Topic: Will it be profitable for the business? - page 4. (Read 1835 times)

Accepting bitcoin as a means of payment is not a problem but you must know that the bitcoin market is volatile and before taking the decision of accepting bitcoin as payment you must have weighed the options available by noting the one that best suits you better. If I were you, I would take charges based on dollar value to bitcoin so that it does not have effect on the business and like a previous poster said, you should do that with your profit ie holding it in bitcoin and investment should be in cash while do you could restock your goods then that way, you could be able to hold for a long time while doing your business.

Yes it will be very profitable, if Bitcoin is accepted globally it will sure help for more sales of business commodities, it will reduce the high risk of been robbed though cash and transfer,
 it will also create a relationship between foreign and local traders, no need for trying to go the bank to change currency, if Bitcoin is accepted all that is needed to paste address and the Bitcoin will be with ease (Transaction Successful)

I believe that OP has done the research already and probably he found out that it was legal in their place. But yes, if we think about the demand and people's awareness of accepting Bitcoin, that can be a big challenge for him. It was indeed not profitable for business at this time but I know the demand will increase in the future due to continuous crypto adoption. It really takes time for him to see good results from accepting Bitcoin and he should invest also more in marketing just to spread more awareness to their community that he is accepting Bitcoin.

They say it you take the risk of crypto volatility, then why not accept bitcoin payments?
 But you have to consider some factors before proceeding with your plans like the legality of Bitcoin in the jurisdiction of the business, the demand from customers for Bitcoin payment options and of course the knowledge of your consumers/ customers about bitcoin payments.

There are will not be a lot of crypto purchases but it will be good for reputation & PR to accept crypto as for me

I think it will only benefit without harm because by adding payment options, your business will attract more customers. If you are afraid of bitcoin volatility, you can add an option with a stable coin, I think people will be willing to spend a more stable coin than bitcoin. Since people are trying to keep their bitcoins instead of spending them, accepting bitcoin payments won't be any more efficient than stablecoins, IMO.

The problem perhaps in this case is when a system like this by accepting payments against bitcoin in some countries is tantamount to going against regulation. This condition allows us to be a little doubtful because indeed we also have to think long term about our business.
Instead of rushing into doing it to break the rules, maybe they'll think about not doing it.
But I think if there really is a business that both wants payment with bitcoin I think it still can.
I have a business with services where some of my friends want payments to make bitcoins and I accept that even though the regulations in my country are still not allowed, but if me and the consumer agree with the payment I think it's not a problem.

I also believe that when a business adds a payment option, it attracts more customers, and that's good for the business. But to get hold of that bitcoin is very difficult, if he can hold all the bitcoins that customers pay, he will no doubt use bitcoins for his business. To operate and keep a business running, its capital must always be in circulation, not just holding and doing nothing. If he wants to own many bitcoins, he can buy them anytime he has money, there is no need to wait for customers to pay.

Many people have changed their payment currency as influencer from PayPal to Bitcoin, I don't think difficult for beginner if opening their business accepted Bitcoin as payment currency and have transparent, faster then profitable due price up later if priority with Bitcoin as payment. I am active selling some games item and several my costumer have different with my countries, I adopted Bitcoin last than one years and most profitable then I use PayPal because many my costumer made cheat by dispute all transaction trough PayPal have available for doing it.

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I think your business will grow up when accepting Bitcoin as payment method, there are possibility earn double profit if your Bitcoin fund hold and not convert as soon possible after receiving payment from your costumer.

the first thing you need to know is, accepting bitcoins is a profitable thing for your business. That's because, the selling price of the business you are selling at the price of bitcoin is equal to the price of the dollar at that time. however, accepting bitcoins as one of the payments to your business, widens your consumer reach, namely because you are also targeting cryptocurrency users.

You're afraid because bitcoin is very volatile, so why don't you immediately exchange the crypto assets you receive for stablecoins? it will make your doubts disappear. You can also directly exchange it for dollars or fiat. However, many people are expanding their business by accepting popular cryptos like bitcoin, Ethereum, BNB, and stablecoin as payment alternatives.

This is an important topic to discuss but as long as a merchant owns that Bitcoin, since Bitcoin is constantly going up and down in value, Bitcoin payments will always have some effect, be it positive or negative. In that case the less time a merchant hold those bitcoins the less chance of profit or loss but if a merchant hold longer then there will definitely be a profit and loss side but generally no businessman holds his money for a long time as you have already said.

The matter has been presented very nicely.  It basically works like this. But if we go to consider another aspect, when someone does a business, he sells his company's products constantly and supplies the products again with that distorted money. So business don't keep money for long time they always use money and try to earn so when a businessmen  sells a product for business purpose and accepts bitcoin as payment then of course he doesn't hold that bitcoin for a long time he again supplies the product through bitcoin  will give  So the pump and dump of Bitcoin won't be of much effect for him. But it is true that as long as those bitcoins remain in their funds, their funds will likely remain pump or dump

By keeping Bitcoin as a payment method, Bitcoin will work for personal profit and loss despite normal business profits. Because if you sell a product for $100 and the buyer pays the price via fiat, your $100 will always be worth $100. But if you take this payment through Bitcoin, then if Bitcoin pump 1000 dollars, you will gain a few more dollars by increasing that 100 dollars, then it will be worth more than 100 dollars. but if bitcoin price drop $1000 the $100 also will drop by a few dollars and then it will carry some less value of $100. So the profit and loss of the business plays a role in Bitcoin in many ways

This is just simple logic dude, if you believe in bitcoin let's not include another cryptocurrency here. If you fully understand bitcoin including its advantages, that means when you include it in the business you will build or do, it only shows that you understand what Bitcoin can help even though it is volatile.

Don't integrate or adopt bitcoin in your business if you don't fully understand or understand it, don't do it just because you see a lot of people doing it in their business, You should do it knowing that it has potential in the future from in usages, features, and others.

Just accept USDT or USDC. The transaction fees are low and they are stable so you won't lose money because of the dip. But I think BTC could work too, but only if you are ready to hold it for a long time cos the volatility is still here.

I as a crypto community are of course very happy that their business accepts bitcoin as a means of payment. I will try if someone around does it, it will be much easier, practically using this method, even true, there will be more interest because bitcoin is now well known to their young people already have bitcoins in wallet to invest.

From the business that is being run, of course, you have to be prepared for everything including extra reserve money as liquidity to maintain stability in the business, at this time I am still designing how this will also be implemented in my business which was previously planned, including from stablecoins and bitcoin which is the top priority.

I understand how you feel about the volatility of the market and it looks like you are not ready to deal with it. Running a business with doubts will make you fail, better not to do that if that is still in your mind.

- preparedness
- focus
- trust

But in your case, I don't think all of these things will work for you. Something you need to clear your mind and replace with positivity for this will give you peace of mind and so you can decide well.

OP have you not observed that having many options as payments is the trend? Or are you just planning to accept only bitcoin in your business? That's just crazy, right? You can simply write on your Facebook page and specific posts the mode of payments you accept. And if it is not illegal and strict in your area then you may include bitcoin among the many banks and financial apps you consider to further boost your business.

Adding bitcoin won't lessen your sales anyways. But I actually think that it is cool when a business accepts bitcoin as payment. It means the business is futuristic, modernized and updated to the latest.

adding a bitcoin payment option in your business will certainly make your business have a good enough traction. and in this case not only bitcoin but you can also add other options from crypto like stablecoins. because as we know that there will be many people who want to try shopping with the bitcoin they have. and I've done it several times. and it's quite fun.

But you know better about the business you have. so I hope you have more confidence in your own analysis and decision about this. You are also the one who understands your customers best.

What kind of business? yes, it can be used for retail... e.g. but! Mass consumption products due to their volatility require an instant conversion system, which exist and are available, there are several APIs that you can add to your business.

The art! It is a good option to set prices in BTC, first because  it would compensate for volatility, with the so-called "high value product".

Let's say you have a gallery and your slogan is a "price in bitcoin for a year,"  the exhibitions work like this, the point; the middle class, and its different variants (medium, low, high) is one of the largest consumers of pieces of art in all its variants, paintings, sculptures, etc. it's a mass market.

But, unlike the upper or upper class that buys when they want, they, the middle class, buy when they can, and works of art are difficult because of their price in itself, art is volatile, very volatile, art loses or it gains value according to certain circumstances, but having prices in BTC could "suppose" standardizing prices in works. Obviously, there is always a base price and it is the one that would govern, for your gallery and for the artist, in this way in a Bullish market, you would be winning and would generate an additional option in the acquisition of the piece.

Art is one of the great candidates to "fix" prices in bitcoin and it is possible that one day things like this will be standardized through organizations that price works of art in bitcoin for a certain time.

Obviously art, although it may be believed, is not a controlled market in any country and that in itself could be a tool to control the black market for the sale of works of art.

Now, for Facebook, use an API and change the price whenever you want, what is theproblem!? always amazes me that the "Bitcoin accepted Here" option, have the associated fear I will lose!.
The pioneers or better to say entrepreneurs with bitcoin are the ones who take adoption to another level.