Bitcoin Forum

It is a common saying that “cryptocurrency is the future” but one can categorically say crypto is the present. Many big corporation now accept cryptocurrencies as a medium of exchange and that is how it begins.

We all know the history of fiat money, how it was first the merchant receipt of deposits in large commercial transactions.
Paper money was first introduced in the 7th century during the ‘Tang dynasty’ in China but it did not appear till the 11th century during the ‘Song dynasty’. It was not introduced in Europe till the 13th century by European explorers like Marco Polo. in the early 1800s, Napoleon issued Paper notes.

The essence of the history lesson is to illuminate the similarities between the introduction of paper money and the introduction of cryptocurrencies. If you also look at the introduction of credit/debit cards you'll see a whole lot of similarities. The point is, these mediums of exchange/payment don't just get accepted overnight. Just as it took paper money centuries to be accepted globally, so did it take credit/debit cards, electronic bank transfers, to be accepted globally. We can see cryptocurrencies following in these exact steps but better, more transparent and easier to understand. Governments, businesses, individuals around the world saw the benefit of accepting paper money and keyed into it. Centuries later, they saw the benefits of adopting credit/debit cards and they did.

Today governments, big corporations, individuals are seeing the importance and benefits of cryptocurrencies that is why they are adopting it. So why should the small scale businesses be left behind?

If you still need more reasons a small scale business should adopt bitcoin, these are a few;

1. Low transaction fees and Quicker transaction:
    It is relatively cheaper to carry  out transactions through cryptocurrencies than electronic bank transfer. It's also faster

2.  High Security and reduced transaction Fraud:
     Every transaction is stored in the decentralized blocks, once the transaction is made, it cannot be reversed or canceled.
     Since no central authority oversees the operation, customer confidentiality is maintained.

3.  New Customer acquisition:
     There are hundreds of millions of people all over the world who trade in bitcoin and other cryptocurrencies. In fact
     according to Zippia, there are about 36.5 million American crypto user and 300 million global users as at 2021. So if you
     accept crypto as payment for your business, you will have more people who prefer to transact in crypto and you have the
     opportunity to expand.

4.  Access to world market:
     Unlike the stock market that has an opening and closing hours (working hours), crypto markets don't have specified
     working hours. It operates 24/7. You can take advantage of this and work around the clock if you want to without any
      limitations.


https://en.wikipedia.org/wiki/Banknote#:~:text=The%20first%20known%20banknote%20was,coinage%20in%20large%20commercial%20transactions

https://yourstory.com/mystory/impact-bitcoin-cryptocurrency-small-scale-business

As we know, small-scale businesses have limited capital funds, which is different from large-scale businesses, so if business owners want to use crypto, they must really enter the target market for crypto itself, they can't just use crypto, the reasons you give make sense, but we return to geographical conditions, the standing business environment cannot just use crypto in every business

If you look at the visionary Bitcoin, it looks like it will become a new currency. This can be seen from its development, more and more large companies trust and use as a payment medium. But behind that you also need to know that not all countries today recognize bitcoin or crypto as legal tender.

Like my country the principal payment option is my country's currency. If the payment is used via Crypto it is considered unlawful, and can get criminal penalties. So far it does offer a good solution, but we are hindered by regulations. Moreover not yet understanding crypto or bitcoin will make people more confident in fiat money recognized by the world.

Looking at global bitcoin regulation I believe it's spot trading user statistics. It can't be concluded at this time that the purchase of goods and services with bitcoins has already accounted for at least half of that figure.
Another issue, I'm afraid that as the bitcoin price increases it will shift the goal of just being an absolute investment asset even though regulations allow it.

Small scale can't work for true crypto because, they have very small profit margins, in my understanding anyway.

If you make 50 cents from a sale (as opposed to big businesses which make $50 a sale let's say) then you're paying off miner fees, consolidation fees, not to mention exchange fees.

Unless you want to only keep revenue in crypto and use fiat for continued capital, but then you're not really a small scale business that needs profit in this case :)

You are very right.
I failed to add that this was for businesses that are in countries where they are allowed to used bitcoin. Also it has to be business that are online because small scale businesses that are not online or do not offer services online will find it very hard to venture into crypto because most of their target audience do not use crypto.

My thinking is exactly opposite! A small business must not accept cryptocurrency as payment. Usually a small business rolls over the money. They always need working capital to sustain and that working capital has to be in fiat unless and until their wholeseller accepts crypto. Also the price volatility can easily eat up their profit within a very short period of time.

So my personal recommendation is not to use crypto for a small business. They can have a service where a thind party converts the crypto immediately based on the current market rate, that's when it makes sense for the small businesses to accept cryptocurrency.

It is good start but unfortunately bitcoin still has to prove itself with it's strong grounds. Why I am saying this? The very factor that everyone understands and knows about the bitcoin: Volatility. As far as small business owners are considered it would unrealistic for them to rely on the currency which is highly unstable and they may end up loosing their so called "small" profits over the time and could go bankrupt. Well we dont want that kind of first impression to the small business owners. As far giant business players they can hold up that much investment for very long terms and hence they are adopting it at faster rate as compared to the smaller one's. We might have solution in the future but for now "comparative" supply is huge and with increased difficulty it would be even slowly minted. Hope so soon, if may be government interfered but keeping it decentralized?

Small scale business will not be able to use only crypto because we are in a fiat world. I also believe that big companies that accept cryptocurrency deal majorly on fiat currency. A small scale can accept crypto and fiat at the same time,this will help the business grow since some fiatless customers will be able to pay in Bitcoin if they bought much items from the shop or store.

Accepting only cryptocurrency in a small scale business will not work because so many countries are yet to adopt it and some don't want it at all,since it does not give the government full control over its citizens financial status.Some persons don't have the knowledge of bitcoin especially the aged people,how will you make business transactions with them,they will not even come close to your store.

I agree with your argument to a large extent. I recently had a conversation with a business man that uses bitcoin to pay for some goods he imports from China. He chose bitcoin because of the scarcity of dollars and the high transaction fee. He was lamenting how the recent volatility of bitcoin have really affected his business negatively. It became glary that business owners would really benefit from it when the price of bitcoin becomes a little bit stable.   

The level of bitcoin awareness in an area would also determine how fast small businesses would adopt bitcoin. If more customers are requesting for bitcoin as alternative source of payment, then most businesses would be forced to adopt it to please their customers. Government policies, availability of vital infrastructures as well as literacy level of the populations are other factors that would also determine the success of small businesses using bitcoin for transactions.   

Using lightening network could help reduce the fees paid a lot and make it profitable for a business to operate.

This poses a major problem for such small businesses. Quite a few of them do not have the cash flow that a company like microstrategy has to hold some of their revenue in bitcoins. They have the option of using a payment processor to convert the bitcoins to fiat immediately, which presents them with exchange fees for each transaction.

Small and medium enterprises could benefit heavily from Bitcoin adoption if the right features are put in place and one point you failed to mention is the fact that, Bitcoin fast transactions can only be achieved through the use of layer 2 network services such as lightning network. Because that is the only way small businesses can manage the cost of operation of accepting Bitcoin in their payment system since they have low capital to play around with, there is a need for adequate management of their resource by adopting the right tools to process their payment at a cheaper rate and less cost-effective.

This is one of the problems with bitcoin, its volatility is good news for traders and investors, as they can only profit when there are huge movements in the price, but it is bad for those which want to use bitcoin as a currency, obviously those businesses could sell their coins immediately for fiat or stable coins in order to decrease the volatility they are facing but if that is the case then the usage of bitcoin as a currency can be questioned, so until bitcoin becomes more stable many businesses are going to be afraid to use it and to keep it.

I cannot participate in advising small scale business coming up to start the acceptance of cryptocurrency because there are aloy of cryoto coins there that are not worth deserving to be called a digital currency or coin, they are just a pure version of scam in pretence, but when ot comes to talking to others about bitcoin then i can take the lead because i have got the several years of experience in dealing with bitcoin and yet i never found any bad luck with it when you invested, we must understand that crypto is wide and we must be intentional about which coin we are going for or recommending smal business start ups to engage, shitcoins could eventually bring down their whole dream about the business they do with massive discourament wjen they have scam experience with other cryptos.

I agree that having 300+ million customers is great, but do you really think that anyone in the world would reject dollars? I am pretty sure that dollars is even bigger, in billions, and yet we are not rich, which means that as a business you do not scale just because you accept dollars, and there are plenty of companies who do accept bitcoin and doesn't scale that big neither.

All of these mean that we are not going to really see someone do something that big at all just because they started to accept bitcoin. What could possibly happen though is that if you go into crypto related business, like an exchange or anything related to crypto, then it could make a good money.

Learnt new stuffs from your crooked structured thread, also, I paid an attention to the history you wrote and its clear that nothing happens overnight. Soon small businesses around the globe will adopt the cryptocurrency payment method they're not yet sure or convinced. Think about it and put your leg on the merchant's shoe, considering the plethora of FUD news with proofs about cryptocurrency, would you risk a business for that? these guys need to understand cryptocurrency before venturing into it, but from their research, its difficult to change their minds towards accepting cryptocurrency. Thanks to clients that ask merchants if they accept cryptocurrency, but the answer sometimes is NO with references to familiar news on the internet that made them not to choose cryptocurrency. Only a strong hand that is familiar with cryptocurrency will accept cryptocurrency as a payment method or I presume that in future people will get hired to manage cryptocurrency payments medium for small scale businesses. It'll help with the fear of losing profits.

To be honest, as far as small businesses are concerned, cash is the king. No fees whatsoever. No waiting time as well. Transactions are confirmed as soon as you get the money and you give the product. Perhaps the only downside is that there could be counterfeit bills and coins that you might receive. Most often, though, you couldn't detect it easily and you will also be spending them. But if your small business accepts online transactions, then Bitcoin's Lightning Network is a good addition.

Inconstant tx fees are the reason bitcoin doesn't get much attention.
Since marketplace sites and home businesses became popular among the younger generation in my country, instant payment wallet platforms (fiat) became the priority choice for their purchases even over cash. Applications in collaboration with local banks have been developed a lot and it is completely free of charge for depositing funds with transaction fees much cheaper than payments via the bank itself(average $0.1/tx) and relatively fast.

As much as cryptocurrency could be a boost, there is a downside to it qhen it comes to small scale business.

Now, one of the advantages of business, enterprises and there brackets accepting cryptocurrency is the fact that, you can hold and have its value rise above your selling price for a commodity but, for small scale businesses, what you sell is often reinvested as it is deep into your capital. Hence, in the event of a bear market, your small holdings which is also your capital from accumulated purchases could reduce in value and you'll be in a lose as commodity might maintain its standard price.

A side to this might be a usdt conversion to provide a hedge against devaluation but then, the crypto acceptance becomes you just providing another means for your customers and that's not bad though.

I agree, small business profits are much lower than big business, and cryptocurrencies are one of the most volatile assets, so it is easy to cause unnecessary losses if they use electronic money. But that's not the main reason, as Luzin mentioned: the legitimacy of cryptocurrencies that's the biggest hurdle businesses are facing. If governments legalize it and promote the use of cryptocurrency in the country, even if it is less profitable, businesses will consider using it to compete and attract customers.

True that. The volatility is just not what they need for their business to grow. They couldn't make this to thier advantage, unlike the traders.
What may just be good for them is accepting stablecoin just to prepare for customers who are willing to pay crypto.

If I have a small business, this will be my route to go, And with it, I can easily invest BTC.

Cryptos are volatile so what do we expect with their fees? It won't be constant or the same every time we make a transaction but isn't it great? Because, not all times the fees are going to be high but there will be times that the fees are going to be dirt cheap and this makes us motivated to transact more. Btc is popular because it is widely accepted but people are aware that there's also altcoins which are faster and cheaper than in btc so they also use it sometimes.

Online business became popular during the pandemic times and digital payments have became a perfect companion for this. It's normal that most of them are going for those fiat based payment methods because it is more legal and more easier to use. It's also regulated so they feel safe with it but they aren't a loss to us.

I think giving your customers/clients more payment options is definitely something that will help you make a sale, whether its a small scale business or a large scale business, does not really matter. You could also procure more clients by using crypto as a marketing gimmick, just to get people more interested in what you have to sell.

The best option would be if you had an online platform and an online presence with a considerable amount of loyal followers. But even if you hang up a "We accept Bitcoin here" sign on your physical store, you will be getting interested looks, either way.

It depends on some regions though. Here in my country, they use some payment processor and wallet app as well that holds their money digitally and be able to send it by means of SMS without any fees so they might not think about adopting cryptos for now unless their business were already taking off.
I would not accept it either once my clothing shop has not yet took off. If I was allowing payments back when Bitcoin was around 60k+, then I would be in a lot of loss right now probably and I would even need that money to circulate my stocks.

For #3, you can never be sure how many of those millions are distributed to each countries.

It hasn't to be forced adoption and acceptance for them. I think those small businesses owners and at the same time bitcoin investors and enthusiasts have done their thing.

And that's to adopt bitcoin as a payment method for their business. We're going there and soon, most of those businesses we'll see the sign board that they're accepting bitcoin.

Small scale businesses, from their category already, won't prefer cryptocurrency. They would only mind getting profit regardless of the mode of payment. Given that they are 'small scale', do you think they would want to invest into something which has a very volatile market value, their 'small profit' from their business? There's a higher tendency that they won't because in small businesses, money should be circulated to continue the 'run' of product-sale relationship. There are indeed small businesses accepting cryptocurrency as a mode of payment, such as in my country, but that's their initiative. It is not surprising that there's more who does not. There's even a higher tendency that bigger businesses would, simply because they have the capital to reinvest their profit from their business, inspite of risk.

I don't believe that small businesses are the perfect candidates for accepting cryptocurrencies, at least not now. The market is constantly fluctuating and generally standing on a thin line, especially after FTX went bankrupt. I don't think that small businesses are capable of handling such massive variations. On top of that, I find it hard to believe that cryptocurrencies are as widely adopted as credit cards, and I doubt that the fees are actually considerably cheaper, unless we're talking about Monero or Stellar, which offer relatively low fees.

Yes, it's their own initiative and passion and love for bitcoin.

There's no need to be forced just for them to accept it. I think we're more on the side that we just have to keep educating business owners and everyone just for them to realize that they're still on the early stage.

Nonetheless, whether we tell it to them or not, the adoption will naturally to happen and it's what we all know that's going to come into reality.

Acceptance at the bottom level will make businesses develop along with the real-time growth in the cryptomarket. When the bottom level of people starts using it, automatically we'll experience the increasing demand in the global market. Whenever similar things have happened in the large scale, bitcoin have marched towards new ath.

Because it is important for the development of cryptocurrencies in general! The point is probably that not many small business representatives are not interested in this, so they just don't need it! There are, of course, some nuances!! Cryptocurrency should have a low transfer fee, otherwise no one will want to overpay more.

Before crypto becomes the future, it has first fully conquer the present.

No matter how nice, current and standard accepting cryptocurrency can make a businesses look, Small scale business owners need to and  should be able to understand their business structure to know if receiving cryptocurrency is good for their business or not. Not all businesses in my opinion will need to accept crypto for payment, the money that people pay to them for services or products are too small to make over a crypto transaction.

Looks like the world has a history of lagging behind on financial stuff, considering people were skeptical about paper money at the beginning.

It's good news for crypto though, because that means the world  is eventually going to accept it (sans scamcoins and worthless shitcoins).

In summary, small businesses should accept cryptocurrency (primarily bitcoin), because it's cheap to move, it can't add potential chargeback expenses, it's private (or pseudo-private, whatever), it never shuts down, and it serves fast transaction settlements.

I don't understand how that's gonna help small businesses.

Big companies usually have a wider range of customers and users so they will provide various transaction and payment methods to make service easier. However, this will also depend on the company or merchants themselves because they are also sometimes hit by government regulations in that country.

Payments with crypto can actually apply to anyone and any company, on a large or small scale. Because this is what crypto is for, namely global payments. With widespread promotions and notifications, the use of crypto might be more advanced and developed again, if there were no strict regulations from the government.

This is how to start it because people are always curious to learn and have different payment options. Creating a Bitcoin payment option is good for business like groceries and stores where people can come and buy whatsoever they want and still patiently go for the best option they think are suitable for them. Having a business and adding payment option like Bitcoin could make more buyers to swift to such option especially for those that knows more about or cryptocurrency. I hope in the next few years people will start subscribing for Bitcoin payment option is it is universal.

I agree to all your points except the first one. If a small scale business is accepting crypto payments then they will obviously receive a bigger market but we can't say that the transaction feews would be cheaper than bank transfer.
It just depends on what payment method they are using and the country they belong to. For example: I live in India and we have UPI payment here which are used for small transactions.
The amount is directly transferred from one bank to another without any charges. So basically they are paying 0 transaction fees on UPI payments.
The payment limit per day differs from bank to bank but on average its restricted around $1000 per day which is more than sufficient.

In summary, the adoption of cryptocurrencies by small businesses can offer benefits such as lower and faster transaction fees, increased security and reduced transaction fraud, access to new customers and global markets without time limits. Additionally, the adoption of cryptocurrencies can help small businesses stay up-to-date with global trends and benefit from technological innovation opportunities. However, it is important to note that there are also risks and challenges associated with the use of cryptocurrencies, such as market volatility and the possibility of fraud or scams. It is therefore important that small businesses educate themselves thoroughly and make well-informed decisions before adopting cryptocurrencies as a means of payment.

All the current mediums of exchange that we had and currently using were not globally accepted at first. People are scared of changes and settle on what they are used to not until mass adaptation happens. When the internet started only a few are using it, mainly large-scale businesses. But look at our society now, we are internet dependent. The point is, at the moment cryptocurrency may not be as viable as cash in terms of the medium of exchange since there's the issue of volatility, adaptation, and accessibility. Not everyone is aware of crypto yet and not everyone has access to it yet. And to add, not everyone views cryptocurrency as a medium of exchange, but more of an investment or a store of value.

I don’t think small scale businesses should have to accept cryptocurrencies as a medium of payment. While it’s a great alternative to accepting cash payment, I think small businesses would probably find it more difficult to adopt receiving payments for their services in cryptocurrencies (preferably bitcoin).

Fiat is widely accepted and used hence why it’s the preferred currency businesses mostly adopt when starting out. They haven’t got the luxury nor the flexibility of accepting any other means of payment like big and huge corporations do.
Small businesses could have an option to accept payments in cryptocurrencies and also accept payments in fiat which is mostly used and accepted. Accepting payments in cash doesn’t really bring any disadvantages to the small business owner.

That may be true but you've left out a key part on why small-scale businesses may not sustain accepting payments through bitcoin. Which is its high volatility rate. Bitcoin's fluctuations are violent that your investments could literally go zero if you're not careful enough. With small-scale businesses hanging on a tight balance in between making ends meet and bankruptcy, there's no way they could allow such high-risk maneuvre be implemented. Perhaps if bitcoin sobered down a little bit it would be applicable, but that would not be great for us especially day traders who make money from trading cryptocurrencies. I think the way small-scale businesses are operated now is sufficient. Little if nothing should be changed on how they operate.

What would be your opinion about this, OP?

It's easy to say this and that but once there's a regulation it would hinder them from acquiring cryptocurrency. There are places in the world that doesn't like the existence of crypto currency especially the Bitcoin where no single entity controls it.

If the bigger business firm would have a problem accepting/using cryptocurrency/Bitcoin, then what makes you think the small scale businesses won't have a problem either?

The main desire of entrepreneurs is to create prestige for their company in order to increase sales. Naturally, entrepreneurs do not pass by the sphere of cryptocurrencies, because it is important for the company to introduce something new. Any news that the company has implemented payments in cryptocurrencies can create a very good advertisement for the company. But why can't entrepreneurs introduce digital currency into their business in any way? It seems to me there are reasons on both sides! the first reason is inconvenience on the part of buyers, not everyone wants to mess with a cryptocurrency wallet when it's easier to pay with a bank card or cash! And the second reason is from entrepreneurs. Not every entrepreneur understands how to properly organize payment in cryptocurrencies.

Small businesses are not allowed to accept cryptocurrencies as payment. Not everyone knows about cryptocurrencies, not everyone can use it, and some people are unable to trade in cryptocurrencies. The price fluctuations and transaction fees of cryptocurrencies also impose certain restrictions on transactions.

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

Of course!! There may be more reasons! Perhaps the entrepreneurs themselves cannot properly arrange payment in cryptocurrencies. Perhaps the customers themselves do not want to get involved with crypto wallets.

There are only a fewer countries that banned it and it is the same with PayPal which is widely used by people around the world. It doesn't mean that if it is not widely used we will not implement it, it is the decision of the business owners, I have seen a lot of threads here that are business owners accepting bitcoin as payment for their goods and items, it is for awareness of the people. But again it is only one of their payment method not ONLY the payment method as there are people who want to pay by a card or in cash.

I don't think some, many countries still haven't accepted bitcoin and aren't ready for it. I have also followed many threads about small businesses accepting bitcoin as a payment method on the forum, but I think most of those stores are from countries where bitcoin is very friendly, and legal.
I don't mean because it's not popular, it's not implemented, I mean its legitimacy, as long as bitcoin becomes legal, even if bitcoin is unfriendly, businesses can still use it. What businesses fear is not the absence of users but the legitimacy because the business does not want to be entangled with the law.

I am still going to say that we are still far away from such high adoption because the reasons you gave are actually reverse of it. We don’t really have low fees and high transaction speeds all the time in the crypto verse. For now yes we are doing just great but imagine what happens when there is high adoption of the bitcoin. You will see crazy high demand of transaction and thus there will be rush of bitcoin transactions and network congestion will occur all the time. We have already seen what happened when the prices are hiking for bitcoin. May be lightening network needs to be adopted first to avoid these complications.

Most countries do not ban bitcoin primarily as a trading and investment asset, while most countries still do not legalize it as legal tender. Legality is the reason why bitcoin or crypto users in my country cannot yet use it as a legal currency, but I can assure you that trading and investing is legal.

I don't think price volatility will be a big issue as businessman/ trader can easily convert their bitcoin to fiat when they use exchange to accept payments. But maybe service fees are an issue to think about so trader or businesses that adopt bitcoin will have to adjust the price of their goods to make profit without additional problems. It could be that the price of goods will be slightly more expensive considering that traders have to pay trading fees as well as withdrawal fees if they have to exchange their bitcoin and withdraw fiat to a bank account.

I think the advantage of small-scale businesses is its regulation with the laws. Given that they are only "small-scale," the some government institutions somehow waives the right for them to comply with the existing licenses as a form of support and help. A good example is here in the Philippines, street vendors are not required to file taxes as a form of privilege to the needy.

I hope the government somehow adopts the same concept with cryptocurrency when it comes to regulation. The fact that there is that potential of cryptocurrency becoming an alternative currency for their services/products, the hope still remains that it will soon be accepted as a whole.

Adoption from the small scale businesses will help with the regulation of bitcoin and it's usage around. Same time this serves to be the real growth than some corporate making its entry into cryptocurrency adoption or acceptance of cryptocurrency into business.

Usage and adoption from the low bottom leads to the real growth and progress. In that way the layman's acceptance and understanding about cryptocurrency matters a lot. This is being experienced all around the world with more Street vendors accepting cryptocurrency payments amidst the regulation and legal status of the country on cryptocurrency usage.

I totally agree with you. When big brands take any stand with respect to cryptocurrencies’ usage as payments, it spur a movement in the market. When Tesla decided to accept crypto payments, its value rose by 15% and when they stopped, bitcoin’s value dropped to approx $45,000. In such scenarios, cryptocurrencies seem a good option only for speculation. But when small businesses start adopting crypto payments, it doesn’t cause such volatility and crypto can be seen as an effective payment method.

As a small business owner, I too have started accepting crypto payments with CapitalWallet as I really believe in the supremacy of cryptocurrencies as payment method. Getting paid in crypto not only helps in lowering transaction costs but businesses can also attract new customers who are willing to pay in crypto.

Are you telling that if a small company starts accepting cryptocurrencies, its value will also raise, like Tesla's? Otherwise I dont understand why you have mentioned it.

As to transaction costs - when you sign a contract with any of your local banks, usually they dont charge card terminal rent during first year, some of them even dont charge during whole period when you are their client. I know that it differs from bank to bank, but they usually charge 0.9% or 1% + 0.01 EUR for each transaction here in Europe. For a small payment it is nothing, but when you make large payments its is costly. But we are talking about small business here. What is an average check in small business ? 10-20 EUR? Now compare 21 cents transaction cost to an amount you will spend to transfer crypto to exchange, trade, withdraw.

As long as you live in a country where cryptocurrency is legal, you can use cryptocurrency for your small business. I'm not sure it will help you reduce transaction costs as it depends on the coin you use, but I think it would be an idea to attract new customers. I really like this idea, it's casual, but for crypto users, it's a stimulus to buy from your business.

But you also need to take into account the volatility of crypto. For example, bitcoin is very volatile, and can go up 10% or down 10% in a short time, so you need to be careful if you don't want your profits to drop.

I have given a thought about this a long time ago. As a business owner, I sell rice as a wholesaler. I have been accepting Crypto payments for over 2 months now.
I am having good feedbacks from my customers who pay me with crypto.
If you are interested, have a look at this post that I made a few days ago.
It's been 2 months and now I am doing well.(I guess). (https://bitcointalk.org/index.php?topic=5429986.msg61462181#msg61462181)
Unfortunately, my customers haven't paid in BTC, But it's a start and in future I will get some for sure.

Small businesses have always experienced problems in their development and really why not use cryptocurrencies. This would probably be a great solution, especially now that fiat money is experiencing a big problem with inflation. Of course, the use of cryptocurrencies for payment would solve many problems in many industries. I, like many others, are waiting for small businesses to start using cryptocurrencies to give a new impetus to the development of the cryptocurrency market. I am sure that all this will work very soon, especially since the current situation in the world forces us to do so.

We all want to be protected from financial losses, we need to be prepared for high volatility, especially when people hear that this can lead to increased risks, this will scare off many. This will be until a person understands the benefits of bitcoin. But what's good for a long-term investment may not be good for a business if the payment received decreases over time after the payment is received.

Well, the major challenge I think small business have with accepting bitcoin payment is on the issue of acceptability.

For me, I feel or think that big businesses, that is cooperations, manufacturers, wholesalers need to start accepting bitcoin Payment from the retailers before the retailer start accepting bitcoin payments from consumers.
This is because it makes no sense when a retailer accepts bitcoin payment from a consumer, only to have to convert the bitcoin to fiat in order to be able to buy and replace the goods sold to the consumer, all because the wholesaler or manufacturer does not yet accept bitcoin payments.

So for Bitcoin's adoption/payments for goods and services to be really effective, the it's acceptance have to start from the top then down to the bottom, that is from the producers/manufacturers down to the wholesalers, retailers and then down to the consumers.

Small businesses are not allowed to accept cryptocurrencies as a means of payment. I wonder who made that declaration. Admittedly, not everyone knows about cryptocurrencies and more people don’t know how to use and also trade. That doesn’t mean small businesses are not allowed to accept cryptocurrencies as a means of payment. In my opinion, it would spread the word about bitcoin and people that haven’t heard about bitcoin ever would then hear about it and how it could be used for payment. I think if people met businesses that accept bitcoin, it would arouse and peak their curiosity about bitcoin.

Small business should accept Bitcoin as payment for goods and services to facilitate the adoption of a decentralized currency.

More importantly they should consider how to accept Bitcoin for payment.  Most options are centralized and because of that defeat the purpose of Bitcoin completely.  If a small business is going to accept Bitcoin it should be using their own Bitcoin Core node.  Any other option will defeat the purpose of a decentralized currency

Tom McPhail

Having extra payment methods are always great no matter what they are. It is not about really a crypto payment thing, it's about the fact that if you accept credit card, wire transfer, paypal, payoneer, crypto and many other things then you are offering people more chance to accept it.

Even gift cards are accepted in some places, I have this shirt company that accepts amazon gift cards as well, they literally take regular amazon gift cards, usually it's not an even number, so that means you buy 140 dollar worth stuff and pay 100 dollar with amazon gift card, and 40 with credit card, but it works. So, it's always better to provide more payment options.

And the place also greatly influences the acceptance of payments using bitcoin, because not all regions use the payment method using bitcoin, so adaptation and approaches are needed in formulating payments using this method.

The relevance of payment using bitcoin is based on the ability of certain regions to adopt bitcoin as a means of payment, if the area has not fully accepted bitcoin as a means of payment and retailers try to force it to use this method, it is feared that customers will feel uncomfortable, so they move to other places in shopping.

The correlation might be like this!!!
Everyone tries to bind customers in any way for convenience, both in the form of services and payment methods, so that customers feel comfortable and do not intend to shop elsewhere, this concept must be applied to any business, because trading is the same as investing

For me it's good to use the payment method using bitcoin, but we have to pay attention to what age range our customers are?
Because if the customers we have are over 40, maybe at this time payments using bitcoin are not fully matched with their age. Innovation is important but must be placed in the right conditions.

For this one I quite agree, there needs to be a more consistent approach, the introduction of bitcoin as a means of payment must continue to be campaigned, so that people understand when they start making transactions. That means it has to start from the top and slowly go down, producer to wholesaler, retailer to consumer so that this adoption correlation is slow and easily understood by anyone.

No, I am saying that when small businesses accept crypto as payments it doesn’t have a strong impact on its value contrary to how the price rises or falls with any decision taken by big firms.

As far as costs are concerned, I’m paying 0.5% as transaction cost and no withdrawal fees so it’s less costly than fiat payments.

Bitcoin’s volatility doesn’t scare me anymore as I prefer to accept stable coins as payments. It’s a good option to hedge from crypto volatility.

Indeed, in the end many people will think that coinstable is the best option to adopt as a mean of payment in an effort to avoid volatility. I don't think that's a problem because many adopters will also be more likely to convert to stablecoin or fiat, meaning they don't hold those bitcoins as a long-term investment.

After all if these adopters want to invest then of course they can use those stablecoin to buy bitcoins. I know some people will accept bitcoin and hold them long term, but others will convert them as quickly as possible to avoid volatility. Both ways are not a problem for me, it depends on the wishes of each adopter.

Those business owners will most likely convert it into their own fiat currency when they need to buy supplies for their business. We have seen a lot of threads here in the forum where people are already accepting bitcoin in their businesses, and they usually convert it immediately as they also need it to be fiat, but there are also others who want to hold it and keep it for future purposes or use it as a savings.

I don't have a business, but I am happy to see other businesses accept bitcoin as their payment method because it can raise awareness among other people, and for others that have an online business, it would be easy to receive payment (easy to set up compared to the usual method that needs documents).

IMO small businesses can only gain something from accepting crypto if they immediately sell their coins on the market. This will not be good if the total number of small businesses becomes big and all of them put enough sell pressure (like retailers). Even if that won't make any difference on the markets, that will also not change the mentality of small businesses to hold on the crypto that they will receive through the sales of their goods or services. It is not easy for a small business to survive if the markets keep falling the way we saw it in almost all of the last months.

I think it absolutely makes sense for small businesses to accept bitcoin as payment for online purchases but for any sort of in-store purchases, they will need to use lightning which comes with an entirely different set of challenges.

They would also have to worry about the price volatility between when they accept it as payment and when they sell it if they don't want to keep it. Since I think that selling non-KYC bitcoin back to a KYC exchange is one of the absolute worst things you can do with bitcoin (I would even consider it an attack on Bitcoin), I think businesses should only accept it if they believe in Bitcoin.

I am only interested in getting businesses to accept bitcoin as payment because they actually understand the value of bitcoin and want to actually keep it to use it as money or even hold in reserves and borrow against it. The best way to orange pill businesses is to just stack sats and hodl until the price is so high that businesses come to us and ask us how they can accept it as payment. Unfortunately, they should be doing all they can to accept it when its low but they will learn in time. 

If I have a small business, I will not sell the cryptos that I got from selling but I will hold them first and only sell them once the bull run comes. I can guarantee that the store will still run in a perfect condition because I will still accept a fiat and other forms of payment methods. They aren't the same with crypto where their values can also grow so this will be the one that I will use to buy stocks/supplies for my store.

For those business who are not into hodling but only want to extend their payment support then there are payment solutions that they can use to automatically convert the cryptos they obtain from their customers to their desired payment method.

In a business, It’s always nice and advantageous in my opinion to have various means of receiving payment for services rendered from customers. The more the merrier right? You’ll be giving a wide variety of people the opportunity to be able to pay with whatever means they’re comfortable with.
A small business that would be able to accept payment methods including accepting payment in bitcoin would, in my opinion help grow the business as people that are willing to pay with their preferred means(eg. Bitcoin) would be attracted to the business cause of its acceptance of bitcoin as a payment method.

Absolutely, small-scale businesses can indeed benefit from embracing cryptocurrencies as a medium of payment. The growing adoption of cryptocurrencies by major corporations and governments mirrors the historical progression of other forms of money and payment methods, demonstrating that it's not merely the future, but the present.

The parallels between the adoption of cryptocurrencies and the introduction of paper money, credit/debit cards, and electronic bank transfers are evident. These transitions didn't occur overnight, just as paper money took centuries to gain global acceptance. Now, cryptocurrencies offer a more transparent and efficient alternative, with several compelling reasons for small businesses to adopt them.

Firstly, cryptocurrencies offer low transaction fees and quicker processing, making it a more cost-effective and faster option than traditional electronic bank transfers.

Moreover, the security and reduced transaction fraud provided by cryptocurrencies are unmatched. Transactions are stored in decentralized blocks, making them irreversible and immune to cancellation. With no central authority overseeing operations, customer confidentiality is maintained.

Small businesses can also tap into a broader customer base by accepting cryptocurrencies. With millions of cryptocurrency users worldwide, integrating crypto payments can attract those who prefer this method, expanding your reach and opportunities.

One significant advantage is the accessibility to global markets, as cryptocurrency markets operate 24/7. This means you can engage with customers worldwide without being constrained by traditional market hours.

At https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks (https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks), we appreciate your insights and would like to add to the conversation by highlighting the benefits of using our crypto payment gateway.

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