Topic: What are the benefits of accepting Bitcoin as a method of payment. - page 2. (Read 371 times)

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.

Bitcoin fees are always fluctuating one second we paying  super high fees and the next we paying super low fees, and as a business this could affect the traffic coming there.

I think you agree with me that we aren't really worried about the networks security but it's usually our wallets and private key handling that will determine the security of our assets.

It’s not at all clear to me why the OP compares stores that accept payments in Bitcoin with the Western Union company. I have seen very few such stores, and it is extremely inconvenient, if not downright inconvenient. In addition, the thought that the buyer will not be able to, as the OP puts it, “complain” suggests thoughts that the OP may be able to send goods of poor quality, which the seller will still make a profit by selling. Characterization of misunderstanding.

 And in general, copying someone else’s article in your own words and supplementing it with incorrect statements is not at all acceptable . OP, write about your experience. We all know how to look for information outside the forum.

By the way, OP. Your writing style has not changed. I see your accounts and transferring merits on the forum is highly discouraged.
https://bitcointalksearch.org/user/chiomaobi-3454877
https://bitcointalksearch.org/user/justinapeter-3454858

I wouldn't say lower fees because with the transaction fees reaching up to 500 sats, that's not going to be the truth. Probably in some points of the market, there's lower transaction fees but not all the time. For me, I think that the appeal of bitcoin in terms of medium of payment is the fact that it's secure and private, if you can maintain an anonymous conversation with someone, you can easily do private transactions with them. It's the safest thing with bitcoin too especially for the merchants because there's no risk of people refunding their purchase without any valid reason thus creating a community of careful and cautious people which at the end of the day, will definitely benefit everyone.

Bitcoin has its benefits as a means of payment and what are think woudl be attractive to many businesses would be transaction speed, in less than minutes the recipients should have received his asset and bitcoin has a more stable network than most bank, like in my country its possible to have days of very bad transaction issues coming from the bank network and business that deal on transfers and pos would be having a lot of issues with customers, but with bitcoin as a payment method, that issue can be resolved and then later sold back for fait to the bank.

I have to agree, the benefits go even deeper than just the basics. It's not only about accepting payments but about embracing a whole new financial landscape. Bitcoin isn't just money; it's an investment opportunity. Sure, the price can be a rollercoaster, but savvy businesses can ride those upswings to boost their profits. Unlike traditional banks, Bitcoin operates 24/7. Need to pay a supplier at 3 AM? No problem. That kind of flexibility is a game-changer, especially for global businesses.
Perhaps the most exciting part is the image boost. Accepting Bitcoin isn't just about transactions; it's a bold statement. It says your business is modern, tech-savvy, and ready for the future. This reputation is priceless and draws in the growing number of crypto enthusiasts.
The bottom line? Bitcoin is still finding its footing, but the potential rewards are huge. More money, more freedom, and a better brand image? It's a tempting package for businesses ready to take the leap, IMO.

There are more such as profit deriving, no network error problem, easy access to your money, etc.
If you accept Bitcoin as a means of payment and you hold those Bitcoin and peradventure the price of Bitcoin is surging high, then you will have an additional profit on your business capital because the value of the Bitcoin will increase. Sometimes there could be some bank network glitch that can result to a failed transaction but with Bitcoin you will not experience those network error problem. Due to network errors with traditional financial institutions, you might not be able to access your money sometimes but with Bitcoin, you can have access to your funds all the time.

I think you’re forgetting that YOU are the company. Bitcoin is only a means of payment, it does not control the entire business itself. The customer can call you up and even if you have received bitcoin already, you’d most likely need to give back the money if the customer complains.

Unless your entire transaction was anonymous.
What’s really good with using bitcoin as a payment method is that there is no need for exchange of currency. In my country, usd is very expensive compared to our currency so it would be a huge bother to get x currency to y currency. The fees also depend on how much money you will be sending/receiving and from what country and to what.

Being non-refundable can be both a feature and an issue, because if you make a mistake, there's nobody out there to fix it. As for international transfers, it really depends on what kind of transfer it is and between which countries, but yeah, Bitcoin is often significantly faster for international transfers in my experience. However, it's not always cheaper, especially if we consider nationwide transfers which, in my country, are typically free of charge.
There are some advantages of accepting Bitcoin as payment, clearly, but there are also some difficulties. If it's an on-chain transaction, a person might need to wait for up to 10 minutes for the first confirmation. Also, depending on what someone's buying, a $3 transaction fee can be huge. Finally, there can be complex tax implications in some places.

Bitcoin off is acceptable, but as you said, I could not agree with you because if I run a business, if I accept Bitcoin payment, if there is something refundable in that question, and if I get it back through a guarantee, then he must pay his money Refunds will be made in Bitcoin. So it's a different matter of offerability.

Again, you said you think it's cheaper than Western Union, but that's different from how you should look when doing Bitcoin transactions on Western Union. This is the wrong run time. Bitcoin is trading at a higher price, and now you have to see how the fees are going.

I think cryptocurrency investments can be both good and bad returs. It is great to have easy access to our money but if we are not careful you might buy or sell at wrong time and lose a lot. As a business owner I need to think about how to use my cryptocurrency profits for everyday expenses and business costs. We can not just keep our profits forever and we also need to consider taxes. We might get taxed twice or once for our business profits and again for our cryptocurrency gains. This could reduce our earnings even more. So it is important to find balance between investing in cryptocurrency and managing our business finances wisely.

an increase of 10% may still give us a profit, but what happens if there is a crash after payment is made, unless Bitcoin is already a substitute for fiat currency, perhaps this is not too much of an obstacle, for now it would be more profitable to use it to search Money is not just a hedge against inflation, every time we convert it to fiat currency we will be immediately taxed, and that also needs to be taken into account.

You did not have a business and did not accept payment to your business, because you don't have one, so this copied advice is not from your experience. It is more interesting if advice, benefit are from your business management experience and you share it here.

You have to do tax report for your business and might have to pay business tax if your business is profitable.
You have to pay tax if you sell your bitcoins and get profit from selling.

If your business or your bitcoin sale is not profitable, you will not have to pay tax to government.

The counterpart of this advantage is if you do not monitor your coins properly, you might catch them at a wrong time. The earnings of a business is I would assume used for daily expenses and other operating costs of the business so you can't just hold your profit in there forever considering you also need the money to operate the business.

Another thing to consider is tax. I am not an expert (do correct me if I am wrong) in terms of taxation but I would have to assume that you will get taxed twice. The profit off of your business then the profit in crypto.

Do you think stable coins are better than Bitcoin?

From centralization to decentralization differences, risk of transaction reverse, risk of fund freeze even in your wallets. You can have risk of loss for your fund with stable coin but you won't have it with Bitcoin and if you use a non custodial wallet.

PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
Stable coin and black list

Use Bitcoin blockchain, non custodial open source wallet to store bitcoin if you want a safe tool to store your wealth for a long time. You will have your own bank with Bitcoin blockchain and Bitcoin open source non custodial wallet.

Reminder: do not keep your money in online accounts

Because its volatility, for that purpose, I think USDT or USDC are better than BTC. You wouldn't like to sell a car and lost an important part of your money.

The transaction fee varies, there factors that are used to calculate the transaction fee of bitcoin, one is the size which is the number of input and output too, the most important factor again is the network congestion, if the network gets congested bitcoin transaction fees goes up as many people will want to get their transactions confirmed faster and that will make it difficult for low fee transactions to be picked. So ideally this days bitcoin isn’t suitable for low amount transactions.


This is can be reversed when there is a chain reorg and the transaction gets dropped back to the mempool and the sender actually double spends it to a different address, that’s why the minimum requirement for most exchanges are either 3 or 6 confirmations to avoid a chain re org

Bitcoin has got several advantages when compared with our traditional system of making payments. Some of those are what you have mentioned in the OP but even that still depends on what angle your looking at it or making this comparison. Mind you, am very much in for Bitcoin, I root for it but to understand it more better, we don’t have to share what could count towards the negative as well.

Bitcoin been non refundable counts towards the positive as well as the negative. This is so in the sense that,
Merits: Once you’ve made payments and it’s got at least one confirmation on it, it’s impossible to reverse.
Demerits: As a merchant, your customer have to wait until the network starts to confirm transaction before the deal could be closed. We all know how this confirmation can take some time based on fee and network congestion which isn’t encouraging for swift business.
Also, you can’t afford to make any mistakes with the address and not notice it quick enough to initiate a double spending before confirmation else, your money is just gone.

Well, that’s depends.
I usually don’t find it funny when the network is congested, like it was just over a week ago although, it’s much improved right now but, Fred aren’t cool here and it doesn’t matter if your transacting across boarder or your doing it locally. The fee is just the same, irrespective of the amount involved of course, number of confirmations too.

Although, it’s highly discouraged, when you happen to be holding your funds on an exchange, you could be hacked. When it’s about the network, of course not. That isn’t going to be the case.

OP, You may have thought that using Bitcoin as a payment method for businesses has many advantages, but it also has several disadvantages. Maybe the payment system of the business can be done through Bitcoin to attract customers but in this case if you talk about Bitcoin transaction fees there are definitely problems. Assuming you have sold a product worth ten dollars, if an additional fee of 10 dollars is added to the price of your product, then the total cost will be 10 dollars plus ten dollars, i.e. 20 dollars. In this case, a buyer will never bear such an additional fee. Again if for some reason the buyer wants to refund the money from you and in that case you have to bear additional fees again, there will be a huge change of capital in your business and you are guaranteed to have a huge loss in your business. Considering all these problems, you would never want to approve Bitcoin as a payment system for any business.

If you offer poor business services, or sell bad products, or even that you sell good products and offer good services but have poor marketing, deciding to add bitcoin as a method of payment to your business will not automatically increase your customer base. There will be people who will hear that you have added bitcoin as a method of payment in your business, but hearing about it is not equal to action and many people will hear about it but will never still visit your business to make a transaction in bitcoins.

In such cases, don't convert your btc to USD or other currencies. You will only lose if you are in a hurry and have urgent needs. But if not, you can always wait for the btc market to increase its value.
For now, the major benefit that I am seeing is that the possibility to earn profits is high because of its volatile nature. But you need to understand that it depends on when will you cash out this currency.
Other benefits that you can derive from this currency -
> cross-border payments with very low transaction fees
> anonymous payments, no need to get the credentials of your clients
> you can transact at the comfort of your home