Bitcoin Forum

Organisations, medium businesses and small businesses are accepting crypto, not rapidly but it's growing naturally. Customers are asking merchants to accept crypto as payment for services they are providing.

Well, this is a really basic reason. But merchants do have other reasons as well to accept crypto payments.

What's your reason? 

Businesses are want to accept crypto payment because it's the best payment in order to accept every citizens to use their service due to borderless payment option. But I think it's only for online businesses where the customers ask to add crypto payment, while offline businesses you can directly use fiat to pay anything without need to ask if they're really accept Bitcoin payment and I don't think there's a big demand from the customers.

I mean, that's pretty much it? The reason to accept a specific currency in general is so people that wanted to use it could pay using it. There doesn't need to be another purpose.

We have so many reasons why people do accept Bitcoin as a payment option and they include; to increase bitcoin's adoption, if you check most of the threads created here about how they're now accepting Bitcoin in their businesses you'll see that it's just a means for them to help in the grow of Bitcoin ecosystem.
Another reason is because of the lack of regional restrictions, unlike fiat that has restrictions Bitcoin can be used anywhere without the fear of restrictions.

too many reasons if we think about it, but what I often think is they accept bitcoin or cryptocurrency to expand their market, and make their payments easier. You know that it's quite difficult to make transactions if your target is international. bitcoin or altcoins will make that transaction easier. however, its other goals are also to increase profits, as well as accumulating assets while doing business.

I think the proper question should be, what are the reasons why we feel more  merchants should accept Bitcoin as a means of payment in their stores. We don't have much merchant on the forum so asking the questions from their angle won't yelled much positive response. I'm not a merchant anymore but if I still run my personal business I'll accept Bitcoin.
The reason I'll accept Bitcoin is because I'll be exposing my business to a new fan base. People might just patronized me because I'm accepting Bitcoin and those who do so will spread the message and I'll be getting free publicity without spending any penny. If Bitcoin isn't consider illegal in my country I see no reason why not to accept it.
Means of exchanging it to my local currency is very accessable and I can do that with my phone so what's there not to accept it. Merchant are missing out on profit as people are looking for means to spend their Bitcoin.

It's a payment method that you can easily accept and it's a currency that you can easily exchange. It's both at the same time and has millions of users. Why shouldn't anyone accept bitcoin?  It's volatility can be a little tricky cause it can go from 20K to 18K in a minutes sometimes and during the payment process your $20 value product can become $18 during the transaction confirmation timeframe but opposite can happen too but it's not a huge deal and no one has ever stopped by this reason alone.

I want to underline the greatest advantage of bitcoin payments: You can install and setup BTCPay server on your website and accept bitcoin payments without any 3rd party payment gateway companies. This gives you full control on addresses and you don't have to pay any fee to anyone, so all the money, 100% amount of coins goes into your address.

Customer acquisition is the only thing I can think of. Businesses will be more than happy if accepting cryptocurrency payments will help them to find new customer base. Otherwise crypto payment option is a risk to the businesses purely due to the price volatility.

Last week I had to renew my hosting plan for my business. This time I have ditched my usual hosting service provider and went ahead with Hostinger because they were accepting crypto payments. So I purchased a hosting plan for 4 years. That's what I mean by customer acquisition.

Accepting bitcoin or cryptocurrency for businesses other than attracting more customers, there is no second reason. Nowadays, the use of cryptocurrencies is increasing rapidly, so accepting cryptocurrencies or bitcoin will also attract an additional number of customers for businesses. This is normal because the world is always changing and developing, people need to keep up with the times to be able to survive.

The reason for accepting cryptocurrencies is simply that if you are interested in growing Bitcoin then you should be an early adopter and get other merchants to do so so you can create a circular economy in your city.

They can accept Bitcoin to join the market early.  Or, they may be accepting it as an investment.  It is more simple to accept Bitcoin directly than to accept Fiat and purchase Bitcoin with it.  Or, they may be accepting it just for marketing purposes.  If I had a small business, I would look for ways to expand my range of customers.  This is one way to do it.  The Cryptocurrency community is large enough to make a change and supportive enough to help a business out, even if just a little.

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Regards,
PrivacyG

There are many reasons that can prompt the acceptance of bitcoin for payment;

(1) A vendor who knows about bitcoins and is looking for ways to get bitcoins into his wallet without him investing the money he has at hand. He can decide to include payment in bitcoins as an option as a way for him to get bitcoins.

(2) Acceptance of bitcoins for payment can also be prompted by the environment and the kind of niche that the business is. A business in an environment where there are youths actively involved in cryptocurrency can make a vendor add bitcoin as a payment option.

(3) To receive payment from people or individuals that you do not want to know your name.

These are some of the reasons, there are more.

Merchants are created and operated to serve their customers. What their customers ask for and if their requests are legit, practicable, merchants will consider to integrate it into their platforms.

Adding cryptocurrency payments also help merchants to expand their customer population to more people. Like one cryptocurrency project announces its partnership with a merchant and their cryptocurrency can be used on that platform, their community members will want to explore the merchant platform.

For unbanked people, they will see chance to use cryptocurrency and get access to merchants as well. They will have double benefits by using cryptocurrency, no need to have a bank account and can access to many services and buying, exchanging many products.

Since I have been using bitcoin and some other cryptocurrencies, I have prefer to send using them instead of using fiat, sometimes it is more convenient for me to send bitcoin.

There has been many situations that a friend and I will have a deal and I will prefer to use crypto.

If other people are feeling like I do, the number of people that are using cryptocurrencies are increasing and such people are also looking for ways to use bitcoin for payment too. That is a good reason enough.

You personalized the topic, so answering for myself, the only service I render in which I am paid in Bitcoin are remote freelance gigs, like my current signature campaign on the forum or on other platforms.

And I accept them cause it's the best option for transactions across border and to maintain your anonymity. I can remain as an online forum personality and earn through my campaign without having to reveal my identity.

Converting your investment to a more profitable investment. This is the reason I guess why people or owners of different businesses are starting to adopt this technology. The market prices are simply having higher rate of increase in comparison with other type of investments, therefore generating bigger profit. In terms of being an alternative mode of payment, there are still problems for it to be the possible reason from doing so. It is more likely for merchants to fail sustaining their business or to partially lose whenever the market price is falling. It has advantages in terms of anonymity and avoiding taxes but for sure such thing is not that needed on a regular basis when purchasing marketable goods.

Everyone has his own reasons why they accept bitcoin as a payment medium for their business and here i wouldn't encourage other cryptos than bitcoin, let's consider many factors which could be to aid the fast growing of the business with multi currency acceptability for their services or commodities, it could also serve as an investment asset which has the capacity to yield profit while the currency is still on hodl on the wallet before using it for purchase or exchange through p2p.

Most people in my area accept bitcoin to invade unfavorable bank transaction limitations. Banks in my country limit the amount citizens can transfer or use for business transactions. Also, the banking charges sometimes are very high, hence bitcoin transactions offer cheap transaction fees. Bitcoin transactions to a large extent are fast and more reliable than most banking transactions that are always affected by network issues. Although it is wrong, some business owners accept Bitcoin to invade taxation. Some business owners might want to keep their business dealings private which is why they use bitcoin.

If I had a business, medium or small, I would have started accepting bitcoin as a means of payment a long time ago to attract attention. That is, in fact, I would use it as a marketing ploy. I don't think that at first there would be many buyers willing to pay in btc. Of course, it depends on the services provided and human traffic.

Another reason is the ability to accumulate bitcoin. For example, if it is an online service, let's say, for the sale of educational materials, then I would be ready to keep received btc's for payment. Because it doesn't require circulating the profits received.

Another reason: to keep up with the times. This allows you to keep up with the development of the market and overtake slow competitors. It's like accepting credit card payments when everyone else is still cash-only, like it was quite recently (a couple of decades ago). When people experience the convenience and benefits, paying with a bitcoin will pay off handsomely for business.

in this case I can say that my position is only as a consumer because I do not have a trading business, from my point of view as a consumer, of course using bitcoin will be more effective as a payment alternative, because compared to carrying fiat money  is certainly too dangerous if there are large amounts of it, besides that cheap transaction fees are the main reason because if we compare it with transfer fees between traditional banks is bitcoin fees are very small.

I have a business that I am running for years now and I accept Bitcoin as means of payment from those who want to use Bitcoin to settle me but I did all this to help spread the news about Bitcoin around my City, so far, I have manage to create many awareness, university students now pay me in Bitcoin to get their new designer clothes 👗 ready up, I also like how some are not interested but they still ask questions what Bitcoin is all about, I have no other reason.

You already have answered the question and you are looking for more reasoning. Well, back in the day, we used only cash before we had any other method. Then we got cards. People don't carry cash. Merchants had to accept card payments. Otherwise, they are losing customers. The same goes with bitcoin too. If they don't accept they are actually losing some potential customers. Don't you think it's the only valid reason?

I don't have a bank account. I'm almost trying to go all in crypto, can't because crypto is illegal here. If any merchant would accept bitcoin, I would gladly go there and spend some BTC for my necessary things.

‌There are many reasons to add Bitcoin as a different payment medium because we see that there are currently many countries where people prefer online transactions instead of paper money. As a result, people can easily make their own transactions or payments through Bitcoin, the risk is very low. Many times we can see in the news that many bank services or various mobile banking are scammed as a result of which customer points lose their assets but there is no such possibility in Bitcoin and it is safe.

Merchants need to accept payments for which there is a good demand, so that they don't lose customers and potentially gain more. I think that's pretty much the key reason for accepting Bitcoin as a merchant, but of course a merchant can just be a pro-Bitcoin person who wants to accept Bitcoin to spread awareness. I also heard of cases where small businesses put their capital into Bitcoin, so perhaps one could say that another reason to accept Bitcoin as payment is to then accumulate it and hope to gain more profits from sales once Bitcoin grows in value. I'm not a merchant, but I'm okay accepting Bitcoin and spending Bitcoin just as a cool form of currency out there. I appreciate that it's not controlled by any authority or affiliated with any state.

It's comfortable. It is much easier for many clients to pay for services with cryptocurrency. Now there are many ways to do this. Various plugins and crypto processors. They allow you to accept a large number of cryptocurrencies without commission. Allows you to set up partial payments, crediting the overpayment to the balance, no KYC, non-custodial, SegWit Support. So why not start accepting crypto? A good option is this crypto payment processor (https://shkeeper.io/)

It is beneficial either way or just the usual win-win situation. It is more like organizations are taking their initiative in accepting crypto as "alternative payment" method. There's like no downside into accepting cryptos like Bitcoin as an alternative payment method anyway.

If you have the means to accept payments from crypto, just do it. It is just easy to setup. In my clothing shop, I am planning to accept crypto still but I just do not have the time to spare to setup due to my full-time work.

 My client paid me Bitcoin I will comfortable accept cryptocurrency because I know the value of Bitcoin, I know the things Bitcoin will do for me.If I get Bitcoin as payment I know my entire generation will change instantly. There are many reasons to add Bitcoin as a different payment medium because we see that there are currently many countries where people prefer online transactions instead of paper money.Another reason is the ability to gather together bitcoin. main reason because if we compare it with transfer fees between traditional banks is bitcoin fees are very small.

It could be true, aside from promoting bitcoin into the people so they will also know how beneficial bitcoin will be. Through bitcoin payment method, the transaction becomes more fast and more convenient compared in fiat. Also, you are accepting bitcoin so you can grow your portfolio as well and keep them hodling until their value reaches its high peak.

In my business, I am always open to my customers and I allow them the chance to choose their medium of payment for my goods and services, though at the moment, it's pretty hard to see a customer who would be interested in making payment in bitcoin after buying goods from me, this I understand to be because most of the people buying bitcoin aren't buying it to spend it on payment for good and services, but to keep it for future profits.
I've had a customer tell me one time that he owns bitcoin and would have loved to pay for the goods he bought from me with it, but he hasn't made any profit on it yet, so for this, he preferred to pay me in fiat(our traditional currency).

I am not sure, but this is first time I am reading that there are customers who are asking the merchants to accept the payments. I am surprised but at the same time I am very happy to read about it. If this is true story then yes we are moving towards good economical circle and we are winning the bid already.

However, there still remains many questions such as what is the source of above information. Was there any valid survey for the same which made you think this way?


Yes definitely this could be true because you know this from your own experience itself. Merchants are always trying to be smarter with multiple payment acceptance so that every type of customer can be attracted.

With the tag of "bitcoin accepted here" its but obvious that merchant will have rush of crypto lover at the first glance while others will be curious about the payment system and they may or may not ask what it is or how to do it. But we are surely moving towards the positive environment.

I think accepting bitcoin as a means of transactions in our small and medium business is a very good one but if only the means of transactions to your country currency is available, it all depends on the individuals that owned the business if only he understand how to run that business with bitcoin because it is very expensive, I think most should be big Chopin malls and supermarkets where u buy in large quantity that can suit the transactions,in my country I think they are  accepting bitcoin in so many big shops as means of transactions an is a welcome development.

My reason to accept crypto payment will obviously be anonymity. Who doesn't likes less taxes? Payment mades here will be anonymous and anyways I always invest a certain amount of money in Cryptos, this money will directly go into Cryptos as an investment and nothing else. For some people like especially dealing in digital goods it becomes the cheapest alternative for cross border payments as well.

Personally, I'm not sure if I'd use Bitcoin as a means of payment. I've used it in the past, but it's way too valuable for me to use it. Businesses, however, could use it as a way to promote not only cryptocurrencies but themselves as well. This move could potentially attract cryptocurrency users and open up a new target group, promoting its growth. As I've already mentioned, I wouldn't use Bitcoin to make purchases, but I would visit a café or restaurant that accepted it in an effort to promote cryptocurrency-friendly businesses.

Thus, accepting cryptocurrencies would be beneficial for both sides.

Well, aside from merchants would want to take advantage on the hype and earn from it as well through payment system, it’s also known that customers find it more faster than other mode of payment transactions. And simply because those who have been earning quite significant amount in crypto would also want to spend it and buy the things that will make them satisfied and happy so they need to convince merchants too to accept bitcoin so they can pay using bitcoin.

Obviously, it’s the best answer for OP’s question. Merchants accept bitcoin payment since there are a lot of bitcoin owners who want to spend using bitcoin too. That is also one way so that merchants can attract more customers, by accepting payment variants when paying. Also, it’s one effective way for merchants to continue accumulate bitcoin as well, as they will hold a lot of bitcoin and be able to sell them when bitcoin price reaches another all time high.

One of the obvious reasons why I will accept Bitcoin as a payment is to cater to more audiences.  It is never a mistake to cover people who wanted to pay in a specific kind of currency.  There are communities that are dedicated to their cryptocurrency they wanted to promulgate the usage of it by using that cryptocurrency as a mode of payment and merchants should not miss these kinds of people or customers.  It is also one way of accumulating Bitcoin, instead of buying BTC on the market, a store will just accept it so that they don't only get Bitcoin but also get a profit from the product sold.