Bitcoin Forum

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies (https://cointelegraph.com/explained/who-accepts-bitcoin-as-payment) such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Whenever they want to invest in crypto and have enough cash reserves and profit margin to do it (and the knowledge to set it up). If you're a business that can barely afford running costs then it's not a good option for you imo (although I'd argue cash isn't good either as it could be stolen).

If a business owner wants to make a crypto investment or diversify into something that isn't a native currency then that would be the best time to start accepting it, as well as companies with good profit margins that don't need to care as much about how much money they have (such as Software, Coffee shops or graphics design businesses over places like convenience stores).

The chance of a chargeback is also a consideration (choosing coins from faster networks like litecoin and tron/sol stablecoins might be a good way around that though) as well as the fees you're going to be charged if you're using a payment provider and whether these are affordable to you (there's less point in accepting crypto if you can accept cash and buy the crypto with that for cheaper).

It really depends on the business model and whether or not it is a viable option.

For retail, it would be unwise to neglect offering crypto as a payment method. You are getting free advertising and acquiring crypto without having to pay exchange fees.

It's a win/win.

In a small scale business,i will accept both bitcoin and fiat currency in my business the moment I open it,as a bitcoiner to promote the the adoption of bitcoin and to always make life easy for bitcoiners that are my customers. I know the benefits of accepting bitcoin in business as it makes all kind of payment options available,so it is an advantage to my business.

I am working on setting up a gambling shop (Bet King), one of its uniqueness is that,you can pay or book your game with bitcoin. This will bring more customers using BTC ,especially during festival periods. Just imagine that even the shop closest to you accepts bitcoin,you will fill relieved and always patronize it when you are cashless. All method of payment will accessible.

I don't own any business so my perspective might be a little different but I think the first and most important thing is bitcoin to be a legal tender in that country.
If it is not a legal tender then it means you are not paying taxes on the income which is a crime in itself.
So if we completely ignore this part for now then I think I would accept crypto payments as soon as I figure out that the average price of bitcoin used for payments in my transactions should be less than the current price.
So whenever the current price goes above the average price I can cash out and take the profits if needed.
Basically it depends on us how we choose to hold the coins. We can either immediately exchange the crypto to fiat or take the leverage of time hoping to increase the profits.

Online businesses should be the first to be considering already when they see Paypal offering BTC to their users. Merchants aware of inflation and Bitcoin are probably just waiting if there is a big local community surrounding their business who are BTC users.

If I have a brick and mortar business I would display "Bitcoin Accepted" on my doors just to promote the use of Bitcoin as well an in case someone who is willing to spend their BTC.

I think the most important part is having the knowledge, don't accept btc just because so many other businesses are doing so. Especially when you are a small business starting up, btc as we know is volatile and exchange to fiat can be trickish to the business owner and customers. You can also do a text run for few days and see how it works before deciding fully on what to do.

The order of points that should be considered a priority should be: Regulation, business scale, level of consumer interest.
Acceptance of crypto payments should not come from a simple idea, it requires extra management especially since consumers have varied ways to settle crypto payments.

Once bitcoin is acceptable in my region as a means of payment and the demand of my customers are high on making payments using Bitcoin, I think it will enable me to start accepting Bitcoin in my business because the government can decide to monitor business owners who accept cryptocurrency transactions since it is not legal yet but once it is generally accepted in my country, regardless of the price stability I will boldly accept and advice my customers to choose payment with Bitcoin even though it means giving them some incentives to win their heart since am a lover of bitcoin.

One of the first things I did once I learned of Bitcoin was to start accepting it in my businesses. I believe the day I discovered Bitcoin I was mining it before I went to sleep and within a couple of weeks (maybe months) I was integrating it into my business. When BitPay came around and made things easier I was one of the first to start using it on multiple sites I ran. It didn’t take long for the Bitcoin I was holding to start increasing in value faster than my businesses were making money…

If you're a merchant of an Internet business, you should absolutely include bitcoin as available payment option. If you're selling products with little to normal prices, you should adopt Lightning as well, not only because it saves up in fees, but because the other merchants of the same niche will become less competitive.

If you're a merchant that has no Internet interaction (which is uncommon in 2022), you don't have much to gain from accepting bitcoin, along with credit/debit cards, bank accounts, and cash. Customers are less incentivized to pay in bitcoin instead of fiat cash.

If you must start accepting bitcoin as a mode of payment for your business you must do so at a time when you are ready to accommodate it and face any challenges that may arise due to your new option and not do so out of pressure because everyone else running a business around you and they are   accepting bitcoins. That a business is accepting bitcoin is no indication that a business is successful. the major reason why bitcoins are added as mode of payment in business is to create more options for customers, in a place where there is no need for it,  there is no need.

It all depends for certain reasons. First, I’ll only have to accept bitcoin as a payment option once the government starts accepting it and support it as a legal currency. Second, if majority of my consumers are already into bitcoin and are already aware that it can be use to purchase goods and services. Otherwise, if I’ll take the risk accepting bitcoin, I may run out with fiat funds that will be use to roll my business.

Accepting Bitcoin or crypto payments into your business would really be needing to confirm up those status specially on countries laws and regulations, if you do see that its not something a violation or still in neutral

then you could anytime accept or integrate bitcoin/crypto payments but of course there are also some personal factors or things to be recognize first before you do proceed.Its impossible that you wont really be

thinking about price volatility, if you could really bare up those risk then go ahead.If you dont like for your fixed profits to be affected then its not really that perfect time on accept crypto.
It all matters on preference though.

The answer, of course, lies in your particular business and its needs. A businesses should look at the advantages and disadvantages of all payment methods before deciding which works best for them and should only consider accepting bitcoin as a payment option when they get sufficiently educated on the pros and cons, especially if they are new to the field and don't have much experience. In my opinion, if all these businesses want to embrace the future of currency and not get left behind while ensuring an increase in profits and higher revenues, they should start accepting bitcoin as a payment option. The sooner they start accepting it, the better.

The discussion about What Points You Start Accepting Bitcoin as a Payment Option For Your Business is very interesting, but it must first know the model of your business, for example, your business requires a fast turnover of capital, it could be a legitimate payment through bitcoin currency will be a bit hampering Your business capital turnover is due to the payment system through bitcoin currency when the current market price doesn't seem very profitable.

Meanwhile, if your business model does not really require a capital turnover that is too fast, the digital currency payment model can be very profitable because this is a long-term investment that allows large profits when the value of the bitcoin currency rises high.

I will accept Bitcoin in my business when Bitcoin is become a legal tender in my country and when vast majority people already thought people who hold Bitcoin isn't always rich. The reason why it need to be accepted as a legal tender, I don't want to have a problem in my country and this mean everyone can freely use Bitcoin as a currency. The second reason is I don't want to get targeted by a robbery, that's why I still remain private and protect my privacy.

I am not concerned about the big companies as they always have access to a huge contingency fund. But as a small business, I can think off couple of points,

1. Availability of favorable legal framework which says bitcoin is a legal tender
2. Stability in price or at least a steady upward momentum
3. Ability is acount business loss if appearing from bitcoin price change
4. Availability of exchanges who can legally convert to fiat

I think if these points are addressed in a favorable way for the businesses, many small business owners will like to accept bitcoin as a payment method.

Does there have to be any point where someone realizes that Bitcoin is just one more option when it comes to paying for any good or service? We're not even talking about the risk of price volatility, because all the listed companies from the OP and all those we've heard about over the years used payment processors anyway and were never at risk of directly accepting Bitcoin.

The problem that some companies may have when they accept Bitcoin is their reputation, because ask Mr. Mars why he changed his mind, as well as many others who think similarly to him. In some countries, they will tell you that you should not accept Bitcoin as a means of payment because you are doing something bad for the environment, or that it is some kind of money laundering method or some other nonsense.

One thing is also very important, and that is that people do not use Bitcoin as a currency, at least not the majority.

I think when they consider to hold some of it and maybe those companies are considering to accept bitcoins payments when they have enough cash to backup their essential needs in their companies and they can also start accepting BTC for some trials and errors. Maybe their fear is only when the market is not looking good and when they accept huge BTC payments from their customers when the price was high and they cannot seem to sold it fast without waiting for the price to increase again and that itself is uncertain.

I would start accepting bitcoin in my business when customers start demanding for such payment options and when it is consistent to the law of my country. In my location I have just seen two businesses accepting bitcoin payments this is because only few persons are aware that bitcoin can be used as a form of payment. It would not be nice to use bitcoin as a payment option when nobody has requested for such option.

The government policy of my country would also determine when I would start accepting bitcoin as a form of payment. Currently the Central Bank of my country placed a ban on bitcoin, mandating all commercial banks not to carry out any crypto transactions. This has led to negative perception of bitcoin becaue the CBN has painted it as a financial enermy. Many people would engage in crypto transactions if the ban is lifted. Therefore it would be smooth to add bitcoin as a payment option when the government lifts the ban

I will only accept bitcoin payment when everything around me is already aware and are more knowledgeable on bitcoin. Otherwise, if I start accepting bitcoin when all they know is only fiat, then my business won’t work and will eventually go back to fiat alone as a payment because it’s what people only know and become aware.

Acceptance of bitcoin as a payment option may be a consideration if government regulations still do not allow bitcoin as a means of payment. But if it's legal and bitcoin payment options are allowed, of course when I have a small business that I manage myself I will start accepting bitcoin. and the most suitable and fast network is to use Bitcoin Lightning which will manage transactions faster and with a smaller transaction nominal. About the profit margin we have to take it into account so that it will remain profitable for the business being managed.
This will also be an attraction for retail businesses that are run, because bitcoin payment options are certainly still very rare in my place.

^All electronic cash systems are very easy and convenient upon using as a payment in your store so cryptocurrencies are very suitable for this.
During the pandemic, a lot of people used e-wallets to pay not cash because to avoid physical contact and which is the most convenient if you will pay it online. So now regarding cryptocurrency, if you have knowledge of it and instead of investing them using your own money, why not accept them as payment and collect and hold it to store a value which is what most investors do?

a very important point in payments using bitcoin, I think the regulation, after that it will be able to continue even though it requires sufficient knowledge about bitcoin,
but after that we also have to pay attention to what kind of business we will make, recommend for online business if I, if you want to use bitcoin payments

Regarding price stability, there are already some solutions for this, like Bitcoin being volatile so you as a company or business owner will get affected.
I believe there are already lot of payment processor there that will manage the collection of your payment to your customer and there's an option that the collected payment will automatically convert to some stablecoin if you are worried about price fluctation/stability/volatility.

Exactly, most payment processors provide an auto conversion facility so merchants can easily convert the cryptocurrencies received as payments into the cryptocurrencies of their choice. I am using Capital Wallet and they also have this feature which I’ve enabled. So whenever I receive payment in any coin it gets converted into USDT before I get it in my wallet.

A business can start accepting bitcoin as payment method from day 1 on. The business owner has to be paid somehow since the beginning, so better that he gives customers the maximum possible payment alternatives. Then it will be up to customers to pay with bitcoin or not. The important here is that the businessman does he part by accepting payments in btc. By doing this, he is also helping educating and enlightening people around about the digital decentralized cryptocurrency, therefore even if people don't use btc for paymentd there is nothing to lose, because at least they are discovering and learning something else.

Frankly speaking you just have to jump into it and start accepting the bitcoin for the businesses. There is no right or wrong time for the acceptance of bitcoin due to its volatility and short supply.

It's really obvious that for businesses the funds needs to be circulating all the time from one party to another party OR from one vendor to another vendor.

But, to keep it stable the asset needs to be highly stable! Problem is bitcoin is unstable as you can see the history of bitcoin and the trading view for the same.

Now there are two points here:
1) Businesses should accept the bitcoin so that it can be in the best interest of increasing the demand for it.
2) It's always rising historically so it would be best for the businesses to earn more bitcoins and value it in the later time by "HODL".

The market with crypto is volatile, and considering that first, it would be a good thing if you have a business and you are starting to try and accept cryptocurrency, specifically bitcoin. Because if it would be ideal and a lot of people have been looking for it as a payment option in your business, then it’s probably best that you would try and append it into your system. If not, it’s not ideal, but showing that you support crypto could affect your customers and maybe use it as a payment option.

If you are planning to do it, it’s safe to convert it into something that you believe in, and I hope it is going to be Bitcoin, so you don’t have to convert. I think this is a significant consideration as well.

There are a few obligations, to accepting Bitcoin. For example, even if I want to accept Bitcoin in my country won't happen due to restrictions. So basically those who love to invest in Bitcoin will accept Bitcoin definitely. Otherwise, they won't hold it for long due to volatility. Some companies accept Bitcoin but they swap it instantly from the exchange because volatile and they don't want to take the risk of loss. So definitely Bitcoin accepter should be a big Bitcoin fan.

Given the size of the industry, I recently read an article about Tesla accepting Doge, and given that some countries have policies against bitcoin and that the only form of currency most people are familiar with is fiat, I believe that if people have more knowledge about bitcoin, it will help encourage more people to accept it as a form of payment.Let’s share the good news more.

I think you would want to start accepting it at the very start alongside fiat. Accepting Bitcoin would:

1. Remove processing fees (card payments like Stripe charge 2.9%)
2. Remove chargebacks. You would need to pay quite a bit for every chargeback and spend a lot of time dealing with friendly-fraud disputes on Paypal.

There's a lot of free services to get started like Poof https://www.poof.io/ (https://www.poof.io/) or BTCpayserver https://btcpayserver.org/ (https://btcpayserver.org/) so might as well start today.

There's probably been an uptick in accepting other currencies as well. I'm sure networks like Litecoin or Solana are relatively popular options as well.

My country haven't made any statement over the usage of bitcoin as legal or illegal. This means there is a fear, maybe if I start accepting bitcoin, I may need to answer any of the authorities. To face unwanted issues I haven't got plans for it. With time things could change when more people get to know about bitcoin and show interest in spending in terms of bitcoin.

Right now I've got friends who are into cryptocurrency. We used to make transactions in the form of cryptocurrencies for the amounts being borrowed for some needs. Majority prefer cryptocurrency as long term investment.

In any case, Bitcoin alone cannot be used as a payment method.
At all stages of the project Bitcoin payments can be accepted to facilitate transactions in the absence of cash. The problem always remains that it cannot be legally adopted as the only payment method for the service. Especially since most countries do not support cryptocurrencies and do not grant licenses to use them.

Personally, I think as soon as the business started from its inception, they should provide all the possible and available payment options in order to maximize their profit.

The biggest advantage when you integrate cryptocurrencies to your payment options is its accessibility. With this, you are also promoting BTCs which would garner attention and potentially influence other businesses from doing the same method as well. Maybe what is stopping from huge conglomerates from integrating cryptocurrencies to their payment options is regulation with their respective governments.

If I've got few consumers that are ready to make payment in the form of cryptocurrency I'll start accepting cryptocurrency payment into my business. Prior to that I need to educate the people as many of our forum members have done. Maybe this can take little time, because teaching a community about something new is really big.

Its a step on spreading up awareness and raise up recognition even though on small scale and there are merchants or business owners who do really shared up with that idea at least into their vicinity.

Although this cant really be adopted and be integrated totally yet questions would really be mainly asked.For businessowners then it would really be depending into you on whether you would be accepting it or not

into your business.To consider out volatility aspect then you should embrace out that probability and chances.If you could able to bare it out then
its your choice whether you would accept it or not.

It was nice to know that they are the ones who ask for it instead of us who operate a business. There's even one forum member who set up btc payment but non of his costumer use it.

I think it will also depend on our location like if we are living on some places which are far away from the city, then expect that people there are less literate when it comes to technologies or it can also depend on the country that we live as there are countries who are not that active when it comes to crypto and maybe there are history of crypto being banned on them. People there are just being careful and they are not yet aware that the restrictions are now being lifted.

There's nothing as important as the bitcoiner to discover the specific time he sees his enterprise good enough to withstand the curdles of receiving and making payments with bitcoin, there's no big deal in doing that but it need some things to got in olafe before such could be implemented, then there must be a consideration on the kinds of customers your business operates with and also know and carry an effective assessment on the location where the business is situated, just as we all know that business has three developmental phases, the idealogy stage, start up stage and the development or expansion stage which the entrepreneur must study all this before any implementation to ensure all work on its favour.

If I had a small business at this stage and am making minimal profit with hopes of it growing, I can consider allowing bitcoin as a payment option if customers chose so and if I have had the necessary knowledge of how bitcoin operates.
I think what is most important is the knowledge of bitcoin and the intelligence of its application in our everyday life is what makes life easy.
At the point where I can confidently accept payment for my services without much bargain, when I have enough knowledge or a tram with steady knowledge of the use of bit coin, also when my business has grown to get recognition and trust among customers, then I can accept bitcoin payment option because I know it will be more coordinated and effective.

It is definitely true that teaching a community about something new can take time. It would be best to reach out to your local community and discuss the pros and cons of cryptocurrency with them. I recommend posting on your popular local forum or Reddit, if there is one. You should be able to find your community there and ask if they will help support you in educating the public. From there, with their guidance, you can attempt to create a product or service that benefits both you and your customers. We don't know yet how your audience will respond to cryptocurrency, so take your time to figure out the ways that you can best introduce cryptocurrency into your business.

I think I’ll just keep quiet for the big boys to talk on this one😅

Doesnt need for you to be included on those big boys yet you could implied or integrate it out on your own small business which i dont really see anything wrong with it as long you the owner is really that
pretty much aware on things that is happening around on overall when you do tend to accept Bitcoin or other altcoins on your business.You are putting yourself on such volatility on where
you should really be that realizing it on the first hand.Its up to you whether you would be accepting or not and just like the rest been saying that if you are ready or prepared
for such movement of price then go ahead and accept it.It wont really be that hard as long cryptocurrency is neither neutral or positive on the place where you do live.