What are the benefits of accepting Bitcoin as a method of payment.

Gladitorcomeback

hero member

Activity: 812

Merit: 619

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

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.

This is one of the best benefits I can think of about accepting Bitcoin or cryptocurrencies as a payment method when compared to traditional payment methods where one can open a dispute after making the payment and taking the goods and the banks or even the authorities would start questioning you about the transaction, lol.

I have seen this happening a lot where people buy something, make the payment online, and then open a dispute through their banks by saying that it's a fraud payment and they have been scammed and guess what, your bank blocks your account and confiscates the funds when they receive the complain from the other bank which is completely absurd because they don't ask for any proof from the other party and start questioning you about it and ask for payment proof, etc.

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

Quote from: Peculiar555 on June 16, 2024, 06:28:23 AM

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

I think this just depends on the specific bank you are acquiring the services of, because this has something to do with the competency of the bank. I think bitcoin could be stressful due to the high transaction fees but because it has no intermediary unlike banks it is definitely less complicated in my opinion.

Quote

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

The transactions being confidential is definitely a benefit. Not because there is something shady going on but there’s just too much risk in giving out information nowadays.

nullama

hero member

Activity: 1008

Merit: 960

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

Lower Fees.

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

When you receive Bitcoin your fees are actually zero. The sender pays the fees.

So, the benefit of accepting Bitcoin as a method of payment is basically having no merchant fees at all. Quite nice.

legendbtc

hero member

Activity: 1302

Merit: 508

Leading Crypto Sports Betting & Casino Platform

Quote from: Viscore on June 15, 2024, 04:59:16 PM

Quote from: legendbtc on June 14, 2024, 11:20:28 AM

Quote from: moneystery on June 14, 2024, 09:20:52 AM

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

Lower Fees.

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

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.

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.

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.

To be fair, transaction fees are becoming quite a big problem for us but I don't understand why some people deny it and still say that bitcoin's transaction fees are cheaper than bank transaction fees. OP is not the first person to give this false information, I remember recently some people also said this and they are deliberately distorting the truth. How will this benefit bitcoin? Why don't we accept the truth and find a way to solve the problem?

Quote from: mirakal on June 15, 2024, 05:44:01 PM

Quote from: legendbtc on June 14, 2024, 11:20:28 AM

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

I think for bitcoin to be used as a means of payment, there need to be many factors, not just transaction fees. Even if bitcoin transaction fees are fixed, if the government does not recognize bitcoin as a payment method, will we have the courage to use bitcoin that way? I think the government is the biggest barrier. Also, how many people will use bitcoin as a payment method once transaction fees are fixed, because the majority only leverage it as an investment to make profits? This is a question I always want to know but I think it will be difficult to get an honest answer from everyone.

Peculiar555

newbie

Activity: 4

Merit: 0

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.

tread93

hero member

Activity: 1386

Merit: 599

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

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

YOu forgot to mention it makes you cool as f#%k lol jk. But for real. Michael Saylor just saw this post and went "Fuck Yeah" LMAO. I don't think there is really any downside! Other than that one part where you have to pay taxes off of your capital gains depending on the country that you live in, that is the only downside I think to any real investing ;P

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

I don’t think Bitcoin being non-refundable should be counted as a benefit of using it as a method of payment. It’s more of a unique feature than a benefit. But let’s talk about the lower fees sector. My friend, Bitcoin fees aren’t necessarily lower. When the fee goes up, what happens? What do you say? Bitcoin wasn’t made to be cheaper and it’s not completely cheaper. So maybe you don’t want to add that too, or give an explanation that matches well.

mirakal

legendary

Activity: 3108

Merit: 1290

Leading Crypto Sports Betting & Casino Platform

Quote from: legendbtc on June 14, 2024, 11:20:28 AM

Quote from: moneystery on June 14, 2024, 09:20:52 AM

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

Lower Fees.

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

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.

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.

I have to agree on you. As much as using bitcoin as a mode of payment is quite beneficial, but knowing it's transaction fee is not all the time stable, it could end up causing more troubles to us than seeing it as a convenient one. So I think using bitcoin as a currency cannot be totally maximized for now because aside that not all stores and shops are accepting bitcoin, it could also mean higher transaction fees more than we can spend from using fiat.

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

Viscore

hero member

Activity: 3178

Merit: 661

Live with peace and enjoy life!

Quote from: legendbtc on June 14, 2024, 11:20:28 AM

Quote from: moneystery on June 14, 2024, 09:20:52 AM

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

Lower Fees.

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

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.

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.

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.

dezoel

legendary

Activity: 2044

Merit: 1075

Leading Crypto Sports Betting & Casino Platform

Quote from: Z_MBFM on June 14, 2024, 11:16:41 AM

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.

Expensive fees in BTC transactions can be subjective. Maybe for you a 5 dollar fee for example is already high but for some, this is still okay. What only matters here is that they can now send money internationally or without restrictions (thanks to the decentralized nature of BTC) and like you said, it is also secure (thanks to Blockchain Technology). Being anonymous is actually a good thing because it can retain our privacy while continuously doing our business.

About taxation, it can also depend on the country because there are countries who don't tax cryptos such as BTC yet, while there are some who does. It's either we will remit our tax manually or it will get charged automatically by using an exchange, shopping site, wallet, etc...

legendbtc

hero member

Activity: 1302

Merit: 508

Leading Crypto Sports Betting & Casino Platform

Quote from: moneystery on June 14, 2024, 09:20:52 AM

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

Lower Fees.

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

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.

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.

Z_MBFM

sr. member

Activity: 546

Merit: 309

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.

Dr.Osh

legendary

Activity: 2758

Merit: 1004

Buzz App - Spin wheel, farm rewards

Well, the fact is that accepting Bitcoin as a means of payment has many benefits, and almost all of them have been mentioned. Unfortunately, there are many regulations that prevent this from happening, especially in some countries, especially my country. Many countries accept bitcoin only as an investment tool, not as a payment alternative. This is because it is feared that bitcoin will compete with fiat, and it is possible that other cryptos will also be used as payment alternatives. However, you might be able to implement this in the shop you create, and give us the interesting experience you get.

PX-Z

hero member

Activity: 1554

Merit: 880

pxzone.online

Quote from: Plaguedeath on June 14, 2024, 09:42:46 AM

Quote from: Woodie on June 14, 2024, 12:04:24 AM

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.

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.

Why would a merchant will give the product for a payment it didn't receive yet?
It's always a suggestion and default things to do is only accept and process purchase from a confirmed payment transaction, that's why every crypto payment gateways and online shop do things the same.
Thus, by using accepting lightning this cons and risks will be avoided.

Plaguedeath

hero member

Activity: 854

Merit: 663

Quote from: rodskee on June 14, 2024, 01:28:08 AM

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

When was Bitcoin price drop 50% "suddenly" i.e. less than 24 hours? I don't think it ever happened, the biggest dump in 24 hours are only 20%. If the receiver don't want to value their service/goods in Bitcoin, they should convert the coins to fiat immediately.

Quote from: Woodie on June 14, 2024, 12:04:24 AM

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.

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.

moneystery

full member

Activity: 868

Merit: 202

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

Lower Fees.

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

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.

Aanuoluwatofunmi

sr. member

Activity: 798

Merit: 436

If we take a look to reasons why bitcoin was developed and introduced by Satoshi Nakamoto, we are going to discover that all what were written as past of the reasons why bitcoin comes in place were going to be included as benefits of accepting bitcoin as a means of payment, since non of them can be found with the use of fiat currency, bitcoin has brought in many opportunities for us and we are using it because there is no other financial alternative to this than bitcoin.

Alpha Marine

sr. member

Activity: 742

Merit: 356

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

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.

This can be an advantage and also a disadvantage depending on the situation. Once the money is gone, it's gone, there's nobody to help you get it back if their is a problem with the transaction. There are so many situations where the sender will require a refund and except the receiver is not fraudulent and selfish, you might never get that refund.

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

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

Recently, this is not something I'll include as an advantage of bitcoin. Bitcoin network fee currently is about $3, it may seem like nothing, but nobody likes giving away more than they should. Last week alor so, the network fees increased to about $50. How many sales are you going to make with that kind of network fee? With fiat, international transactions may be higher, but with within the country transfer, it's definitely not close to that amount.

rodskee

full member

Activity: 2520

Merit: 204

But what we must consider is for whom we are asking or telling this , for the payer or the receiver ?

for Payer there are no even problem because he will dispose the bitcoin for a certain things or service you need
and the problem will occur for the receiver .

for Receiver after having that payment the problem comes because what if the price suddenly fell to more than half
what or how he can manage to restock having that low value?
the only advantage will come once the price rose high after the payment.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Quote from: Chiomaobi on June 12, 2024, 12:43:17 PM

Lower Fees.

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

On this part, you can't guarantee. Before, were lot of businesses started to use Bitcoin as additional mode of payment from their business but later on they disabled it, the best example is the Steam, a famous game platform accepted Bitcoin before but halted it after because the reason is transaction fees.

Topic: What are the benefits of accepting Bitcoin as a method of payment. (Read 474 times)