What Point Do You Start Accepting Bitcoin as a Payment Option For Your Business?

milewilda

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Quote from: Esther C on November 08, 2022, 03:17:02 PM

Quote from: Davidvictorson on October 26, 2022, 10:39:11 AM

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Image source: Bitcoin Accepted Here

I think I’ll just keep quiet for the big boys to talk on this one😅

Doesnt need for you to be included on those big boys yet you could implied or integrate it out on your own small business which i dont really see anything wrong with it as long you the owner is really that
pretty much aware on things that is happening around on overall when you do tend to accept Bitcoin or other altcoins on your business.You are putting yourself on such volatility on where
you should really be that realizing it on the first hand.Its up to you whether you would be accepting or not and just like the rest been saying that if you are ready or prepared
for such movement of price then go ahead and accept it.It wont really be that hard as long cryptocurrency is neither neutral or positive on the place where you do live.

Esther C

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Quote from: Davidvictorson on October 26, 2022, 10:39:11 AM

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

https://i.imgur.com/FVq3kMH.png

Image source: Bitcoin Accepted Here

I think I’ll just keep quiet for the big boys to talk on this one😅

decodx

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Quote from: Vaskiy on November 07, 2022, 06:51:51 PM

If I've got few consumers that are ready to make payment in the form of cryptocurrency I'll start accepting cryptocurrency payment into my business. Prior to that I need to educate the people as many of our forum members have done. Maybe this can take little time, because teaching a community about something new is really big.

It is definitely true that teaching a community about something new can take time. It would be best to reach out to your local community and discuss the pros and cons of cryptocurrency with them. I recommend posting on your popular local forum or Reddit, if there is one. You should be able to find your community there and ask if they will help support you in educating the public. From there, with their guidance, you can attempt to create a product or service that benefits both you and your customers. We don't know yet how your audience will respond to cryptocurrency, so take your time to figure out the ways that you can best introduce cryptocurrency into your business.

Cryptomultiplier

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If I had a small business at this stage and am making minimal profit with hopes of it growing, I can consider allowing bitcoin as a payment option if customers chose so and if I have had the necessary knowledge of how bitcoin operates.
I think what is most important is the knowledge of bitcoin and the intelligence of its application in our everyday life is what makes life easy.
At the point where I can confidently accept payment for my services without much bargain, when I have enough knowledge or a tram with steady knowledge of the use of bit coin, also when my business has grown to get recognition and trust among customers, then I can accept bitcoin payment option because I know it will be more coordinated and effective.

348Judah

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There's nothing as important as the bitcoiner to discover the specific time he sees his enterprise good enough to withstand the curdles of receiving and making payments with bitcoin, there's no big deal in doing that but it need some things to got in olafe before such could be implemented, then there must be a consideration on the kinds of customers your business operates with and also know and carry an effective assessment on the location where the business is situated, just as we all know that business has three developmental phases, the idealogy stage, start up stage and the development or expansion stage which the entrepreneur must study all this before any implementation to ensure all work on its favour.

lixer

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Quote from: Vaskiy on November 07, 2022, 06:51:51 PM

If I've got few consumers that are ready to make payment in the form of cryptocurrency I'll start accepting cryptocurrency payment into my business. Prior to that I need to educate the people as many of our forum members have done. Maybe this can take little time, because teaching a community about something new is really big.

It was nice to know that they are the ones who ask for it instead of us who operate a business. There's even one forum member who set up btc payment but non of his costumer use it.

I think it will also depend on our location like if we are living on some places which are far away from the city, then expect that people there are less literate when it comes to technologies or it can also depend on the country that we live as there are countries who are not that active when it comes to crypto and maybe there are history of crypto being banned on them. People there are just being careful and they are not yet aware that the restrictions are now being lifted.

Lanatsa

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Quote from: Vaskiy on November 07, 2022, 06:51:51 PM

If I've got few consumers that are ready to make payment in the form of cryptocurrency I'll start accepting cryptocurrency payment into my business. Prior to that I need to educate the people as many of our forum members have done. Maybe this can take little time, because teaching a community about something new is really big.

Its a step on spreading up awareness and raise up recognition even though on small scale and there are merchants or business owners who do really shared up with that idea at least into their vicinity.

Although this cant really be adopted and be integrated totally yet questions would really be mainly asked.For businessowners then it would really be depending into you on whether you would be accepting it or not

into your business.To consider out volatility aspect then you should embrace out that probability and chances.If you could able to bare it out then
its your choice whether you would accept it or not.

Vaskiy

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If I've got few consumers that are ready to make payment in the form of cryptocurrency I'll start accepting cryptocurrency payment into my business. Prior to that I need to educate the people as many of our forum members have done. Maybe this can take little time, because teaching a community about something new is really big.

qwertyup23

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Quote from: Davidvictorson on October 26, 2022, 10:39:11 AM

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Personally, I think as soon as the business started from its inception, they should provide all the possible and available payment options in order to maximize their profit.

The biggest advantage when you integrate cryptocurrencies to your payment options is its accessibility. With this, you are also promoting BTCs which would garner attention and potentially influence other businesses from doing the same method as well. Maybe what is stopping from huge conglomerates from integrating cryptocurrencies to their payment options is regulation with their respective governments.

coupable

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In any case, Bitcoin alone cannot be used as a payment method.
At all stages of the project Bitcoin payments can be accepted to facilitate transactions in the absence of cash. The problem always remains that it cannot be legally adopted as the only payment method for the service. Especially since most countries do not support cryptocurrencies and do not grant licenses to use them.

romero121

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My country haven't made any statement over the usage of bitcoin as legal or illegal. This means there is a fear, maybe if I start accepting bitcoin, I may need to answer any of the authorities. To face unwanted issues I haven't got plans for it. With time things could change when more people get to know about bitcoin and show interest in spending in terms of bitcoin.

Right now I've got friends who are into cryptocurrency. We used to make transactions in the form of cryptocurrencies for the amounts being borrowed for some needs. Majority prefer cryptocurrency as long term investment.

flimo

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I think you would want to start accepting it at the very start alongside fiat. Accepting Bitcoin would:

1. Remove processing fees (card payments like Stripe charge 2.9%)
2. Remove chargebacks. You would need to pay quite a bit for every chargeback and spend a lot of time dealing with friendly-fraud disputes on Paypal.

There's a lot of free services to get started like Poof https://www.poof.io/ or BTCpayserver https://btcpayserver.org/ so might as well start today.

There's probably been an uptick in accepting other currencies as well. I'm sure networks like Litecoin or Solana are relatively popular options as well.

RockBell

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Given the size of the industry, I recently read an article about Tesla accepting Doge, and given that some countries have policies against bitcoin and that the only form of currency most people are familiar with is fiat, I believe that if people have more knowledge about bitcoin, it will help encourage more people to accept it as a form of payment.Let’s share the good news more.

The Cryptovator

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There are a few obligations, to accepting Bitcoin. For example, even if I want to accept Bitcoin in my country won't happen due to restrictions. So basically those who love to invest in Bitcoin will accept Bitcoin definitely. Otherwise, they won't hold it for long due to volatility. Some companies accept Bitcoin but they swap it instantly from the exchange because volatile and they don't want to take the risk of loss. So definitely Bitcoin accepter should be a big Bitcoin fan.

crwth

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The market with crypto is volatile, and considering that first, it would be a good thing if you have a business and you are starting to try and accept cryptocurrency, specifically bitcoin. Because if it would be ideal and a lot of people have been looking for it as a payment option in your business, then it’s probably best that you would try and append it into your system. If not, it’s not ideal, but showing that you support crypto could affect your customers and maybe use it as a payment option.

If you are planning to do it, it’s safe to convert it into something that you believe in, and I hope it is going to be Bitcoin, so you don’t have to convert. I think this is a significant consideration as well.

Flexystar

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Quote

The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Frankly speaking you just have to jump into it and start accepting the bitcoin for the businesses. There is no right or wrong time for the acceptance of bitcoin due to its volatility and short supply.

It's really obvious that for businesses the funds needs to be circulating all the time from one party to another party OR from one vendor to another vendor.

But, to keep it stable the asset needs to be highly stable! Problem is bitcoin is unstable as you can see the history of bitcoin and the trading view for the same.

Now there are two points here:
1) Businesses should accept the bitcoin so that it can be in the best interest of increasing the demand for it.
2) It's always rising historically so it would be best for the businesses to earn more bitcoins and value it in the later time by "HODL".

uneng

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A business can start accepting bitcoin as payment method from day 1 on. The business owner has to be paid somehow since the beginning, so better that he gives customers the maximum possible payment alternatives. Then it will be up to customers to pay with bitcoin or not. The important here is that the businessman does he part by accepting payments in btc. By doing this, he is also helping educating and enlightening people around about the digital decentralized cryptocurrency, therefore even if people don't use btc for paymentd there is nothing to lose, because at least they are discovering and learning something else.

Memorabilia

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Exactly, most payment processors provide an auto conversion facility so merchants can easily convert the cryptocurrencies received as payments into the cryptocurrencies of their choice. I am using Capital Wallet and they also have this feature which I’ve enabled. So whenever I receive payment in any coin it gets converted into USDT before I get it in my wallet.

GreatArkansas

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Regarding price stability, there are already some solutions for this, like Bitcoin being volatile so you as a company or business owner will get affected.
I believe there are already lot of payment processor there that will manage the collection of your payment to your customer and there's an option that the collected payment will automatically convert to some stablecoin if you are worried about price fluctation/stability/volatility.

glendall

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a very important point in payments using bitcoin, I think the regulation, after that it will be able to continue even though it requires sufficient knowledge about bitcoin,
but after that we also have to pay attention to what kind of business we will make, recommend for online business if I, if you want to use bitcoin payments

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