Will it be profitable for the business? - page 6.

justdimin

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Quote from: Dickiy on January 04, 2023, 08:02:09 AM

I think it's better for the price of the goods you are going to sell to have a benchmark with stable coins or fiat currency is the solution in my opinion, so you can receive payments in Bitcoin but the price remains in fiat currency, just like we accept payments from signature campaigns on forums Currently, payment uses bitcoin but is pegged to fiat currency.
I think it's easier for you to set the price of goods, so fluctuations that occur in bitcoin or another crypto you can adjust the amount of Bitcoin itself with the price benchmark that you make with Fiat.

It's keeping it in the books that's the problem. Let's assume I buy something for 100 dollars and sell it for 300 dollars, I have some costs as well, so that means I make about 100 dollars profit, but what if bitcoin drops 50%? The ones in my books end up being less valuable and I wouldn't be able to rebuy the same inventory and I would lose money on that.

This is why many people say just put the profits into bitcoin and rest should be fiat, even if you sell it for bitcoin, automatically turn that into fiat and whatever is your profit, you could put it in bitcoin. In that case even if it drops, that was your money that you invested, and can wait longer to make more profit.

coinerer

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Quote from: Crypto Library on January 02, 2023, 01:39:24 PM

Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin. But now if I look at cryptocurrencies it comes with high volatility, and I have doubts whether accepting Bitcoin will be profitable for my business.
I really want to know your opinion on this and what are the initial steps I should take if I adopt cryptocurrency for my business? Because I see many people on the forum are taking steps to accept Bitcoin for businesses and that's why these questions araised in my mind.

Profit will depend on how many customers you have and when you are going to do business and buy and sell something you must use the money regularly as there is no chance to hold your money for a long time so Bitcoin will be very profitable for you. It has no guarantee. To get profit from Bitcoin you must hold it for some time so it is not possible to tell how much profit Bitcoin will give you in this business if you accept btc for payment.because you have not given any indication of what kind of business you are going to do.

YOSHIE

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Quote from: Crypto Library on January 02, 2023, 01:39:24 PM

Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin.

It depends, what kind of business you run, I mean the business model, if you move in food it's not profitable.
I have a friend who is engaged in the food business, he offers his customers to receive Bitcoin payments, Unfortunately, that only lasted two years, due to volatility and higher transaction fees for the food customers buy, for that reason many customers are reluctant to pay with Bitcoin, they tend to have food paid with fiat, the cost incurred is greater than one pack of food.

Exception: if you run a business such as a car, vehicle, house, furniture or similar company, in that business if you make a payment method with Bitcoin/crypto it makes sense, may benefit both your parties and your customers when making a buy/sell transaction.
If you look at the current volatility of Bitcoin, of course you should look at businesses that are compatible with Bitcoin transaction fees.

Dickiy

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Quote from: Crypto Library on January 02, 2023, 01:39:24 PM

Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin. But now if I look at cryptocurrencies it comes with high volatility, and I have doubts whether accepting Bitcoin will be profitable for my business.
I really want to know your opinion on this and what are the initial steps I should take if I adopt cryptocurrency for my business? Because I see many people on the forum are taking steps to accept Bitcoin for businesses and that's why these questions araised in my mind.

I think it's better for the price of the goods you are going to sell to have a benchmark with stable coins or fiat currency is the solution in my opinion, so you can receive payments in Bitcoin but the price remains in fiat currency, just like we accept payments from signature campaigns on forums Currently, payment uses bitcoin but is pegged to fiat currency.
I think it's easier for you to set the price of goods, so fluctuations that occur in bitcoin or another crypto you can adjust the amount of Bitcoin itself with the price benchmark that you make with Fiat.

yazher

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If you are in a big business then it's better for you to have that option because of the current price right now and it would be great if you accumulate as much as many as you can before the arrival of bitcoin halvings because after that most likely the price will recover and sometimes break its old ATH price. But if you only have some small business, then it's really up to you because it could ruin your capital when the crypto market will further crashes this year and will only recover next year because it's 2024 the bitcoin halving season.

Godday

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In some countries many places that currently accept bitcoin as a means of payment, of course they have considered it well and are ready to accept risks, and I think it is a good idea to add bitcoin assets in the future, with the value that has decreased at this time, of course, the achievement of the new ATH is always expected and all bitcoin users are sure that it will definitely happen, But everything takes time so now opening a business by accepting payments using Bitcoin is a very good idea, and it can get huge profits in the future.

Codswallop

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Quote from: sunsilk on January 03, 2023, 03:55:33 AM

Quote from: Crypto Library on January 02, 2023, 01:39:24 PM

Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin. But now if I look at cryptocurrencies it comes with high volatility, and I have doubts whether accepting Bitcoin will be profitable for my business.
I really want to know your opinion on this and what are the initial steps I should take if I adopt cryptocurrency for my business? Because I see many people on the forum are taking steps to accept Bitcoin for businesses and that's why these questions araised in my mind.

Then accept stable coins if you want to avoid volatility. But in stable coins, you've got a lot of options to make as to what's the stable coin that you want to accept.

There are also third party services wherein you can accept payment in bitcoin and then that service will convert the payment that you've received as soon as you've got it into dollars/fiat.

Then it's all up to you if you want to convert them back into bitcoin later on, manually.

That’s exactly what I do. I offer USDT as a payment option as it’s one of the most famous stablecoins out there. It’s widely available. You can find many crypto gateways that supports it, I am using CapitalWallet tho. Also, it has a strong reputation for stability which makes it attractive for the merchants who want to minimize the volatility of their cryptocurrency holdings.

I understand that people like to pay in btc or other volatile cryptocurrency which raise a concern for merchants as the volatility of cryptocurrencies can make it difficult for merchants to know how much the cryptocurrency is worth when they receive it, and it can also create uncertainty about whether or not they will be able to recoup the full value of the sale if they need to convert the cryptocurrency back into a fiat currency at some point. But there’s a solution for it as well- exchanging it into fiat immediately.

Sebas.tian

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Yes, accepting Bitcoin as a payment in your business is profitable because those that accepted Bitcoin as a payment in their businesses are really doing well in the country. What you need to do right now, is to start advertising your business, and also alert people that you accept Bitcoin as a payment in your business through Facebooked, WhatsApp, Twitter and other social media so that bitcoiners in that country will be aware of your business. Don't forget that this business required huge amount of capital, because bitcoiners will like to purchase goods that will Worth $100,000 or $50,000 and pay with Bitcoin.

oaz7t

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The counter question is how long can you HODL those bitcoins? As you are self aware that bitcoin has high volatility rates which means you will always be unsure about how much you are going to make from your sales. The whole calculation is based on timeline and your ability to hodl for that period. If you are accepting the bitcoin as payment mode then you must have planned that you need to keep that money in the bitcoin. If you are going to accept bitcoin payment and sell them immediately for the fiat then you should not even think about it. You can simply accept the fiat payment as we do traditionally. If you are going to hodl then future is always unpredictable in the bitcoin verse but it won't let us down considering the fact that bitcoin is widely known, with Gen Z more into it, it will grow big.

adzino

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Quote from: Crypto Library on January 02, 2023, 01:39:24 PM

Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin. But now if I look at cryptocurrencies it comes with high volatility, and I have doubts whether accepting Bitcoin will be profitable for my business.
I really want to know your opinion on this and what are the initial steps I should take if I adopt cryptocurrency for my business? Because I see many people on the forum are taking steps to accept Bitcoin for businesses and that's why these questions araised in my mind.
-snip-

You had looked at the cryptocurrencies, but have you looked at the price of bitcoin and the charts? If you did, what did you see? I am sure you saw that the price in the long run kept on going up. Compare the price of bitcoin few years ago with todays price, and you will see people made a very decent profit by holding. So what I am trying to say is that, yes it is going to be risky for your business due to volatility, but if you are willing to hold it for long term, then you will be making more profit. Why not hold a percentage of your profit in crypto currencies, while converting the rest to fiat as soon as you receive it?

SovereignSoil

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OP, you also don't have the burden of credit card processing fees with Bitcoin, so there is that plus from the get-go. The fees involved with liquidating that Bitcoin into immediately available fiat capital - I have no feel for that.

SovereignSoil

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Quote from: Crypto Library on January 02, 2023, 01:39:24 PM

Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin. But now if I look at cryptocurrencies it comes with high volatility, and I have doubts whether accepting Bitcoin will be profitable for my business.
I really want to know your opinion on this and what are the initial steps I should take if I adopt cryptocurrency for my business? Because I see many people on the forum are taking steps to accept Bitcoin for businesses and that's why these questions araised in my mind.

OP, I'm sure you know how much liquid capital you need from each transaction to cover costs, inventory, or whatever to keep your business flowing. With that knowledge, I believe there are ways/services to have a certain percentage of a Bitcoin payment/transaction liquidated into a bank account. I believe beef producers with thebeefinitiative.com are able to do this exact thing.

Then, you could allocate the rest of the Bitcoin as you wish. Keeping everything in Bitcoin just does not make sense with current volatility, and anyone who says otherwise is crazy. Sure inflation is as bad as it is, but if your company's funds lose 50%+ purchasing power... That's nearly impossible to stay afloat.

With your business model, and the suggestion that I outlined above, it would really depend on how great or little your margins are. BUT, I know producers in The Beef Initiative take Bitcoin payment and rancher/farmer profit margins are as narrow as it gets...

mvdheuvel1983

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I want to believe that when a business owner decides to accept bitcoin for their business, it offers them a competitive advantage over other firms that do not accept bitcoin.
I also want to believe when a business owner decides to accept bitcoin for their business, it opens them up to receiving new customers. notably those who embrace bitcoin.
So, in essence the business owner sees profitability as an expansion of the customer base that results in an increase in sales.

jeraldskie11

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As of now, Bitcoin's price is so volatile but that doesn't mean it will not good for business. There are still businesses running today and accepts Bitcoin since the price is so high because they believe that the price will go back at the top. So If you're running a business now it's an advantage to you and I believe that you will be very profitable in the long run.

xSkylarx

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If your problem is the volatility of the crypto, then every time you receive a payment, convert it directly to your own fiat and don't hold it, but others don't do it since they can still gain profit when they hold it. Accepting bitcoin as payment can also attract more customers because they will become curious and want to try out that payment method; I've also seen a documentary that claims they've tripled their profit since accepting bitcoin as payment since the pandemic.

GeorgeJohn

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Actually many people will like the situation of paying with Bitcoin, but it's advisable to do such kind payment with Bitcoin manually instead of using it for internet business, because from my point of views many people will see it as a way of doing what they called scam, because this time many suspect people who demands or request for payment with Bitcoin as a scammer, it's better to do on manual business.

Rigon

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Quote from: Dr.Bitcoin_Strange on January 03, 2023, 05:04:57 AM

First, I would advise you to pioneer your advertisement so as to let people know that you now accept Bitcoin payment. You can do that by printing some fliers and stickers, then sharing them within your neighborhood and outside, advertising on social platforms, and if you have more money to spend on your advertisement, you can broadcast it on the radio station.

It is very good to have different payment methods in a business; it also provides customer satisfaction as they can choose which method is most convenient for them.

Depending on your cost, maybe you can consider giving customers who pay with Bitcoin a 5% discount; that's another strategy to win more customers. Customers who received discount may be pleased to tell their friends, and you will continue to get more customers.

In my business, I also accept Bitcoin payments, and the strategy I use to manage volatility is that at the end of every sales day, I always convert my Bitcoin to USDT while leaving my profit in Bitcoin as a long investment. This works perfectly well for me.

This is my thread, and you can see a lot of the suggestions I got.

I fully agree with your suggestion. Especially since you have given him advice from instant business experience here. You must take risks to build the OP business strong and resilient. OP you should take ads to spread the word that you accept payment in bitcoin. It is very good for a business to have different payment methods especially it provides customer satisfaction. OP If you consider accepting bitcoins too risky then you can convert your bitcoins to USDT at the end of the day. There will be no risk.

qwertyup23

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Quote from: Crypto Library on January 02, 2023, 01:39:24 PM

Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin. But now if I look at cryptocurrencies it comes with high volatility, and I have doubts whether accepting Bitcoin will be profitable for my business.
I really want to know your opinion on this and what are the initial steps I should take if I adopt cryptocurrency for my business? Because I see many people on the forum are taking steps to accept Bitcoin for businesses and that's why these questions araised in my mind.

Why not just open the avenue of accepting cryptocurrencies as alternative payment for your business? Remember that the volatility of BTC is what makes it unique- if you can handle the volatility and HODL a partial amount for long-term, then I see no reason on why you should not accept it.

Again, investing into cryptocurrencies does not guarantee an absolute profit. There is still some further steps that must be taken in order to take advantage of its volatility to maximize your profits. Personally, the more payment options that are available, the more profitable and flexible your business would be.

goldkingcoiner

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Quote from: Crypto Library on January 02, 2023, 01:39:24 PM

Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin. But now if I look at cryptocurrencies it comes with high volatility, and I have doubts whether accepting Bitcoin will be profitable for my business.
I really want to know your opinion on this and what are the initial steps I should take if I adopt cryptocurrency for my business? Because I see many people on the forum are taking steps to accept Bitcoin for businesses and that's why these questions araised in my mind.

You always have the option of accepting crypto stablecoins/tokens like USDT, USDC, BUSD and others, if you are so concerned with the up and downs of the price movements. Although it is quite understandable that you would be, since your business expenses do not pay for themselves and the margins might be so slim sometimes that you cannot afford to speculate whether Bitcoin will be low or high.

If you want to diversify your risk, it would be best to get a mix of these stablecoins/tokens and stash them in your own secure wallet (do not stash them into third party wallets mainly exchange wallets - like Binance for example).

dezoel

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High volatility in crypto is not a new thing but despite of it, a lot of people are still accepting it on their business so if they can do it then why can't you? You should not think negatively especially if you haven't started anything yet because it can only discourage you on what you are planning. On a business, there is no limits if how much payment methods you are going to support but the more the better.

You can also accept Paypal, Banks, Payoneer and other common one's. Now you are sure that you won't only attract crypto users this time. If you are worrying that cryptos value might drop more then why won't you sell them right away? There's also a service where it auto-converts the crypto that you receive to the currency of your choice.

Topic: Will it be profitable for the business? - page 6. (Read 1835 times)