Should a company accept Bitcoin as a means of payment

RockBell

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Quote from: Davidvictorson on October 27, 2024, 12:34:00 PM

Accepting Bitcoin as a payment option is not something that should be done blindly or just to follow the trend. It should be an evidence based decision considering the risks to benefits. For some companies, it will ruin their business of they beginning to accept Bitcoin while for some others it is what they need to take their business to the next level. Aside this, putting in mind the regulations of crypto payments in the country.

it is a decision that everyone can not make blindly but if you look the other way around there are some companies that if they start accepting Bitcoin as a means of payment then it will even help the price of Bitcoin because just imagine that Elon accepts Bitcoin as a means of payment just know that there is no way that the initiative will not affect bitcoin price and that is why and this is a matter of choice anyone you want the business owner will choose the exact thing that you want to bring into the business.

And if any business owner is accepting Bitcoin as a means of payment then they have to put things in place to make it easier for customers to pay using bar codes and many other things, and the business owner can even decide not to spend everything and keep some o be able to make more profit the moment all this strategy is put in place then you will even be in a better position than other business because of that uniqueness in payment method.

Zigabel

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See one thing wey I know be say before u agree to accept this method of payment, you supposed dey ready to accept anything wey come with am, which includes the ups and downs of price movement and so you go dey make adjustments as d price dey fluctuate.

On d oda side sef d price fit go up and e go favour d seller so na even teo easy thing sef so e no dey on d side of only d company alone because if d price move e go affect everything.

Felicity_Tide

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cout << "Bitcoin";

Quote from: ? on October 26, 2024, 05:06:36 PM

And let's say the cost of the good is actually equivalent to.the price of.that Bitcoin what will happen when the price of Bitcoin is in a bearish trend won't he be in a lose for.that good or.will he just have to hold on to.the btc till the price goes up but if he does this he has a shop to.run and needs the money to get more goods
Abi na lie I talk
What is your take on this?

What I believe is that some people might not consider Bitcoin price fluctuation if eventually they want to accept it as means of payment in their business/organization, while others might put the price fluctuation into consideration, and choose not to accept it as a means of payment.

And as for those who might accept Bitcoin as means of payment without considering it's price fluctuation, you don't expect them to make lose at the end of the day even if the price of Bitcoin experiences a sudden dip that is quite different from what they got as payment at first. They might want to hold for a short while, and wait for the perfect time to sell, so they can make back their money and don't end up on a losing side.

IMO, accepting Bitcoin as a means of payment isn't much of a big deal, because one can still recover his/her money even when there is a sudden dip. But the fear might just be either the task force or some other agencies that are literally after those with crypto asset, because as it stands, there is no any visible(known) rule that protects us as Crypto users in this country.

RockBell

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Quote from: SatoPrincess on October 28, 2024, 01:36:34 PM

It’s not a bad idea to accept bitcoin as a payment method in your company. It gives your company more options when dealing with international clients who may have difficulties making payments to a foreign account. Most businesses that accept bitcoin as payment do not hodl the coins, they often use a payment processor service and covert the bitcoins or fiat almost immediately so they don’t have to deal with the volatility of bitcoin.

It's a matter of choice and if the person wants to accept bitcoin only then it is still their choice and just like you said it give you more options of payment and also a kind of uniqueness when it comes to your business because how many people will want to accept bitcoin as a payment method only few people will consider it and it's even another way of improving your business because that uniqueness will attract people to want to patronize you.

Those that are converting immediately want to get their capital back and that is even the reason when when you pay they might convert to fiat if you want to hold it then your chances become 50/50 either it drops in price or it increases so the marketer have to make a quick decision on what do, we can not choose the kind of decision they will want to make.

Fiasem20

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Quote from: ? on October 26, 2024, 05:06:36 PM

What is your take on this?

In my own opinion,if a company accept Bitcoin as a payment option there's absolutely nothing wrong with such decision but the people within the region should be considered, consideration like would customers really want spend their Bitcoin on goods?
We all know Bitcoin is more of an investment vehicle than a payment option,so it would be wise if a company consider if their customers would want to purchase goods with their Bitcoin.Accepting Bitcoin as a payment option it's also a method of accumulating Bitcoin and a method of building one's investment portfolio.Even the companies that accept Bitcoin as a payment option do accept fiat as a payment option also because Bitcoin is volatile,just imagine a company that want to purchase goods because they are out of stock and it happens that the price of Bitcoin decline at the moment they'll would be at loss though it vice versa because if the price increase they would gain more profits.Despite the volatile nature of Bitcoin there are major companies in the world that accept Bitcoin as a payment option;
1.PayPal
2.Wikipedia
3.Microsoft
4.AT&T
5.Starbucks

Dzwaafu11

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Quote from: ? on October 26, 2024, 05:06:36 PM

If someone pays 1 btc for a goods you offer (I'm just making an example)
And let's say the cost of the good is actually equivalent to.the price of.that Bitcoin what will happen when the price of Bitcoin is in a bearish trend won't he be in a lose for.that good or.will he just have to hold on to.the btc till the price goes up but if he does this he has a shop to.run and needs the money to get more goods
Abi na lie I talk
What is your take on this?

It’s a nice idea if a company accepts bitcoin as a means of making payment. But bitcoin is very volatile, as you also believe and said earlier. is not everyone is going to be able to take the risk in the crypto space, and for the fact that it’s a company, if they are not planning to invest in bitcoin through this way then they should be withdrawing their funds after a customer makes a payment through bitcoin because living it there may make them be at loss when the market went to bearish as you said earlier,

so if a customer purchases and pays through bitcoin, you know that sometimes the company or store may need funds to buy more products that have been finished in the store, and if he already left the money in bitcoin and not in their currency or USDT, there will be a problem if the market went bearish at that time.

SatoPrincess

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It’s not a bad idea to accept bitcoin as a payment method in your company. It gives your company more options when dealing with international clients who may have difficulties making payments to a foreign account. Most businesses that accept bitcoin as payment do not hodl the coins, they often use a payment processor service and covert the bitcoins or fiat almost immediately so they don’t have to deal with the volatility of bitcoin.

Adbitco

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Quote from: Davidvictorson on October 27, 2024, 12:34:00 PM

Accepting Bitcoin as a payment option is not something that should be done blindly or just to follow the trend. It should be an evidence based decision considering the risks to benefits. For some companies, it will ruin their business of they beginning to accept Bitcoin while for some others it is what they need to take their business to the next level. Aside this, putting in mind the regulations of crypto payments in the country.

Yeah you are right, I think accepting bitcoin shouldn't be their priority and because at first if you consider the environment and the demand for payment of bitcoin then the company can consider whether to accept or not. But I won't encourage new start up coming because currently now the environment aren't that friendly to bitcoin holders and traders in our country except it would be a thing that would be underneath were only few people would be aware to maintain privacy and company interests.

Agbe

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If a good is sold as 1 BTC when the price is high as it is than later price of BTC came down. 1. If you are to sell that things, you will still sell it as higher price to meet up the current price and if you are going to buy that things again what you have sold should be use to buy it again. So I don't see any less there. But if you sell the things before the price reduced then you will be at the losing side. But if you buy things when the price is at the bearish market, you will make more profit when the price goes up. Op you have to know that investment is also risk when the price is on the bearish for months like what happened in 2022. The price was on $16k for months and people been dey cry. And that is why we advise people to invest in long term than short term investment.

Promocodeudo

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Quote from: ? on October 26, 2024, 05:06:36 PM

Let's put heads together and actually analyse this thread of mine I understand that if more and more companies are to accept Bitcoin as a means to pay for goods and services ots good for Bitcoin and Will have positive impact on Bitcoin but if we look at it from some other angles as a business owner I don't actually find it totally worth the risk because in as much as Bitcoin’s price is always going up.and it is considered a.form of investment the price is still very volatile and you have a business to run
If someone pays 1 btc for a goods you offer (I'm just making an example)
And let's say the cost of the good is actually equivalent to.the price of.that Bitcoin what will happen when the price of Bitcoin is in a bearish trend won't he be in a lose for.that good or.will he just have to hold on to.the btc till the price goes up but if he does this he has a shop to.run and needs the money to get more goods
Abi na lie I talk
What is your take on this?

Buddy I believe many community members here has responded to this thread and given there insight and opinion to that effect, I want you to understand something, before a business owner decide to accept bitcoin as a mode of payment such business owner may not care about the volatiltiy of a thing because i believe the business owner is aware of bitcoin fluntuations and would want to use that opportunity to acquire and accumulate Bitcoin, if you're talking in terms getting more good when he might have sold out the available ones through bitcoin payment process, you should know that he can't embark on such mission without a back up plan on how to refil his business and keep making his sell knowing fully well that he will benefit in a long-term, Bitcoin is a long-term asset as such i believe that any decision taken by a bitcoiners should be targetted at yielding fruit in a long-term.

Roseline492

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Op you done try for the question but the thing is that before you will see any business man or a company accepting Bitcoin as a payment they had already make a provision or a strategic planning that any money that would be paid using Bitcoin will be sent directly to their Bitcoin savings which they have no intention of selling yet but before then they would have already keeping more than enough physical money that would always use to replace the goods that was bought through Bitcoin, so actually companies are the ones that effectively make use of this method but an ordinary person can also accept Bitcoin as a payment without running any lost because is not like the price will immediately drop or rise the moment you receive it, so if the person wants to exchange it they can do that without running any lost.

?

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I'm dey really grateful for all una responses and I like as una nor treat me like outcast because say I be newbie
Well this matter be just dey my head but now.i Don understand how companies take dey do am

Thanks everyone

nelson4lov

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The assumption that any business or company that accepts Bitcoin will suffer a loss if the price of Bitcoin falls lower than the price of Bitcoin at the time of the sale/transaction. That os correct.

Bitcoin is a volatile asset — there is no denying that. If any business wants to accept Bitcoin or any other crypto for that matter as a payment method, then they should be aware of the fact that Bitcoin price can up or down.

Up => they make extra gains on already sold products/services
Down => vice versa (aka they suffer a loss).

Very simple logic to wrap head around but more often than not, people who accept bitcoin especially when the price was much lower stand to gain more.

Davidvictorson

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Accepting Bitcoin as a payment option is not something that should be done blindly or just to follow the trend. It should be an evidence based decision considering the risks to benefits. For some companies, it will ruin their business of they beginning to accept Bitcoin while for some others it is what they need to take their business to the next level. Aside this, putting in mind the regulations of crypto payments in the country.

Shadiq

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If you are using Bitcoin as an alternative for payment, then you can definitely call it a good initiative. Already some companies are using Bitcoin as an alternative for payment. For me, planning to hold bitcoins from payments for the long term can be very profitable. In this case we have to take some steps, because we will definitely need cash to run the business. We have to take a different approach to providing this cash. It would be easier if some people would pay in Bitcoin and everyone else would pay in fiat. We can make payment with Bitcoin profitable in service areas where not much cash is required to operate or run the service. That way we will be able to hold most of the bitcoins for the long term.

Wiwo

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Quote from: ? on October 26, 2024, 05:06:36 PM

Let's put heads together and actually analyse this thread of mine I understand that if more and more companies are to accept Bitcoin as a means to pay for goods and services ots good for Bitcoin and Will have positive impact on Bitcoin but if we look at it from some other angles as a business owner I don't actually find it totally worth the risk because in as much as Bitcoin’s price is always going up.and it is considered a.form of investment the price is still very volatile and you have a business to run
If someone pays 1 btc for a goods you offer (I'm just making an example)
And let's say the cost of the good is actually equivalent to.the price of.that Bitcoin what will happen when the price of Bitcoin is in a bearish trend won't he be in a lose for.that good or.will he just have to hold on to.the btc till the price goes up but if he does this he has a shop to.run and needs the money to get more goods
Abi na lie I talk
What is your take on this?

Aside from looking at bitcoin from the angle of bitcoin volatilities as a risk measures for business accepting bitcoin for payments of goods, let also consider another vital aspect which have been the reason many businesses that accepted bitcoin before are now closing their door in bitcoin acceptance which is the network fees in paying for good using bitcoin, sometime the network fees in the bitcoin network can be so high that it may exceed the amount you bought the goods you want to pay for if you want the transactions to get mind a d confirmed ASAP, you have to pay the high fees, this has been the major set back with bitcoin acceptance in business.

I believe that bitcoin is best taken as a form of investment, much more than using it for paymentss, and also bitcoin movement is easy but at the same time risky, and expensive at the moment, so best to hold bitcoin for long term and if you want to shop for good best to use fiat currency.

Dr.Bitcoin_Strange

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There are some company and small scale business that are already accepting Bitcoin as a means of payment, they already knows how they are keeping up with it as not to run lose due to Bitcoin volatility. I do accept Bitcoin payment in my business and what I do is convert from Bitcoin to fait so that the price drop will not cause me lose. If I actually want to leave the Bitcoin unconverted, that's if I noticed that price is going to become bullish.

Truthlovecoins

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I don't know much about the trading aspect of cryptocurrency mostly when it concerns the use of Bitcoin for payments after a purchase has been made or services has been rendered.

The only truth I would love to remind us of is that our Naija government still has a very strict policy concerning the use or ownership of Bitcoin and that is going to be a big hurdle to climb incase any business is looking for a chance to use Bitcoin to accept payment from its customers in this form.
Still it should not stop any business from trying to use Bitcoin or accept Bitcoin for payments. It should only make them understand that it can be done with high profile customers or VIP customers in private.

Coyster

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If you get business, you go plan yourself before you begin accept bitcoin. Wetin you go consider na how many percent of your customers go fit pay you with bitcoin, if the number dey small, you no suppose worry about volatility, because the payment wey you dey receive for fiat go dey enough for you to take run your business.

That being said, if plenty of your customers go dey pay you with bitcoin and you need the funds to keep the business running, e mean say you go dey accept bitcoin via payment gateways, so you go fit convert the bitcoin to fiat or any currency of your choice as soon as you receive am.

Marvelockg

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Before you include Bitcoin as a payment option, it's likely that you have a plan of building a Bitcoin stack through the process and not necessarily because you want to just use it as a means of encouraging people to pay through Bitcoin. It's also going to be that your customers are people that are crypto savvy and that you know they already hold Bitcoin and so can afford to pay in Bitcoin.

If you're rendering a service on this BCT forum, you already know that the majority of people on the forum already owns some Bitcoin and so they can easily make payment through Bitcoin. That's a realistic venture but if you're into sells of regular items on the streets, the majority of people who will petronize you are individuals that will prefer the use of fiat over Bitcoin and because the amount they will make use of for thier purchase won't be enough to sort out transaction fees and other fees, it's not going to be realistic to make use of Bitcoin for such kind of transaction.

Topic: Should a company accept Bitcoin as a means of payment (Read 194 times)