Reason why businesses should accept Bitcoin payment - page 8.

Wawa2013

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Quote from: milewilda on October 12, 2021, 03:08:45 PM

Quote from: Mamun74 on October 12, 2021, 03:00:59 PM

I Think it will be easy to use for everyone. Bitcoin is digital crypto. Already many companies accepted bitcoin and they invested also I Think it will be accepted all bossiness companies.I think people will their money convert to crypto in future.I Think it will be fine and beautiful and more interesting.

We are really heading there but dont anticipate that much because we dont know on what future holds and also we didnt still reach into the point that most businesses accept bitcoin.
This wont be a simple kind of decision because aside from legality issue but also with volatileness which is a major concern because as a business owner you wont really be
like to see your profits is declining but somehow it does have its pro's or chances too.So this decisions would really vary.

We are entering an era where almost all payments are made cashless, therefore some businesses are starting to accept Bitcoin payments. And that's
what we really want as Bitcoin supporters, because the more businesses that accept Bitcoin, the faster the adoption process. But the fact is that Bitcoin
still has some shortcomings, therefore the number of businesses that accept Bitcoin is not much. Some of the considerations for business owners are
the legality issue and the volatile Bitcoin price. We know most countries in the world have not accepted Bitcoin as a means of payment, therefore
business owners do not dare to accept Bitcoin payments. In addition to the volatile Bitcoin price, it can cause the profit generated to decrease,
so the risk is indeed big. So it still takes a long time until Bitcoin is actually accepted as payment, so we as Bitcoin supporters must be patient.
But I believe in the future, most businesses will accept Bitcoin. For now we should be grateful that at least we can use Bitcoin as a digital asset first.

blockman

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Quote from: Ryker1 on October 10, 2021, 04:15:09 PM

Quote from: blockman on October 10, 2021, 12:47:40 PM

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.

Well, the term wise is not accurate for me --it should be a businessman that is willing to take a risk or high risk. Accepting bitcoin as payment is also have a risk because if you are the owner and accepting bitcoin in a bull season and then suddenly drop in the next few months it could affect your total sales when bitcoin is down. But if you can able wait until the bull trend is coming, it could be your profit will double but sad to know it has no time frame when it will happen. Willing to take a risk is also a high potential to gain profit.

You know in business, there's already the risk. And upon accepting bitcoin as payment isn't risky to them but holding bitcoin is. The first type of businessman that I've said, they're just trying to be careful and they don't want too much volatility as they're just trying to do business, no other than that. And the other type that's totally fine with it has the experience and is very open to new things like adopting and accepting payment of bitcoin to their products, they're optimistic and sees the potential of it. This is like, you can't just please everybody.

sulendra12

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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.

Well you did said about volatile so that's one of the reason why some of the big companies or even the smaller ones are not gonna accepting bitcoin as their payment because of how volatile the market is and it could either make the company profit of their bitcoins or things will go in the opposite way. The other reason is transaction fee but it's not a big deal.

Steam was accepting Bitcoin for quite some time but unfortunately they removed it: https://hexus.net/business/news/internet/112973-valve-removes-bitcoin-payment-option-steam/

milewilda

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Quote from: Mamun74 on October 12, 2021, 03:00:59 PM

I Think it will be easy to use for everyone. Bitcoin is digital crypto. Already many companies accepted bitcoin and they invested also I Think it will be accepted all bossiness companies.I think people will their money convert to crypto in future.I Think it will be fine and beautiful and more interesting.

We are really heading there but dont anticipate that much because we dont know on what future holds and also we didnt still reach into the point that most businesses accept bitcoin.
This wont be a simple kind of decision because aside from legality issue but also with volatileness which is a major concern because as a business owner you wont really be
like to see your profits is declining but somehow it does have its pro's or chances too.So this decisions would really vary.

Mamun74

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I Think it will be easy to use for everyone. Bitcoin is digital crypto. Already many companies accepted bitcoin and they invested also I Think it will be accepted all bossiness companies.I think people will their money convert to crypto in future.I Think it will be fine and beautiful and more interesting.

markdario112616

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The thought is good, but let's see the practicality of it. Bitcoin's market is so volatile that any time the value may drop which can cause a loss of revenue to a business, that's just one factor. Let's go to the legality, A Legitimate business needs to file Taxes and submit audit reports. How would one business will be closed its book when there are unallocated revenues? Namely Bitcoin per se (I'm talking about it based on our country's laws), so yeah given the scenario in which, Bitcoin is not recognized yet as a currency or can be made as mode of payment, this will literally be floating on the balance sheet. Not unless, one will be able to hide, but once caught probably Business will close down and eventually all parties involved will held liable.

MrcMrc

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Most modern businesses are adopting Bitcoin because of its speed and borderless ability to without the involvement of a third party, and also those businesses stand the chance to gain from the profits if Bitcoin price rise within that period their holding it.

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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.

Yes, it’s good for companies to adopt Bitcoin as a payment method, but I think anyone that’s considering Bitcoin should look at it two ways and make sure that they are using it in a way that it is not going to be affecting their business, because if they are not careful it can affect their business.

The price of bitcoin is volatile and that means that apart from the fact that you can gain from the market, you’re also running the risk of losing money and it affecting your business at that point. So accepting bitcoin requires proper planning, in a way that if the price goes down, your business won’t be affected. But I think Companies that do accept it now will benefit long term.

pickforbies

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Quote from: bakasabo on October 11, 2021, 02:58:45 AM

Quote from: pickforbies on October 11, 2021, 02:10:52 AM

Agree, will be have no benefits to still convert BTC into Fiat. It's proving there's many company can't adapt it as soon as possible. Our generation still believe in Traditional financial system and I believe maybe in next 15 years, digitalized and decentralized reformation will come.

Reformation is already knocking at your door. Since El Salvador made Bitcoin a legal payment, it will be a matter of several years before mass adoption will start. Btw, Republic of Cure currently also authorise and regulate cryptocurrencies like Bitcoin, but this is not discussed widely. So there is actually no need to wait for 15 years.

Returning to El Salvador, using Chivo wallet app you can pay and receive payments in Bitcoin already now. As well as get crypto plastic cards with auto exchange option on and use them for payment. You will only see how your crypto balance decreases with every payment (but detailed statistics is also available in dashboard).

I Love how you described it as knocking at my door. Ofc I believe on Bitcoin Legalization in El Salvador now as a huge progress for Cryptocurrency. No matter what happening there, It's still an obvious chance for Bitcoin bright-future. From development side, there's no major issue, but I talked about from Adaptation and Political view and ofc Macro-Economic also, We can count by our fingers about nations who fully use Bitcoin as daily transaction like El Salvador did. Hopefully I wrong about 15 years next, maybe can be as soon as possible like 5-10 years next.

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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.

You have a point but you are not taking in consideration of the fact when the price goes down the businesses will be at a loss because you are looking at it from your own point of view, so lets say that you are a owner of a shop you buy stuff from a company that manufactures goods and sells them to business at a price using fiat, so you buy from them something for 10 dollars and you sell it for 12 using bitcoin, the next week the price dips and you are left with 9 you will be at a loss, i think crypto and bitcoin are a great payment option but not for business to depend on.

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Quote from: dansus021 on October 11, 2021, 10:38:02 PM

Right

HODL and earn more interest but yeah market volatile maybe be the number one enemy.

They can actually simple accept stablecoin like usdt, usdc or other stable coin to counter volatile of market right Grin

the development adopted should be from the blockchain first. when this technology is applied in a company, of course, the use of cryptos such as bitcoin and other stable assets can be used properly.
although in real-world trading to buy an item one can use crypto such as bitcoin. the only thing I understand is the ease of transaction and security than fiat money.
indeed crypto also has risks related to the security of our assets. but as long as using crypto correctly for transactions. I believe the risk of our assets being lost will not occur.

dansus021

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Quote from: Quidat on October 10, 2021, 02:55:03 PM

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.

Right

HODL and earn more interest but yeah market volatile maybe be the number one enemy.

They can actually simple accept stablecoin like usdt, usdc or other stable coin to counter volatile of market right Grin

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Quote from: Kong Hey Pakboy on October 08, 2021, 07:04:04 PM

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.

It's a win-win idea. If people in that area don't use crypto, you stand to lose nothing. isn't it?

Quote from: cryptoaddictchie on October 09, 2021, 09:33:16 PM

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.

Your point is really valid. This is one of the disadvantages of Bitcoin for those who want to use it as a currency. There could be cases where you sell a product and get paid in Bitcoin, but just an hour later, there's a decline in price. This reduces your gain (or can even incurs loss) for the product you sold.

Zanab247

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Here are some of the reasons businesses should accept bitcoin payment:
1. Population : since many countries are now legalized bitcoin in the country, show that any business that is accepting bitcoin payment will really improve massively in the community. Many customers now prefer to purchase their products and pay with bitcoin in any business that accept bitcoin payment.
2. Decentralized currency: since bitcoin is not control by the government, it pump without the permission of the government because is a decentralized currency. it will help any businesses that accept bitcoin payment in the country .
3. Bitcoin users: many bitcoin users prefer to purchase their goods from business or company and pay with bitcoin without fiat money invol. Since there are many bitcoin users in the community, it will be a good decision to any business that will accept bitcoin payment.

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Quote from: davis196 on October 11, 2021, 01:06:59 AM

Number one reason for accepting Bitcoin payments should be-Not dealing with banks and payment processing companies.
The business owners will get the most benefits of accepting BTC,when they start using it to purchase goods and services from other businesses.Bitcoin should become a business-to-business currency,also known as B2B.Getting adopted by B2C companies (or business-to-customer) is also great,but the companies will eventually have to convert the BTC into fiat,which kinda makes the whole BTC adoption process pointless.
The price volatility and the lack of regulatory clarity are the main factors,which are stopping mass Bitcoin adoption.

Many started to accepts bitcoin now especially if they are into investing also. If there are chances that people will pay me bitcoin in buying in our store I will definitely just keep it their as it can give me more profit in future. Unless the business is not stable yet that there is a need for money to allocate in business operation and they are not aware in how trading works then it’s a no no for some business owners. Those who have business at the same time are traders should accept crypto as payment for them to make their profit grow more in trading.

suryana

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Agree with what you said that receiving payments in bitcoin is business in business, which means we have a chance to profit if the price of bitcoin goes up but we also have a chance to lose if bitcoin goes down. This is indeed an opportunity for entrepreneurs who dare to take risks but have a pretty decent profit opportunity. It's good to make bitcoin an option considering the price continues to increase. It should be tried for people who do business to add bitcoin as a payment option.

Imran232

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Accepting bitcoin for the biggest companies is just a matter of time. If they think they can be approved. But there is some thought that that's the reason they didn't take steps easily.

1: Lots of customers of their company might be unaware about bitcoin.

2: Because bitcoin prices are volatile because companies need stability if they need money to expand, and during that time period, the market drops, so they can't sell at a loss. And they are aware of this news.

3: Biggest companies know that if they approve bitcoin as a payment, then bitcoin's price will go up for one day. This might be because lots of their customers buy bitcoin and may pay in bitcoin too. But after 1 or 2 days, miners or holders who hold large amounts start selling and the bitcoin price goes down. And that company might be at a loss. Because they just approved it, but they can't unapprove it at that time, then they might lose customer trust. So they could be at a loss. That is why they are a little bit aware of it.

It is all my opinion. Others can be different. Thank you.

Gosgosking

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If anyone has a business and decide to accept Bitcoin as means of payment, I think that's fine and can be interesting. Know that only few people uses Bitcoin or know about Bitcoin so you have to reduce the limit cause you don't expect everybody to come and pay with Bitcoin. Many people will still accept Bitcoin so there is no need to rush now.

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Quote from: GeorgeJohn on October 10, 2021, 04:36:13 PM

Quote from: suzanne5223 on October 10, 2021, 05:53:50 AM

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 are receiving their overseas payment through Bitcoin.

Yes of course you will use it but they are not using it openly Because many people is afraid of government in actual sense, but a process whereby bitcoin is been legalize in a particular country i think the payment with bitcoin can be make obvious even though you don't know how to use it, you can as well learn, the only thing i find out that has been a hindrance via payment with bitcoin via different countries is the implementation of bitcoin to a country through the government, when such is been done people will start using bitcoin like Fiat for exchanges of goods transaction.

I agree with what you said about the government however, that's also what I said about the government being the major hindrance to Bitcoin going mainstream because most countries that claim to be governed through democracy are actually governed through collectivism.

Having said that, payment with Bitcoin without having knowledge about the system is not simple and I am saying out of the experience I had when I first join the crypto ecosystem.

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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 big merchants are at an advantage if ever they would opt to accept bitcoin payment in their business. Making bitcoin one of their payment options eliminates the hassle of monitoring the transactions because every transaction is recorded. No more inconvenience on the part of the merchant and to the customer as well because they'll transact online via a network that provides quick processing and low transaction fee. However, to those start-ups, I don't think they have the capability to suddenly accept bitcoin as a payment method because they have to have the resources and knowledge first before diving into something volatile considering that their business is just starting to grow. \

Based on my observations, those small establishments just make their money go in cycle. They start with capital, then they need the profit and the revenue to be invested back again to buy the supplies in their business. Hence, what most of them need is an active flow of money. They can opt to have bitcoin as a payment method but I doubt they can hold as long as other big-time merchants.

Topic: Reason why businesses should accept Bitcoin payment - page 8. (Read 1246 times)