Topic: Will it be profitable for the business? - page 7. (Read 1835 times)

Bitcoin could also technically turn into stablecoins automatically with many payment processors which means that you do not have to worry about the volatility as well. They could pay you with bitcoin if you want to include crypto users, but the moment they do, your money will turn into USDT which could be turned into USD into your bank account. That is how many people do it, so that they do not have to face the troubles of bitcoin or crypto volatility.

I believe that it's by far the best method for a person in business, because it allows them to know their finances, anyone with dubious finances would fail in the business world and won't grow.

I don't think there will be any big problem for your business if you accept Bitcoin. Because there are already options to use stable coins or exchange bitcoins to stable coins. I don't think you need to hold Bitcoin when you are accepting in your business because many times small price drops lead to business losses.
If you want, you can exchange from Bitcoin to stablecoins using exchangers like Binance and Coinbase.  Or by adopting some technical knowledge you can easily use payment gateways using bitcoin processors like BTCPAY server, bitrequest.

Now volatility is a problem cause when you accept Bitcoin as a payment than there are some things that are needed to be considered. Let's say that you accept Bitcoin than it may crash than that's not good for Bitcoin. There are some suggestions I will say that you might consider.
 
1. Sell things with Stable Crypto Like USDT
2. sell your Crypto immediately when you get payment
3. Or Hold for a long term

In this way you might be able to generate good amount of profits too.

Why your business must accept Bitcoin only? why you're don't want to accept multiple currency e.g. your local fiat, stable coin, e-fiat? So your customers are free to choose which currency they want to pay you instead of just one currency. It would be profitable as long as you're have a terms like: "the store doesn't responsible to recover any coin that transferred to wrong address" etc.

What if you just have multiple payment options or methods?
So your customer will always have their option on how they will pay you? There are lot of payment processor right now that can offer multiple mode of payments like in different way, like debit cards, credit cards, digital wallets, etc., and you can just add the option for paying Bitcoin.

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.

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.

Nothing much to deliberate over it as many have venture into it without harm to their businesses, I have seen a shop accepting bitcoin as a means of payment and something prompted me to asked him about how is he copping with the bear market. What he said to me is, immediately he received payment in btc he convert his capital to stablecoin like Busd or usdt possible he converts to our local currency by then he has secured his business funds and only leaving his profits to btc and whenever the market appreciate he sells immediately to make additional profits.
He said he is not doing that to hold BTC rather to spread the max adoption of bitcoin and cryptocurrency at large. I was amazed by the bold steps he has chosen and for that I also patronized him that very day.

For many businesses, the idea of accepting bitcoin as payment is becoming more and more appealing. Accepting cryptocurrency comes with a number of potential benefits that can have a positive impact on profitability.

One benefit of accepting bitcoin for payments is the reduction in transaction fees. Paying with traditional methods like credit cards often come with high processing fees which can eat into your profits. On the other hand, using bitcoin for transactions generally means significantly lower transaction costs. These cost savings are often transferred directly to your bottom line giving you an extra boost in profit margin when compared to traditional payment methods.

Another benefit to accept bitcoin as payment relates to security and fraud prevention measures that come along with it. When you process payments through conventional methods, it’s easy for hackers and thieves to take advantage of vulnerable points in the system and cause serious damage to your business's reputation or financial position by stealing customer information or money from accounts.. By contrast, due to its robust cryptographic protocols, bitcoin provides a far greater level of protection against malicious actors than conventional banking systems do.

Finally, one major benefit associated with bitcoin acceptance is increased access to customers worldwide who may not have access or be able to use traditional forms of currency due sanctions placed against their countries by other nations or organizations such as banks being unwillingto process transfers from certain regions due reputational risk considerations . This opens up new markets for business owners interested in tapping into international sales potential but may otherwise have been prevented from doing so without cryptocurrency options available . In addition , this could also help reduce losses that might occur during currency exchange fluctuations .

Overall , embracing cryptocurrencies offers multiple advantages over traditional forms of payment making it highly profitable option for businesses looking expand their customer base globally while keeping costs down on transactions fees and preventing fraud at same time .

because it is very volatile, you can use the dollar rate on the goods or services you sell. even though payments use BTC, the value of which changes every day. you can still receive value from the goods and services you sell at the same price.

As a first step, it might be better for you to accept BTC as a means of payment as an alternative to your customers. however, the business must pay attention to what the market wants.

Let's say that you accept payment in a random fiat currency, like Russian rubble for example. Will this be profitable for your business?
The whole idea, that accepting payments in a new currency would be "profitable" for a certain business seems ridiculous to me.
Profit equals the revenue minus the costs. Do your own calculation and see the results. What would be the cost of accepting BTC payments
and how your overall revenue will increase after accepting BTC payments(or will it decline)?
Do you want to convert the BTC into fiat right away, or do you plan to HODL the BTC and wait for a higher price?
What is your business and are there any crypto enthusiasts among your customers?

well what said above me ? you can try accepting stable coin if you are afraid of volatility , but the fact that we are talking about bitcoin here so it is respectful to risk in this or do nothing at all.
this is your business and you are the only one who can decide and has its faith.
but accept it mate , it is one of a best chance to earn from it in the coming years.

The major thing when people accept crypto is volatility I mean the volatility is part of crypto itself, as the merchant, you can still accept crypto by using other third app to eliminate the volatility by using service like Bitpay most of online store or VPS provider use bitpay to convert the bitcoin directly to their desire fiat money. there is other 5 you can find right here https://neilpatel.com/blog/crypto-payments/ but I usually find bitpay has been widely use.

Much simpler is by using stablecoin on EVM Chain like Smart Chai, Ethereum or Polygon since their address in same on other EVM chain so you can only using one QR for bunch of EVM chain

Looks like you are doubting bitcoins capacity to help you and your business mate , you have been in this forum for quite now meaning you have crossed many thread and discussion about how bitcoin and other cryptocurrency helping people towards future.

accepting bitcoin and other coins to help your business will prosper may not now? but eventually it will.

one question here, are your country is accepting bitcoin or not having ban into it? because if Yes then you are free and have good future but if not? then I think forget this to be and find other way in increasing your fortune .

If you are having this business to fed your family on daily basis then yeah maybe this will be a having second thought thing because you are only wanting to take profit  ASAP than waiting for days or months and maybe years.
but if this business of yours are already established and has its own costumers that paying fiat and accepting bitcoin is just an extension ? then i don't think you need to worry .
having bitcoin from business meaning you are accumulating this and having with big discount because in your business price there is already a profit inside plus the opportunity of having bullrun in the future?
this is a win win situation for businessman like yours.

Bitcoin is volatile. It's how you look at it of course but this could itself be one of the reasons why Bitcoin is a better currency. But you just have to be mindful that if you are too dependent on your limited capital, that if you need it for the business to continue rolling, you don't hodl it. It's either you convert it instantly or you wait for the price to grow a little before selling.

For example, if you got it when Bitcoin was $16,500, you can immediately sell it when Bitcoin rose to as little as $16,900. That's better than be stuck with no more funds to roll over. But if you have a deeper capital, you can risk keeping it for a longer time for a bigger profit.

do you sell products online or what??
if for example you sell products online and receive payments using bitcoin,, I think there are drawbacks and advantages, if the drawbacks you can potentially experience losses if you receive bitcoins immediately sold in the near future and happen to be when you are selling bitcoin price down. but if you receive bitcoins from buyers and invest for the long term, of course it will be a big profit.

I think you have enough knowledge about cryptocurrency. You can introduce Bitcoin system in your business to make the business more powerful and robust. By introducing a Bitcoin system in the business, customers can easily buy your products from you. Most of the customers will benefit from this. But if you feel very risky then you can immediately convert to USDT. Here Bitcoin is temporarily dumped by many. So if you can hold the trading dividend bitcoin for a long time you will still see enough profit. But think Bitcoin will never drop to zero if dumping. And if you want to do business, you must take risks. However, since the business is yours, you can make better decisions about what to do.

Will be risky if their payment will be needed as your capital to continue your business. Ofcourse you'd have doubts or hesitation to use the accumulated funds if the market price is low because it could be an instant loss by doing so. Another point is whether your business is service or product based. If it is product based, you'd be force to circulate the funds but if it is service based, you may hold their payments as much as you can because it is only your hardwork which would be your capital. Therefore it is a matter of measuring the risks. Accepting this technology would promotefficiency with transactions but keep in mind that it is business you are running and you must take extra caution to run it efficiently as well.

Yes Bitcoin and other cryptocurrencies comes with bigger risks so you need to understand how the market moves so that you will have complete idea on the market. Every business has it own risks so the one of Bitcoin is not different from all so we need to know that. If you want to take the risk then that's fine but you need to think well before taking any move.