Topic: What are the benefits of accepting Bitcoin as a method of payment. (Read 371 times)

Non-refundable.

Someone can’t just call the Bitcoin company and make up a lie that they never received their product. Once you have the Bitcoin it’s yours.

There many reasons why you should accept Bitcoin payment because it reduce stress of bank transition

and also build trust between the two business partner when the transition go successful, it also make the exchange to be confidential.

Lower Fees.

As mentioned before the fees are much cheaper than Western Unions.

Clearly Bitcoin transaction fees are most of the time annoying. Most particularly when the market is congested, we all get pressured and almost lose our temper while waiting for the market to go back to normal again. So if that problem will remain unsolved, using bitcoin as a currency will never be satisfying but most likely turn into a troublesome for majority of us. So for now, I'm just settled with bitcoin for long term assets.

 However, I'm still hoping one day that we'll get to use Bitcoin for daily transactions.

There are several advantages of taking Bitcoin as payment. Depending on who you are the different advantages I am about to list could mean everything or nothing at all.

Non-refundable.

Someone can’t just call the Bitcoin company and make up a lie that they never received their product. Once you have the Bitcoin it’s yours.

International.

Provided you have internet and some sort of computer device you can download a Bitcoin wallet and take payments. You don’t have to worry about the customer coming from a country with poor currency. It’s also much faster than Western Union Wire Transfers. You can also make payments with it anywhere in the world that a merchant accepts it.

Non-Institutional.

Bitcoin is not tied to any government, corporation, religion, or institution. If you live in a country with a failing government or failing currency you can still do business and not worry about losing all your hard earned money.

Lower Fees.

As mentioned before the fees are much cheaper than Western Unions.

Security.

The Bitcoin network has never been hacked. Provided you properly store your private keys your Bitcoin is safe.

Non-banked.

Bitcoin does not require a bank to use. This means that you can take online payments from people who do not have bank accounts. You also won’t have all those pesky bank fees. You also don’t have to worry about your Bitcoin being frozen arbitrarily by a bank.

New Customers.

Make an announcement that you are accepting Bitcoin and it will draw attention from the cryptocurrency crowd. Believe it or not there are more of them then you think.

Source.
https://www.quora.com/What-are-the-benefits-of-accepting-Bitcoin-as-a-method-of-payment

Transaction fees are a real problem for bitcoin, we cannot turn a blind eye and stubbornly say that bitcoin transaction fees are lower than banks.

Indeed, there are benefits to using bitcoin as a means of payment, especially for international payments. We can save time and costs compared to banks if we choose the right payment time such as when the network is not congested. But using bitcoin for everyday payments is not as effective as we expected. Like you said, having to pay extra transaction fees when buying a cup of coffee, a loaf of bread...that's really annoying and I don't think many people will like and accept that.

Transaction fees are a real problem for bitcoin, we cannot turn a blind eye and stubbornly say that bitcoin transaction fees are lower than banks.

Indeed, there are benefits to using bitcoin as a means of payment, especially for international payments. We can save time and costs compared to banks if we choose the right payment time such as when the network is not congested. But using bitcoin for everyday payments is not as effective as we expected. Like you said, having to pay extra transaction fees when buying a cup of coffee, a loaf of bread...that's really annoying and I don't think many people will like and accept that.

The things you mentioned about bitcoin payments like accepting international payments, getting new customers, payment security are good enough facilities for now but there are some disadvantages like bitcoin has higher transaction fees than David and credit card or MFS which can discourage customers.  Again here anonymous transactions can also not be a good business experience.  On the other hand there is an opportunity for evasion of VAT tax so it can hamper the welfare of the country.  So you should consider both aspects and according to your country's culture, you should decide whether it would be convenient for you to accept payment in Bitcoin.

have you ever made a transaction when the network is congested? i still remember that i once wanted to make a transaction worth 20 usd and the fees at that time were around 40 usd, so depending on the conditions, bitcoin fees can be more expensive or cheaper compared to conventional payments. especially when you make transactions offline, the fees charged to you can be several dollars, are you willing to be charged that much just to buy a cup of coffee? and moreover there is a 10 minute waiting time for the transaction to be processed.

The seller isn't always in win situation, if the buyer send the coins during the network congested and the seller already give the product, the buyer can replace the transaction and send it to other address, here seller got tricked by the buyer.

for Receiver after having that payment the problem comes because what if the price suddenly fell to more than half

The fact that it's nonrefundable makes it a great medium of payment for the merchant but the consumers the buyers will not feel protected incase of a bad transaction which leaves them at the mercy of the seller's which is a Win-lose situation.

Lower Fees.

As mentioned before the fees are much cheaper than Western Unions.

Non-refundable.
Someone can’t just call the Bitcoin company and make up a lie that they never received their product. Once you have the Bitcoin it’s yours.

Lower Fees.
As mentioned before the fees are much cheaper than Western Unions.

Lower Fees.

As mentioned before the fees are much cheaper than Western Unions.