone.

You are right on this, not everyone will want to pay using bitcoin for every little transactions. Most of the elderly will not want to border themselves with the trouble of having to understand the technique of the bitcoin network.

bosede1

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I really love this that Bitcoin is a business within a business which is absolutely correct. This is what most people are missing from especially the government of my Country restraining people to achieve business in business.

A BLackPearl

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It is good for the company, but for the employees, I am opposed to it. It is inconvenient for me if the price of Bitcoin decreases after I get Bitcoin, or I want to buy another cryptocurrency.
For companies, they can accept Bitcoin to pay their salaries, allowing employees to choose whether to use Bitcoin as a reward. In this way, the problem of the decline in the price of Bitcoin after employees are paid in Bitcoin will not be considered, and employees who use legal currency can also receive legal currency compensation.
I think this is more convenient. It is not mandatory for companies to fully accept payments in cryptocurrencies.

Topic: Reason why businesses should accept Bitcoin payment - page 4. (Read 1246 times)