Topic: Will it be profitable for the business? - page 3. (Read 1835 times)

It is questionable regarding whether OP is still seriously considering this topic, and surely anyone considering whether to accept bitcoin (or other crypto currencies) as a means of payment would need to consider a variety of factors, and surely the easy way would just be to accept bitcoin as a payment method and then just to convert it to local fiat.. so that just creates an option for customers to pay in bitcoin.

A more serious way to consider bitcoin is whether any of us believes in bitcoin as an investment, so if we are accepting bitcoin in our business, that is merely as a way to supplement our already having had established an interest in bitcoin as an investment.

Once we consider bitcoin as an investment, then our determination to add bitcoin as a payment option would merely be as a means to provide support to the whole bitcoin space in order to promote the adoption of bitcoin, and surely such a decision may not necessarily pay off financially, and it also might be a lot of work to keep up with and to maintain (and to learn along the way).

The more that you learn about bitcoin, the better that you are likely able to figure out some balance in regards to how you might want to invest in bitcoin or to allocate your time, energies, psychology and money into bitcoin, and none of us are likely going to come to the same conclusions in regards to how we balance our allocations.

I am not even suggesting that anyone necessarily needs to plan to lose money and time because s/he is including bitcoin as one of the payment options; however, there may be times in which decisions need to be made in regards to how much any of us want to learn about bitcoin, and whether we might consider that there is any need to learn about shitcoins too... in terms of how we might choose to accept payments and then if some customers (or potential customers) might influence our decisions regarding whether to accept other forms of payment, to hold value in other ways or whether to convert into either bitcoin or into fiat (and in what proportions based on our own tolerances for volatility and/or considerations about whether any of our expenses might be paid in a form that is other than our native fiat).  There are ways to attempt to lessen the levels of volatility, but we might not be able to completely escape volatility either, and surely, there are timelines in which cash might flow into a business (or other ways that we receive cashflow), and there are timelines in which expenses need to be paid, can be deferred or are discretionary... business related expenses, other living related expenses or even consumption decision expenses.

Sometimes a person will get into bitcoin as an investment by dabbling with it, so there could be easy ways to get into bitcoin and to get involved in bitcoin that lead to further levels of investment and adoption, but the earlier stages might merely involve transacting in bitcoin and providing payment options or even to exercise such payment options if someone might be patronizing businesses that accept bitcoin.. do we want to spend our bitcoin or not?   I recently started keeping some value on BlueWallet, and we also know that Cash App had recently claimed to be able to accept either bitcoin payments or lightning network payments, and in the last couple of days, I sent two different payments of around 122k satoshis each (less than $30 each) from BlueWallet's lightning network to Cash App, and both of those payments have not been received by the recipients, and still show in my BlueWallet as "Payment in transition," so part of my point is that sometimes it can be frustrating as fuck to have to deal with some interface matters that had previously been considered as easy, and then all of a sudden some payments do not go through and then some concerns will develop - especially if those were to come up in the process of engaging in transactions that are meant to be part of a business.  In my situation, my transactions were with family/friends, so there is not an issue of trust (or loss of credibility), but sometimes in the business context there can be questions regarding whether the other side of the transaction is being honest in regards to having had received the payment or if there might be other concerns about the payment in terms of losing the amounts forever into the ether... in the event that the payments cannot be recovered.

Cryptocurrency can be accepted as payment for your goods,but the main price for the goods must be indicated either in your national currency and only as a secondary price already in Bitcoin.Since the price is different every day,the buyer needs to declare the price in the BTC personally.So far, this is only possible, or use automatic payment services that convert cryptocurrency themselves at the exchange rate.

Dear Op, no one is able to give a perfect answer as we can only explain the advantages and disadvantages of accepting BTC, as in my view if you do accept BTC for your freelancing then you are in a 90% profit situation. For example, you can collect funds worldwide with no issues, less transaction speed, instant payments etc etc. You can attract more audience as now there is no need of the worries for the withdrawals and payments Bitcoin is already handling it. There is just one Demerit point and that demerit in your views is also a major +merit point in my views. Market Volatility if you can hold bitcoins then bro it's your direct investment and believe me on hold for a couple of months you can enjoy the huge returns it can ve vice versa but hold is an option loss as well.

Facebook is an American company and there are only 2 countries (El Salvador and the Central African Republic) so far that lawfully accept bitcoin as a legal tender so we may not see a bitcoin payment setting on these big social media giants. OP can easily mention it in its posts though.

Some business establishments convert bitcoin payments into fiat right away to avoid its volatility. But personally, if I am the one owning the business and it is still small, I will HODL bitcoin payments and only convert it at least in 2025 or after the halving year. 

I think it's a misconception that investing in Bitcoin will always make money.  While investing in Bitcoin if the price of Bitcoin goes up then you will make money from it. And after investing in Bitcoin if the price of Bitcoin goes down a lot then there is fear of losing some money. But I don't think anyone has ever lost money by investing in Bitcoin.  I think there is no chance to lose this money.

It is a good idea but another question might arise again, does Facebook accept bitcoin as a payment option when you want to create ads? Because the last time when I tried creating a Facebook page for a friend when it was clicking the payment option, I didn't see bitcoin has a payment option. I saw only USD, EURO and NAIRA from my country's end. If you want to accept BTC in your business then you don't have to look the volatility of BTC  because that the nature of it. So as business person it is you will know how to manage the situation at hand.

If you want to add BTC in your social media pages, you can manually state in there even though it is not in app or the site for people or viewers to know that you also accept BTC.

It is good to use Bitcoin as a payment option especially for a business that have to do with a different kind of countries and being exposed and advertised who is social media such as Facebook telegram Instagram Twitter and there's so many of other social media's that you can advertise your business so the fastest means of payment should be with Bitcoin or we the crypto coins so I will support search that payment of any online she will made with Bitcoin

Here's what I can tell from my experience. I started a rice business and started accepting payments in crypto. Not only in BTC but in all kind of crypto and stable coins which are reputable on the market. I was doing great.
First thing to keep in mind that, if you ever choose to move on physical business rather than online business, you need to have a fast transaction method available.
Accept whatever your customer is choosing for the payment. BTC, BUSD, USDT, BNB, TRX and so on. You can convert them to BTC later and keep holding for the future. You may need some extra for conversion fee, so charge accordingly. This will give your customers freedom and options to choose from. It will increase the user for sure.
Second is the money management. You need to make a plan on how you are going to expand your business with this money and also keep some for the future hodling. So be sure to hodl some and withdraw what you need to keep your business running.

Store them in a safe place so that you won't lose them.

Hope this will help. This is from my personal experience. And one last thing. If there's any legal issue coming from the government, then stop immediately. Don't risk it.

Ah, so you are scared about the volatility but what about those crypto exchanges and crypto gambling businesses? A lot of them are still doing well though I know there are times where cryptos are down but as long as you won't liquidate your coins then you will be just fine. Once they recover, they can also increase more so your profit's are going to double or triple than a normal business that accepts fiat and stable digital currencies.

The initial steps for accepting crypto in a business would be is to familiarize yourself about cryptos like on how to operate a crypto wallet. Your success will still depend on the scheme of your business so don't blame cryptos once you fail.

Bitcoin will be profitable for businesses because bitcoin is not a stable currency so the business will improve with the increase in value of bitcoin. Bitcoin is the digital cryptocurrency that has become extremely profitable for both beginners and professionals. Many people are making trading money from bitcoin because of the trading volume available. This automatically creates exciting possibilities for traders with the ability to make quick decisions and reap the benefits quickly at any time.

Since this is a business, the merchant should convert to stablecoins as soon as they receive them, so that if the price of Bitcoin falls, it will not harm the business.  In this case, a customer can easily make payment using Bitcoin but there will be no loss to the business. But if the merchant can accept the risk then he can hold it in bitcoins as if the price of bitcoins increases then his amount will also increase.

Doesn't make sense for a business to take crypto if they're just converting it into stablecoins the moment they receive it. If it's a small business, the fees these payment processers charge them will take up some portion of revenue. And I would never recommend people use stablecoins. You're better off using your local currency if all you're going to do is convert the crypto into another currency.

Obviously there are businesses that take crypto and immediately convert it. But they're usually larger corporations that find it profitable to take in business for crypto users and will eat the cost of the conversion fees. A smaller business doesn't have a chance.

It is best to convert them to fiat as soon as he are received to avoid unnecessary fluctuations, as this is a very important amount for his business. For a long-term bitcoin investment, he can buy it with his fiat whenever he has lazy money to invest. We should make a clear distinction between capital for business and capital for investing in bitcoin.

this was a problem of the past. As what others have said here this can only be a major problem to you if you have a business with a static price advert that needs to remain that way to the length of your business. But most online enterprises nowadays, especially ones that use cryptocurrencies as a payment method sees businesses going under the rug over bitcoin/cryptocurrency"s high volatility rate, and so they impose certain programs and parameters that automatically update depending on bitcoin's value, sometimes even real-time. So if you are looking to set up a business but is afraid of the implications that the high volatility of bitcoin may incur, I would suggest you look into these applications as well.

https://github.com/topics/crypto-price-tracker
This one is a good application you can use and implement on your online shopping mart.

The hope of getting double profits is what many people really want until now, this illustrates that you can produce from all different sides, but you have to study extra and have big thoughts for all of this. I also want that but I've been down with all of this because it didn't go according to plan.

It is a bit hard to give a general answer here without having more information about your business. What kind of products are you selling on Facebook/your own website and are selling only online or also in stores? In my opinion any online store should accept bitcoins these days to be more attractive for the consumers. Also if you are selling products globally you are probably involved in foreign currencies involved that also have a high volatility compared to your base fiat currency. Bitcoins would be a good alternative to all the other currencies that customers could pay in. It really depends on how your sales usually look like and in how many different currencies you deal. There are a few ways you could deal with the risk of losing money in bitcoins or other fiat currencies. The first one would be to exchange all the money back to your own fiat currency each week, like this you reduce the risk of making a loss on your sales. Another option would be if you have suppliers that you need to pay that you could pay them directly in bitcoins. Like that you would only move the bitcoins around and also don't have a lot of risks.

   -  Of course, that will be profitable when the value of Bitcoin increases, and when its resistance in the market is easy, your income from your traditional business that you connected to bitcoin is also your income from this method.

As long as you always think that the volatility of bitcoin is the reason why its market goes up and down every minute or hour depending on the demand and its movement in the market. And also because of this, it is our advantage as well of getting profit in the future.

What others do is convert their bitcoin immediately or on a daily basis to their own fiat, but most others just leave it and start holding it until they need it, whether it's a loss or a profit. They are okay with it. Though money is really essential to the business as you need to buy your product again to restock, so you need to convert it immediately if you don't want to lose money or if you don't want to gain profit from its volatility.

I think it's good to accept bitcoin at this time because it can facilitate the payment process in your business, but it would be even better if we had double capital to support your business, because otherwise we would have difficulty buying merchandise for resale, so that way it is hoped that we will have a double profit, namely the profit from our selling goods and the second profit from bitcoin investment.

If you have enough knowledge about cryptocurrency then go for it. Accepting Bitcoin for business is really profitable as people want to pay without any hassle. Bitcoin is fast and secure as a payment method and it is also easy to handle for sellers also. But it is highly recommend to think about legality of Bitcoin in your country. Otherwise you can face some difficulties in your business.