Why do big corporations accept BTC? - page 16.

android17

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Quote from: NeoMA on January 06, 2018, 07:13:12 AM

Hi there,

first off - @admin, I´m not sure if this is the right forum category, so please shift if unadequate!

I wanted to know why big companies like Microsoft, Paypal, Overstock and now consulting firms (with PwC HKK) accept BTC as a payment method? Regarding the latter, it´s due to increasing cooperations with start-ups that operate with BTC as main payment, but regarding the others?
From my point of view, companies with sizes like the above mentioned (refering to cash flows and generated income) are normally risk averse and therefore it seems counter intuitive to me to accept BTC as a payment method due to its heavy volatility.
Moreover, not knowing how regulation might influence the outcome for BTC is another argument for not accepting it?!

This leaves me with only one (rather) simple solution, which is that they are convinced of BTC price rises (in the short-term at least), or even a bit more fare-fetched that they are convinced of BTC as "the new digital currency" or similar.
But that´s not plausible for me!

Does somebody know how much BTC Microsoft or the others generate with the exchange of fiat to BTC and vice-versa?

Can someone please help me out, it´s really grinding my gears Huh Huh

Thanks a lot Smiley

Logically speaking it is for the corporation's accessibility. When they accept Bitcoins aside from any other currency there is a big possibility that they can ger more buyers. Accessibility is very important especially for businesses for as long it is more accessible, your product will be sold out. For Power, for Money!

Umar001

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Big corporation accept bitcoin because they believe in dynamic nature of bitcoin, and how is going to be effective in business environment in near future, so they want to be part and parcel of digital currency, besides bitcoin make transaction online easier,

oppasong

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The benefit of companies that receive bitcoin is to get bitcoin investors in to invest in the company and the company can also launch its newest products like altcoin and others.

orions.belt19

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Quote from: omonuyak on January 06, 2018, 11:00:08 AM

I do believe from the beginning many companies will have the mind of using bitcoin and other coins as a mode of payment for goods and services but now because of the high transactions fees and volatility there have to change there plan. Bitcoin Will used by all works of life because of the fastness of transactions and it decentralized nature but mining fees too high.

I believe that too. If I were the owner of a big company, i would also like to have bitcoin adopted as well so that we are up to date and we don’t get left behind. Very soon, there will be more users and bitcoin will be adopted more so as a big company, I would want to be the one of the first. For now, it may even be too complicated to totally adopt it because of problems like the high transaction fees and confirmation time but having introduced it in the compang would be a big step.

Koadharber

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Quote from: merlyn22 on January 12, 2018, 09:49:01 AM

in my opinion big companies accept bitcoins because of popularity now. and maybe they notice that cryptocurrency has big potential to earn. since bitcoins has a volatility maybe they also believe that the value of bitcoins will reach more higher in the future. we are now in a digital world step by step we are using digital payment and bitcoins is a digital / virtual currency.

There might be some considerations but not totally applicable most of the time since those corporations or companies wont really easily make such easy approval or adoption decision. Not all the times that we can think off that if we do accept bitcoin we would automatically earn profits which we do know price volatility do matter on here. If they do know the risk then they would most likely to hesitate which we do know most businessman or owners doesnt really like to see going down profits.

princesspoppy

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Big companies are now accepting bitcoin because they know that they can benefit from it in the near future where we all expect its price to increase. Also they know that more and more people are now using and investing in bitcoin and it would be a good opportunity for them to earn more with this people by using bitcoin (which people use) as a currency in exchange with their products and services.

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Quote from: NeoMA on January 06, 2018, 07:13:12 AM

Hi there,

first off - @admin, I´m not sure if this is the right forum category, so please shift if unadequate!

I wanted to know why big companies like Microsoft, Paypal, Overstock and now consulting firms (with PwC HKK) accept BTC as a payment method? Regarding the latter, it´s due to increasing cooperations with start-ups that operate with BTC as main payment, but regarding the others?
From my point of view, companies with sizes like the above mentioned (refering to cash flows and generated income) are normally risk averse and therefore it seems counter intuitive to me to accept BTC as a payment method due to its heavy volatility.
Moreover, not knowing how regulation might influence the outcome for BTC is another argument for not accepting it?!

This leaves me with only one (rather) simple solution, which is that they are convinced of BTC price rises (in the short-term at least), or even a bit more fare-fetched that they are convinced of BTC as "the new digital currency" or similar.
But that´s not plausible for me!

Does somebody know how much BTC Microsoft or the others generate with the exchange of fiat to BTC and vice-versa?

Can someone please help me out, it´s really grinding my gears Huh Huh

Thanks a lot Smiley

Generally they do such things to cope up with the changing environment and make their policies according to it and moreover when this is news is spreaded among public then it also give boost to share prices of company and big corprates and their products are used by more people.They can also make use of it by taking it is an investment which will give them huge returns in profits.

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Quote from: Happiest on January 12, 2018, 03:10:57 AM

Well, isn't it obvious, nobody want to be left out in the growing technology because practically; Bitcoin is technology. The world is growing and everyday technology is been updated.
And since the growth of Bitcoin, it has spur people's interest. A lot of people are quite becoming interested and aware of it.
So any company whom refuse to get updated or join in this new technology might be causing themselves quite an harm because most people consider it as a safer way for payment process.

I learned that in addition to accepting bitcoin in trading, most of the major corporations in the world are working to create their own coin. This is great when it shows the interest of the world's richest corporations who are very interested in crypto and applying blockchain technology to their corporations. My forecast for 2018 is firmly established.

merlyn22

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in my opinion big companies accept bitcoins because of popularity now. and maybe they notice that cryptocurrency has big potential to earn. since bitcoins has a volatility maybe they also believe that the value of bitcoins will reach more higher in the future. we are now in a digital world step by step we are using digital payment and bitcoins is a digital / virtual currency.

Pleione527

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The development in crypto currencies make it popular that many people start looking at the opportunity of income through trading and investment this is somehow one of the reason why big corporations starts accepting bitcoin they saw the amount of income they could actually get by supporting bitcoin it is because if they accept it as a legal tender they will have the chance to hold bitcoin as a sort of investment and if time comes the value will go higher they can earn so much from it.

sharted

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Quote from: Bitbitmaker on January 11, 2018, 01:02:49 PM

I think because they also believe that in the future, it is a future payment for all transaction for selling and buying goods.

They will know the value of bitcoin,in future bitcoin will rule this currency world.Bitcoin will became a national currency for sure.For the early adoption reason many corporate start to accept the bitcoin.Since the price of bitcoin is keeps on increasing,if they inverse will get very huge profit.

mOgliE

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Hi,

For huge firms such as Microsoft, actually pretending to accept bitcoins just to make people think they are at the edge regarding technical matters. And when people actually what to pay with this, the company must either make it unavailable or go back on their statement and say that it is no longer possible..

For the moment, bitcoin for large institutions is merely a marketing tool I would say. They don't really know how to use it, how to deal with it... They may see it as an opportunity but they doon't have the first idea about how to develop something successful out of it.

Happiest

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Well, isn't it obvious, nobody want to be left out in the growing technology because practically; Bitcoin is technology. The world is growing and everyday technology is been updated.
And since the growth of Bitcoin, it has spur people's interest. A lot of people are quite becoming interested and aware of it.
So any company whom refuse to get updated or join in this new technology might be causing themselves quite an harm because most people consider it as a safer way for payment process.

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Quote from: Xavofat on January 06, 2018, 07:57:42 AM

Quote from: NeoMA on January 06, 2018, 07:13:12 AM

From my point of view, companies with sizes like the above mentioned (refering to cash flows and generated income) are normally risk averse and therefore it seems counter intuitive to me to accept BTC as a payment method due to its heavy volatility.

Generally, companies that accept BTC use a payment processor to handle their payments. The most prominent payment processor is BitPay.

When they accept Bitcoin through a payment processor, the payment processor may have an option to sell the BTC they receive for fiat and deposit it into the company's bank account for a flat fee with no volatility risk. BitPay does this for a 1% fee, which is dramatically lower than PayPal fees to the merchant (2.9% plus $0.25 in the US I think).

So it's usually pretty easy for companies to accept Bitcoin, but some companies may be worried about complaints from customers due to Bitcoin's problems (high fees and potentially confirmation problems for the consumer), or they may just not consider Bitcoin popular enough as a payment system to be worth implementing.

In short this companies are just taking the opportunity to cater people who are crypto enthusiast and unbank to add to the list of their customer. Imagine catering unbanked people through cryptocurrency, that gives an additional revenue. And most of these corporation automatically converts the payment into fiat just as what I quoted stated. it is a win win scenario for them, taking advantage of the technology plus having an additional customer.

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Quote from: gambitcoin53 on January 12, 2018, 12:52:04 AM

actually, it is more logical to think that company has a large asset to invest with bitcoin, even a small portion of their asset is good enough to roll in investments, they have joined this crypto thing because of a simple plan, to earn fast, im sure they know all the ins and outs before investing, a small loss will not gonna hurt them, but as we all know, the return of investments are too gorgeous to resist, they never looked at bitcoin as their prime profit mechanism, just like us, we are never afraid to loose if we know we will earn much at the right moment when bitcoin kicks again, right?

Yes, you are right. I will add reason why big coorporations accept BTC. I think not only BTC. They receive cryptocurrency to develop their project

gambitcoin53

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actually, it is more logical to think that company has a large asset to invest with bitcoin, even a small portion of their asset is good enough to roll in investments, they have joined this crypto thing because of a simple plan, to earn fast, im sure they know all the ins and outs before investing, a small loss will not gonna hurt them, but as we all know, the return of investments are too gorgeous to resist, they never looked at bitcoin as their prime profit mechanism, just like us, we are never afraid to loose if we know we will earn much at the right moment when bitcoin kicks again, right?

Bitbitmaker

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I think because they also believe that in the future, it is a future payment for all transaction for selling and buying goods.

Zandar

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The big companies do not need to have all in fiat to sustain themselves. So they may have opted for BTC as a form of investment, they can gather the BTC and wait it out and if it has risen enough to make a good profit they might liquidate it into fiat. Just as normal people like you and me are investing in BTC to make a profit when it rises, so are the companies. Also this is a safer way to buy up BTC, the fees will be on your end.

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Im not sure if you have taken this issue with very technical stuff but I have different and simple theory behind this. I think big corporations are able to tae larger volumes of BTC and thats why it becomes very affordable to them in first place. Moreover these organisation can easily implement trusted and costly payment processor used for the BTC but smaller organisation may fail into it. So what I suggest here is mare difference of the how small and larger organisation work with their portfolio. Apart from this if the processors are big then they theoretical have more customers and thus more use of BTC transaction which doesn't imply to smaller organisation. So you see here is devalue for the use of bitcoin due to lack of few factors! Thats just my theory and it could different really.

Zicadis

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Dump it!!!

Big corporations accepting bitcoin payments is simply taking advantage of the wide coverage bitcoin reaches out to, which also means more sales of their goods and services as this opens up a new market for them( directly or indirectly).

Topic: Why do big corporations accept BTC? - page 16. (Read 2060 times)