In a small scale business,i will accept both bitcoin and fiat currency in my business the moment I open it,as a bitcoiner to promote the the adoption of bitcoin and to always make life easy for bitcoiners that are my customers. I know the benefits of accepting bitcoin in business as it makes all kind of payment options available,so it is an advantage to my business.
I am working on setting up a gambling shop (Bet King), one of its uniqueness is that,you can pay or book your game with bitcoin. This will bring more customers using BTC ,especially during festival periods. Just imagine that even the shop closest to you accepts bitcoin,you will fill relieved and always patronize it when you are cashless. All method of payment will accessible.
Topic: What Point Do You Start Accepting Bitcoin as a Payment Option For Your Business? - page 3. (Read 471 times)
October 26, 2022, 11:49:13 AM
October 26, 2022, 11:24:13 AM
It really depends on the business model and whether or not it is a viable option.
For retail, it would be unwise to neglect offering crypto as a payment method. You are getting free advertising and acquiring crypto without having to pay exchange fees.
It's a win/win.
For retail, it would be unwise to neglect offering crypto as a payment method. You are getting free advertising and acquiring crypto without having to pay exchange fees.
It's a win/win.
October 26, 2022, 11:19:58 AM
Whenever they want to invest in crypto and have enough cash reserves and profit margin to do it (and the knowledge to set it up). If you're a business that can barely afford running costs then it's not a good option for you imo (although I'd argue cash isn't good either as it could be stolen).
If a business owner wants to make a crypto investment or diversify into something that isn't a native currency then that would be the best time to start accepting it, as well as companies with good profit margins that don't need to care as much about how much money they have (such as Software, Coffee shops or graphics design businesses over places like convenience stores).
The chance of a chargeback is also a consideration (choosing coins from faster networks like litecoin and tron/sol stablecoins might be a good way around that though) as well as the fees you're going to be charged if you're using a payment provider and whether these are affordable to you (there's less point in accepting crypto if you can accept cash and buy the crypto with that for cheaper).
If a business owner wants to make a crypto investment or diversify into something that isn't a native currency then that would be the best time to start accepting it, as well as companies with good profit margins that don't need to care as much about how much money they have (such as Software, Coffee shops or graphics design businesses over places like convenience stores).
The chance of a chargeback is also a consideration (choosing coins from faster networks like litecoin and tron/sol stablecoins might be a good way around that though) as well as the fees you're going to be charged if you're using a payment provider and whether these are affordable to you (there's less point in accepting crypto if you can accept cash and buy the crypto with that for cheaper).
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
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