Topic: Reason why businesses should accept Bitcoin payment - page 5. (Read 1246 times)

• 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

In the ongoing COVID pandemic, most investors predict there would be worldwide inflation. Because of this fear, they converted their fiat money and increased their investment in Bitcoin & cryptocurrency. That is why the price of Bitcoin has continued to rise despite the terrible epidemics around the world. And according to the predictions, The post covid situation is constantly taking terrible forms, now there is inflation around the world, oil prices have risen in the international market. Maybe the situation could be more extreme, the price of fiat money could go down further. but ignoring everything, the price of Bitcoin continues to rise.

Bitcoin users continue to rise significantly, during the pandemic many types of investments die but bitcoin and cryptocurrencies show amazing performance so bitcoin deserves to be the best investment today, accepting bitcoin for business will make consumers increase drastically.

The reason the company accepts payments using Bitcoin because of its anonymity is very reasonable, because many of the customers who want to maintain the privacy of their identity like me.
Another reason companies accept Bitcoin can also get the difference in profit from every payment made by customers, this difference in profit can be obtained when the price of Bitcoin rises.

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

those who already know the benefits of bitcoin will obviously not hesitate to accept payments using bitcoin. but not all of them already understand to be able to do that, so it may not be effective in the implementation that will be carried out.

it is clear that management does not want to accept payments using bitcoin if not many are using it, because it is clear that it will make implementation more complicated, because there will be many options that occur.

if many use bitcoin payments, it is clear they will benefit because at the same time they can make investments that might make bitcoin acceptance even more profitable because the price increases. all options can happen because not all countries or institutions can and are able to run it (accept payments with bitcoin).

But even if the full payments is in bitcoin the company can convert it to fiant at any point instead of receiving half payment in bitcoin and another half in faint paper money which can result into double transaction fees from the customers.

So, volatility is the main problem here.
If you want to take some big facilities, you must have to miss some little facilities.
I work in a multinational company, I get my salary in the first week of the month. On receiving the salary usually, I buy bitcoin/altcoin immediately with some part and I keep the rest for my expenses. I don't sell my holdings until it reaches my expected target, it gives me a passive income.

So if companies really want to adopt Bitcoin, initially they can pay half payment in Bitcoin and half payment in fiat money until the employee is fully educated with the functionalities of Bitcoin, it can be a solution, Those who had problems with volatility will no longer have any complaints. Many people do part-time jobs in Upwork & this forum, the employer gave the payment in bitcoin/other coins, In this case, the employees do not have any complaints because they know the functionalities of Bitcoin and know how to make a profit from Bitcoin.

Reasons of Why Your Business Should Accept Bitcoins
Cost. Credit card fees usually run around 2-3%. ...
Safety from Fiat Exchange Rate Risk. Bitcoin is certainly volatile. ...
International Sales. ...
No Chargebacks. ...
Ease of Use. ...
Publicity. ...
Cutting-Edge and Forward-Thinking Brand Identity. ...
Speed.

Would it be possible if you could please elaborate on how it could save you stress and unnecessary charges?

As far as I know, every transaction involving BTC has a transaction fee that costs north of $6-$10 depending on the price of it on the market. In addition, transacting via fiat is convenient due to its simplicity and straightforward use. The problem with transacting with BTC is the eligibility and legality of it on a country. If the government prohibits the transacting of such, then you are compelled to use a mixer in order to avoid getting tracked.

While this may be true, BTC should be made available as an option to most businesses as a form of payment. The possibilities are endless and it would bring more exposure to BTC and about its current use.

I hope all of them are open-minded when it comes to bitcoin have a downside, as we know, not all the time bitcoin is always on the top and the price could be down any time soon and that is the problem if they don't understand. The volatile nature of crypto could the price possible up and down and there is no permanent price increase. Businessmen should understand this first.

But overall the acceptance of bitcoin in your business as a mode of payment is a good idea and it could have a lot of benefits. Besides on that, you are helping bitcoin itself to increase the price.

apart from their volatility, they are also difficult to control and this I think will be a bit detrimental if you want to continue doing business through btc.
their prices are very volatile and hard to predict this will make the business a risky one to do.
on the other hand, no one can really guarantee that btc will always go up and stay in a stagnant price because there is always a correction.
so I think it would be very reckless to use btc as the main source of business funding.

That’s true, companies that are accepting cryptocurrency’s payments are also making an investment, because when they accept cryptocurrency to their wallets as time goes on the asset continues to increase in value, which means more income for the company. An example of this is Tesla, we can remember that  they invested in Bitcoin earlier and after some time,when the price of Bitcoin increased in value they were able to make lots of profits from the investment they have made.

And it doesn’t only benefit just the company, it will also benefit the employees who are receiving their payments as cryptocurrency,'cause that as well is going to mean more profit for them as time goes on. So, the idea of companies accepting crypto is really good and should be accepted.

So many bitcoin features made it the most favorable option when it comes to payments, and many business have build knowledge over the years with the advantages of bitcoin as payments for good and services.

That’s true I agree with that. Bitcoin should be accepted as a means of payment and in some stores they accept bitcoin already. I believe the us of bitcoin in any sector as a means of payment will make payment flexible with minimal charges and less stress from unnecessary protocols like that of fiat payment. It’s also important to note that some organizations are still skeptical about the adoption of bitcoin as a means of payment in their organization because of its volatility nature. It’s either goes up or down, when it’s up the organization smiles but when it down they cry.

The only downsides of BTC being accepted as mode of payment are the market volatility and the delay of confirmation (unless they’re using Lightning Network like El Salvador did). It’s what other merchants are still hesitant of implementing BTC as an alternative payment option. Just an opinion.

My own reasons why business men and women should accept bitcoin for a payment is because bitcoin have become one of the fastest way of payment without demanding of particular bank details and easy stress of bank verification, and this period you can pay your bills or import your business from any country and pay with bitcoin in your country easily without stress, all this can happen when both parties agree payment transaction with bitcoin.

This might be a general perception among investors but I don't think it could be a reason for business not to accept BTC payments. I think a lot of companies are still debating on which way to go, as is the case with the company I work for that accepts BTC payments only as a trial but has not officially launched full-fledged BTC payment system yet.

The main reason is their managers are not yet sure about accepting BTC, let alone integrate it into their business. I am actually the assistant for the CEO and I think the decision to allow BTC payments is based on the expectation of better future revenues for a business after they will start using BTC for payments.

Most of the executives are said to be interested in Bitcoins and are willing to accept them because of that. I personally think a lot of things should be made to work first before they will be used for purposes they were intended for. For example, in the business to business sector (B2B), it would be ideal if a business could use a medium to transfer money worldwide instantly without going through a long payment chain like the usual fiat system. Without being able to make any such system exist for a long time, a lot of businesses won't have an incentive to adopt BTC.

I think the major problem for the industries, and even the economy, is lack of rapid technology adoption.

Some industries are still in shock as to which way to go even when some of them are accepting BTC already. Take for instance the Webhosting business which some of them are accepting BTC, the majority I believe had not been doing so.  What is worse in thier business is that IPFS (peer-to-peer storage system) is sort of a threat.

Some businesses also think they are already late in adopting because the bull run may be over at any moment. 

Yes, the adoption of cryptocurrencies most especially Bitcoin for payment by all businesses is a good idea because it is more reliable, transparent and secure than the traditional or Fiat payment system but the disadvantage is that it is not a stablecoin that is, it has a fluctuating price which is affecting its total adoption by merchants and also, it has a huge transaction fee attach to it when whenever you make use of Bitcoin for payment which is not so for Fiat.