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Title: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: BountyManagerBD on November 27, 2020, 04:45:38 PM We believe that cryptocurrency is a large part of the future, of blockchain, is. But there's a big problem right now with accepting Bitcoin as payment. You as a business have a specific profit margin. That profit margin could be five percent, 10 percent, 30 percent. Although I do believe it is the future. But what I would do if I were you is, I would not take Bitcoin as payment right now. It's risky because it fluctuates so much. And it was like the stock market. What most people don't realize about the stock market, is if you think back into the 50's, 60's, or 70's, or whenever the stock market was a lot newer, there wasn't as many people trading. Take cash payment and then if you want more Bitcoin, use the cash to buy it. But at least you know if something happens to Bitcoin in a day, and it drops 50 percent, I'm giving a crazy extreme, at least you're not out 50 percent, and you lost money on a transaction. You don't want to lose money because that could make your business go bankrupt. You want to ideally take USD for now, unless you're super cash rich and you don't have to worry about that. Take the USD, then if you want Bitcoin, use the cash, use the profits to buy more Bitcoin. Because even if you take Bitcoin as payment, if you live in the U.S., what you're supposed to do is, you're still taking some currency. As I mentioned what I would do is take USD and then if you believe in cryptocurrencies, in the long run, go and buy Bitcoin, hold onto it, but don't take it as your main payment source because it's too volatile when you have thin margins. If your margins are 500 percent, yeah, by all means you can take Bitcoin, you have very little to lose, and I think it's an interesting bet right cause as a lot of successful people say, it's the internet currency of the gold, or no it's a gold equivalent for the internet. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Fatemablabla on November 27, 2020, 06:32:07 PM I don’t think taking bitcoin as a payment system is mistake. To me taking bitcoin as payment will open a great way to have more customers to my business. Who doesn’t have any card they can pay me in bitcoin or other crypto. So, it will bring more profit to my business.
But yes I agree with the price fluctuations of bitcoin. For that you need to convert your btc to usdt immediately to avoid loss on the fiat. I don’t see any other options rather than this. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Husires on November 27, 2020, 07:00:53 PM There are several solutions, as follows:
- Thinking that bitcoin are investment to make profits, and here you can store these currencies for a time, as those who bought at the highest peaks did not make many losses if they continued to keep their money. - Think of it as money, and here you can use payment gateways to transfer bitcoin directly to a paper money. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Mike Mayor on December 01, 2020, 07:39:26 PM Nope. I only accept crypto. Won't touch filthy fiat. Our local currency is shit and drops in value 10% every year to the USD. Who cares if it's volatile you missing the big picture. Just because you think you losing money because bitcoins going down in price doesn't mean it is. I know of a company that used bitcoin and stopped and said "never again" however if they kept the coins and were patient they would be selling them today at a profit.
You need to see the bigger picture. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: 20kevin20 on December 01, 2020, 08:31:26 PM I don't get why it makes more sense to earn in USD and then purchase BTC rather than just accept BTC directly instead. If you want to take the risk of owning Bitcoin, it doesn't matter whether you purchase it on the spot or you just accumulate all your earnings and invest in it.
It's not like Bitcoin transactions are predominant anyway. If you had Bitcoin accepted on your own store, you would probably have less Bitcoin earnings than the overall profit. One other option you have is accepting BTC through a third party which allows you to instantly convert the Bitcoin you accepted into USD, so that there's no loss on your side (although I would rather recommend eliminating 3rd parties whenever possible). Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Bitcoin_Arena on December 01, 2020, 10:06:54 PM Problem is people look at only the negative side of fluctuation of the Bitcoin price. What if you receive your Bitcoins and then within a few days the price raises by 40%? Isn't that something good for the business,
Another thing that should be noted is that as a business person, if you receive 1 BTC and the price fluctuates. It still remains 1 BTC until you decide to sell it off for USD. I think one of the most important things a business should have when it comes to Bitcoin payment system is to have reserve cash in fiat so that when the price drops a little, they are not forced to sell of the bitcoins at lower prices in order to restock Title: Re: Aren't you doing this Mistake too? When Bitcoin is Payment System ✅ Post by: TedMosby on December 01, 2020, 11:34:17 PM I have a different point of view about accepting bitcoin as a payment.
I agree with you that the fluctuation of the price might be affected badly. But, if you are a merchant, you can get the benefits from accepting bitcoin right now. Because, it can increase your sales volume since you could attract more people from a new market, which is crypto users. Not to mention, the bullrun make them in profits which would make them have more money to spend. More money naturally would makes people more consumptive. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: FlightyPouch on December 01, 2020, 11:57:57 PM Here in our country, we have an online wallet where you could pay in bitcoin and it will be automatically converted into Php. I know that it is not the idea that you are saying but that is where we are right now. Some merchants don't like the idea of accepting volatile crypto currencies, some would love that but the majority isn't in favor and most of that population don't even know what bitcoin is.
Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Jawhead999 on December 02, 2020, 12:48:53 AM But yes I agree with the price fluctuations of bitcoin. For that you need to convert your btc to usdt immediately to avoid loss on the fiat. I don’t see any other options rather than this. I assume you mean about USDT (a stablecoins) not USD (fiat money).Even though USDT have high market cap and the most popular stable coins, but it's not really safe since it's centralized and your tokens can be frozen anytime if they want to do. DAI would be a good option for decentralized stable coins. To be honest if you're not a trader I don't see any reason why you need to hold stable coins instead of USD. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: mk4 on December 02, 2020, 02:51:11 AM There's a reason why services such as BTCPay and BitPay exists— for businesses to be able to accept bitcoin without having the risks of short term price fluctuations. If you've tried paying for stuff like proxies and VPNs, then chances are, your bitcoin payments are automatically converted to fiat.
Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: LogitechMouse on December 02, 2020, 03:16:46 AM Accepting Bitcoin right now as another mode of payment still has risk because we know how volatile it is but if you want to integrate Bitcoin payments in your business, make sure that you are ready for what will happen to it.
We know that there is a chance that it will go up or down thus your profits might get affected but we know already that holding Bitcoin in the long term will give profits to the holder so if you are the owner, just add Bitcoin payment system and just hold your Bitcoins. Also make sure that you have another source of income so that your overall revenue will not affected by that much. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Sithara007 on December 02, 2020, 03:27:57 AM There's a reason why services such as BTCPay and BitPay exists— for businesses to be able to accept bitcoin without having the risks of short term price fluctuations. If you've tried paying for stuff like proxies and VPNs, then chances are, your bitcoin payments are automatically converted to fiat. For now these third party payment processors represent a better option, compared to direct payments in the form of Bitcoin. For normal shopping, we don't have the luxury of waiting for 30 minutes to get a confirmation. Imagine making a payment at a coffee shop and the merchant asking you to wait for half an hour so that the payment is confirmed. In such instances, third party services such as BitPay are more suitable. But then there are a lot of places where direct payments with BTC can be used, such as ecommerce sites and online shops (where a short delay doesn't matter much). Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: mk4 on December 02, 2020, 03:59:20 AM For normal shopping, we don't have the luxury of waiting for 30 minutes to get a confirmation. Imagine making a payment at a coffee shop and the merchant asking you to wait for half an hour so that the payment is confirmed. That's what layer-2 solutions like the Lightning Network are for— for low-valued transactions that doesn't necessarily need Bitcoin's base chain security and decentralization. People are sleeping on some Lightning wallets that are actually really really easy to use: https://bitcointalk.org/index.php?topic=5250677 Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: pooya87 on December 02, 2020, 05:35:58 AM But what I would do if I were you is, I would not take Bitcoin as payment right now. All those merchants all around the world both online and offline that accept bitcoin disagree with you ;)Quote And it was like the stock market. Just because something is being traded and has volatility, doesn't make it "like stock market".Quote Take cash payment and then if you want more Bitcoin, use the cash to buy it. That is a silly suggestion because it would cost a lot more this way to acquire bitcoin and it is much harder because it requires signing up with some centralized exchange with KYC and jumping through hoops.Whereas they could have directly received the bitcoin at a much lower cost and without any headaches. Quote But at least you know if something happens to Bitcoin in a day, and it drops 50 percent, I'm giving a crazy extreme, at least you're not out 50 percent, and you lost money on a transaction. You don't want to lose money because that could make your business go bankrupt. Same thing is true for anything else, if the goods you have in your business lose their value or the service you offer becomes obsolete you go bankrupt. If super inflation hits the country and fiat loses its value you go bankrupt again.Quote You want to ideally take USD for now, unless you're super cash rich and you don't have to worry about that. Not everyone lives in US to want its dollar, not to mention that it is inflationary and many speculate dire days ahead thanks to the enormous amount of money they printed over the past 6 months alone which was larger than the amount of money printed through the entire history of America!Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Shallow on December 02, 2020, 06:49:54 AM I clearly get your point, the issue here is volatility, this is what is affecting Bitcoin a lot. But from another point, I think this will depend on the type of business and the size as well, this is because there are businesses that still accept Bitcoin but a smaller business owner might think heavily on this before taking action. Therefore, I kind of agree with your idea, that is, accepting cash but then using a part of it (from your profit) to buy and hold Bitcoin. Additionally, it can also be done this way, accept the Bitcoin as a payment option, anyone that pays for goods and services via Bitcoin, you decide what to do with it, keep it or sell it or sell part of it and keep the rest no matter how small, in this way, you won't be bothered and at the long run exposing your business to more audience.
Also, no matter how we see it, Bitcoin has come to stay and gradually many businesses will start accepting it, it's already happening. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: idrisalomagold on December 02, 2020, 07:04:13 AM Fluctuations in bitcoin price is just a normal thing given that bitcoin is not yet used at its intended use. Bitcoin as payment system could drastically change the financial system right now and its underlying financial weaknesses. If you think that it will made the business losses further, well in traditional negotiations, price fluctuations such as dollar to other currency before exist. However, it turn out that businesses hedge on certain price in order to offset losses if there are price fluctuation on the instrument. Same way could be possibly made to bitcoin if it is used as payment instrument.
Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: bitbollo on December 02, 2020, 07:18:33 AM I think that most of business are going to adopt bitcoin, and the last companies that have bought bitcoin it's just another signs. we need to take in consideration the factor "time" these new technologies are not easy to be adopted in a short time.
From my personal experience, in my ebay auctions there is always a bonus and a discount for payment in btc. Ok I am confident about btc strength, but generally as payment system it offers some unique advantages like no chargebacks or transactions confirmed in the same day. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Genemind on December 02, 2020, 07:24:34 AM The only solution I can think off if you are accepting Bitcoin as payment is to adjust the price of a certain product/service depending on the Bitcoin price. The loss or income due to BTC volatility will depend on the merchant when they will sell their BTC that they have collected in their service.
In my own opinion, Bitcoin is still fresh and still has a lot of room for improvement or changes and is still not ready to be used fully as a means for daily transaction. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: adzino on December 02, 2020, 07:30:20 AM We believe that cryptocurrency is a large part of the future, of blockchain, is. But there's a big problem right now with accepting Bitcoin as payment. You as a business have a specific profit margin. That profit margin could be five percent, 10 percent, 30 percent. Although I do believe it is the future. But what I would do if I were you is, I would not take Bitcoin as payment right now. It's risky because it fluctuates so much. And it was like the stock market. What most people don't realize about the stock market, is if you think back into the 50's, 60's, or 70's, or whenever the stock market was a lot newer, there wasn't as many people trading. Take cash payment and then if you want more Bitcoin, use the cash to buy it. But at least you know if something happens to Bitcoin in a day, and it drops 50 percent, I'm giving a crazy extreme, at least you're not out 50 percent, and you lost money on a transaction. You don't want to lose money because that could make your business go bankrupt. You want to ideally take USD for now, unless you're super cash rich and you don't have to worry about that. Take the USD, then if you want Bitcoin, use the cash, use the profits to buy more Bitcoin. Because even if you take Bitcoin as payment, if you live in the U.S., what you're supposed to do is, you're still taking some currency. As I mentioned what I would do is take USD and then if you believe in cryptocurrencies, in the long run, go and buy Bitcoin, hold onto it, but don't take it as your main payment source because it's too volatile when you have thin margins. If your margins are 500 percent, yeah, by all means you can take Bitcoin, you have very little to lose, and I think it's an interesting bet right cause as a lot of successful people say, it's the internet currency of the gold, or no it's a gold equivalent for the internet. And why think about the negative volatility? What if after accepting bitcoin, the price goes up by 50%? Also, someone can consider accepting bitcoin as a part of future invest. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Wexnident on December 02, 2020, 07:50:14 AM Erm, converting from BTC payments to USD payments instantly is one possible idea. Additionally, it isn't like BTCwould become the sole payment method, it's only one payment method possible. I myself am not really asking for BTC to become the sole payment method, an alternative would be nice, especially with overseas purchases.
I don't get why it makes more sense to earn in USD and then purchase BTC rather than just accept BTC directly instead. If you want to take the risk of owning Bitcoin, it doesn't matter whether you purchase it on the spot or you just accumulate all your earnings and invest in it. I think the issue here is that the entire profit is turned into BTC, when supposedly they only need a part of it to turn into as an investment, and the rest would be used for their finance. E.g is taxes, bills, personal necessities, etc. Though if they could do some automated thingy, where if someone pays in BTC, a part of it is sent into their wallet, and a part is directly converted into USD. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: pankowri on December 02, 2020, 09:05:33 AM I don't agree with you regarding this statement. Taking bitcoin as a payment is a great change to me to be digital. In here, our government has a vision to make our country digital within 2021. By the way, here cryptocurrency is not legalized yet. There has a price ups and downs issues because of market fluctuations. But you can count the current rate whenever customer will pay for it then you may recover. For creating more demand, Bitcoin can be accepted easily as a payment method.
Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: witcher_sense on December 02, 2020, 09:11:42 AM I partially agree with the OP. Bitcoin is so volatile that its price may fluctuate substantially throughout a single day. That is true. Bitcoin and cryptocurrency market as a whole is a new asset class, which means not everyone understands it and is willing to take risks accepting it as payment. Many believe that bitcoin is more a market good, a profitable investment, a hedge against governments managing fiat economies. However, bitcoin is advancing, it is gradually evolving into a store of value, and after it succeeds, it will eventually become a means of payment. How can bitcoin volatility be decreased anyway? For bitcoin to be less volatile, the demand for it should be stable. In my opinion, those business owners who really believe that bitcoin is our future should accept it in payments in order to increase the demand for bitcoin and the level of its adoption.
Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: kotajikikox on December 02, 2020, 09:12:13 AM There are different reason why a Businessman will accept Bitcoin Maybe he wanted to accumulate bitcoin so He tend to accept Bitcoin as Payments but will just Let the coins in His wallet and the he will replace by fiat on his own pocket in this point He can purchase Bitcoin in lower value because the selling amount of each items is surely has added percent of his profit.
and also most people that accept Bitcoin as payment don't look at the value instead they take it as is. I don't agree with you regarding this statement. Taking bitcoin as a payment is a great change to me to be digital. In here, our government has a vision to make our country digital within 2021. By the way, here cryptocurrency is not legalized yet. There has a price ups and downs issues because of market fluctuations. But you can count the current rate whenever customer will pay for it then you may recover. For creating more demand, Bitcoin can be accepted easily as a payment method. His concern is about the volatility and the value in Fiat and not about the Bitcoin it self.He has a point if the business is not yet stable and only starting,but if this is already a strong one?for sure accepting crypto as payment will never hurt the business in terms of sudden fall. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: Smartprofit on December 02, 2020, 09:17:02 AM Indeed, Bitcoin is currently not very good as a means of payment.
Firstly, its price is very volatile. Secondly, it has great value as an investment asset. Paying for goods and services with bitcoins is similar to paying for goods and services with investment gold coins. This is spectacular and pretentious, but completely pointless. Third, the number of daily bitcoin transactions is limited due to the small block size. There are technological restrictions on the use of Bitcoin as a mass means of payment. Fourth, Bitcoin has the potential to become the world's reserve currency. Therefore, it is advisable to store the first cryptocurrency, and not spend it. Title: Re: 🛑 Aren't you doing this Mistake too?🛑 When Bitcoin is Payment System ✅ Post by: doomistake on December 02, 2020, 09:34:25 AM Bitcoin will still have price fluctuations in the future since it is Bitcoin, and I just want to clarify that it's not risky to use a payment. Maybe what you were saying is that the profits you could have in the long run if you are not going to spend it in a bullish market, therefore it's risky. But still, it's a choice if you'll spend it or not.
For me, the only problem I do have why I don't use Bitcoin as a payment is that the transaction fee, I think I can't afford to lose additional money on transaction fee if there is still fiat as an option. |