Topic: What are the benefits of accepting Bitcoin as a method of payment. - page 3. (Read 474 times)

A lot of businesses use bitcoin to basically allure and lead customers into their business. Some people specifically seek out bitcoin payment only and it can be beneficial if a business started accepting bitcoin.

But of course just like any businesses, a business that has bad quality of goods and services will not be saved by bitcoin alone.

Personally I’d only use bitcoin for one big purchases rather than daily expense because of the high transaction fees.

Aside focusing on one direction you need to also note that, Bitcoin can be in sideways or dump movement within some few hours, so it can cause loss to its trader after receiving Bitcoin as a tender for payment.

Well, of course, there's always a disadvantage. There are no perfect things in this world, and I agree with the disadvantage you have mentioned. The most common problem they might encounter if they accept bitcoin payments is the high transaction fees, and sometimes the network is too congested, so expect a slot or delayed receiving and sending of bitcoin assets. Well, it can't be helped. All technology has its own down side, and it can't be helped. There are always limitations in a technology, and that's why implementing bitcoin as a payment method should be thought through and planned well because it's not going to be easy, especially for those small businesses that want to add bitcoin as their payment method. But the most important thing is that no matter what the downside of bitcoin is, it has more advantages and benefits, and I think we mostly know what it is and how bitcoin has become a great opportunity for us and a good source of income.

Op if you accept bitcoin as a payment method in your business then it is refundable. I have seen people refund bitcoins back to the sender because of a mistake made by the sender. So if you send bitcoin give seller and you decided to leave the good and not to buy again the. The seller would refund the coins back to you. And that is where the transaction fee will come, and the buyer of the goods will bear the two transaction fee and that is where bitcoin p2p was generated. And at the beginning when Alice and Bob did their first transaction the fee was very small.

The other factors might true and not the second option.

As i've said over and over again, and I will forever stand by this statement, bitcoin will never reach it's full potential without being an elite payment system.  I know most are shifting to the "digital real estate/store of value" take, which I'm not disagreeing with, but why can't it be all three is what I don't understand.  I mean..why not?  The devs are continuing to implement things such as segwit, taproot (thanks to our own Gmaxwell) and other upgrades to help with transaction speeds (I imagine transaction costs as well, but not smart enough to know if that's a big focus for them or not, or if they go hand in hand).

For me accepting crypto as a payment method has its advantages and disadvantage.
Some might see it as expensive due to the transaction fee, and also they would need to wait till it has been confirmed.
We should also consider the price, we all know that crypto is volatile so the price could move up or down which could give the receiver more profit or lose in their business.

It's not an advantage for a business owner who needs to pay bills and operates on small margin. You may not know this, but most resellers get less than 5% in profit.
This is especially visible in the cost of gasoline, but also new cars, apartments, and many other goods and services.

Let's say you have a car dealership and the cars sell for $50k and you get 5%, so 2,5k in profit for every car you sell, but you have to pay staff, electricity bills. When you subtract all of that you end up with maybe 1k in your pocket. By the time you're done bitcoin goes down 10% and you have $250 less. It can go up, but you can't wait, you have bills to pay, so you sell at a loss.

Though the points you've highlighted here are correct, I still can't understand your first point mind explaining? Bitcoin can do a lot !ore, providing a wide range of payments and economical possibilities in the crypto market. With Bitcoin, you can make cross boarder transactions with less fees and faster compared to the local country across boarder payments. Having Bitcoin makes you your own bank and literally, you cannot be controlled by the government or any institutional body except you use centralized bodies that a payment system. Though we can say that Bitcoin adoption is gradually increasing, but not every county is yet to permit it as a payment system for their citizens making your last point not totally agreeable. As in some countries, making such announcement would or might get you into trouble with the authorities.

The most important benefit of accepting Bitcoin i could think of at the moment is the fact it's like an payment with possibility of more profits. Let's say if I have received $10000 as a payment and in a week the akue f Bitcoin increases by 10% then I would have $1100 if I hodl it.

But I strongly object to your point saying it's cheaper than western union, I think you should check the transaction fee during bull run or when Bitcoin's value is higher.

So what is your experience ? We know to benefits of accepting Bitcoin as a payment method do you want to share your experience of using bitcoin as a payment method for an item or commodity because? I love great customer service and I would choose a Fiat only business over a business where Bitcoin is accepted if their customer service is bad. Therefore the benefits of Bitcoin as a payment method which one of it is new customers depends on the service delivery. A shop or business that puts customers first will have new customers while one that doesn't won't have even if they announce having Bitcoin as a payment method.

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