Reason why businesses should accept Bitcoin payment - page 9.

bakasabo

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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).

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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 people continue to express their concerns regarding high bitcoin volatility despite the fact that bitcoin has grown a billion percent since its inception. Neither ordinary users nor the owners of businesses should be worried about that because bitcoin incentivizes and rewards for long-term thinking. It would simply be a rational decision for businessmen to hold bitcoin as part of the company's reserves: as time goes by, it becomes a lot riskier to not buy bitcoin than to buy it. As for regulatory clarity, businesses may consider moving to the countries that have already understood and embraced the benefits and opportunities that the usage of cryptocurrency gives.

pickforbies

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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.

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.

davis196

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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.

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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.

Wait , you administer questions towards Business CEO's? mind telling us which company and who are these CEO?

because this sounds like a nonsense talk.

Quote

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.

but what about if the price of bitcoin downfall? what is their take? they cannot stand holding the said bitcoin in their operation if the dump stays more than a year like in the past?

Amejoaquim

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In my opinion, If only a small portion of your business is crypto then volatility affects you very little, and it would be good for you to learn the ropes and get stuff set up so you can grow with the userbase of crypto. If your product or service is something that crypto people like a lot you can get more revenue and sales.

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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're right, accepting bitcoin as payment really give convenience on both parties, less hassle and easy to transact without loads of paperwork. Plus the company has the opportunity to gain more if the price happen to increase.

However, we know if there's a pros there's also cons for accepting btc as payment and that is the volatility. The price is not stable and worse can drop drastically leaving them with no choice but to wait until the price recover.

Thus the businesses who are willing to embrace bitcoin are those who understand the risk and prepared for it.

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Quote from: goinmerry on October 10, 2021, 06:38:38 PM

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's not that simple and easy. Some business owners don't like the idea of accepting bitcoin as a payment method because of its volatile nature. They will accept bitcoin not because they will hold it but rather they are circulating the money right away that is used to cover their business operation and cost. And generally, they are simply not crypto-enthusiast and crypto-oriented.

Even they will use a third-party payment gateway to convert bitcoin to fiat value the moment they received it, without demand or only a few requests from the community, it won't be considered to use. Customers also preferred to pay thru digital transactions as the process just takes few seconds to complete compare to crypto-transactions.

Every business owner has their own preferences when it comes to handling their financials. It is true that some of them don't like to accept crypto because of its volatile nature. While some don't see any advantage of doing so and it is not practical on their part. Anyway, they will change their approach on this if they will see demand from their customers themselves. Otherwise, they will just stick to their current payment method.

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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's not that simple and easy. Some business owners don't like the idea of accepting bitcoin as a payment method because of its volatile nature. They will accept bitcoin not because they will hold it but rather they are circulating the money right away that is used to cover their business operation and cost. And generally, they are simply not crypto-enthusiast and crypto-oriented.

Even they will use a third-party payment gateway to convert bitcoin to fiat value the moment they received it, without demand or only a few requests from the community, it won't be considered to use. Customers also preferred to pay thru digital transactions as the process just takes few seconds to complete compare to crypto-transactions.

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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.

We also have to think that if the price of bitcoin drops too much, the loss for the business that accepts bitcoin as a means of payment will be a very high loss, there is also the issue of wages, I very much doubt that the workers of many companies would accept to receive their wages in bitcoin and how would the issue of social security for workers look like? How would the government channel a portion of workers' wages into the pension fund? This issue of accepting bitcoin as a means of payment is complicated.

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Quote from: Vaskiy on October 10, 2021, 04:06:01 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

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.

Not necessarily in the next few generation. Fiat money still has scriptual nature and can be virtually transferred, although the classic fiat has gold value, it's backed by gold. Yes bitcoin grab the attention and wil continue to do so but this doesn't mean to fully replace fiat for medium to long term .
I will support all businesses aopting crypto paiement if they can react with the blockchain, as many businesses can't easily adopt the blockchain concept that didn't fit with their goals.

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Quote from: Amejoaquim on October 10, 2021, 05:29:50 PM

If your accepting bitcoin, i think this is the benefit you will get.
1). Marketing By accepting BTC, your business expands the number of people that may want to use it.
2). Usability: Low Fees, No chargebacks
3). International/Large Purchases: This is much easier than wiring money which remains very cumbersome, slow and agonizing.

So it isn't bad to mention about the cons.

1. Volatility - It could affect your overall profit
2. Regulation - Depends on what stance does your country have it.
3. Fees- We know that not all the times were fees is low which means not all will really be willing to make out transactions

Aside from those cons but I do see that it do outweighs by its pro's.So its a personal choice as a business owner.

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A business exists to take a customers money, in any form it can, and turn it into a product that the customer wants.
The more methods that they can take money in the better it is for the business.
With that being said, there are expenses in taking any form of payment.
Credit Cards = Fees, chargebacks
Cash = Securing it, counting it, having enough change, dealing with theft.
BTC / Crypto = fees if you don't do it yourself, the cost of running a node if you do. The risk of the price dropping.

Each business owner / operator has their own numbers that they work with to determine what they want to take for payment.

There is no should, there is the 'what is best for this business'

-Dave

Amejoaquim

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If your accepting bitcoin, i think this is the benefit you will get.
1). Marketing By accepting BTC, your business expands the number of people that may want to use it.
2). Usability: Low Fees, No chargebacks
3). International/Large Purchases: This is much easier than wiring money which remains very cumbersome, slow and agonizing.

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Quote from: Ararbermas on October 10, 2021, 04:59:41 AM

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.

And yet, you can't get any assurance with that which is very unfortunate. Double investment, making it more prfitable? But what if the market turns to bear season? They are also in absolute big losses and this gives worries for the owners to take that knowing how volatile it is. And the other thing is that it wasn't yet officially legalize in all countries which could get attention to them unless if their government make it.
The use of Bitcoin has disadvantages and advantages. And offering such services is really at high risk and so I understand why until today only a few establishments are accepting this as another mode of payment.

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Quote from: uneng on October 10, 2021, 04:04:52 PM

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

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 this is the best model to be adopted by businesses. Some of the third party services providing conversion feature don't charge any fees, what makes them even more advisable for businessmen. However, if the country doesn't allow people to deal with bitcoin or make the use of bitcoin too complicated in practice, it's not a good country for doing business of any kinds, since it is a strong indicator the country is heavily bureaucratic, and an alternative country should be taken in consideration by the entrepreneur.

I don't think "best" is quite the right word, running our own node is always advisable and have a lot of benefits, there will be some pros and cons, but it will come in handy if the business needs to scale up. After all, not relying upon a third party is a huge boost in terms of flexibility for the business itself. I believe if the business is able to manage it, the good will outweigh the bad.

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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 arereceiving their oversea 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.

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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.

If the prices go down, huge losses are generated too. Usually, companies convert bitcoins into USD immediately to get rid of it's volatile nature and/or some of them integrate bitcoin payments and then remove it because of that reason but nowadays it's volatile nature isn't a problem with payment gateway providers.
Btw the real reason for business to accept bitcoin are two: 1. Variety choice of payments and 2. Marketing.
1. The most payment options you have, the better for you because people like it and someone may choose you over others because of comfortable payments.
2. Bitcoin is a good way to promote business, when there is a bitcoin banner on store, a lot of people are interested in it and visit the stores, it looks innovative for those who don't know what it is and gains the attention of people.

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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.

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

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 this is the best model to be adopted by businesses. Some of the third party services providing conversion feature don't charge any fees, what makes them even more advisable for businessmen. However, if the country doesn't allow people to deal with bitcoin or make the use of bitcoin too complicated in practice, it's not a good country for doing business of any kinds, since it is a strong indicator the country is heavily bureaucratic, and an alternative country should be taken in consideration by the entrepreneur.

Topic: Reason why businesses should accept Bitcoin payment - page 9. (Read 1246 times)