Is it helpful or harmful to the Bitcoin to offer products/services only in BTC?

[dblink]

I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?

Where you want to open a small general store, do you have consumers who has knowledge about bitcoins, there is no doubt that bitcoins has extreme value at its own and it has a very great future, however since you are going to start a new venture, start with local currency first, once you earned the decent profit from the business then from that profit, invest some on the bitcoins or include bitcoins in your venture transactions.

[arallmuus]

do you have consumers who has knowledge about bitcoins

This is pretty much unneeded because accepting BTC doesnt mean that your business intended to target only BTC user as some people might be interested to know more about BTC the moment they see a business only accepts it as a payment form. Some people might be enthusiast enough to learn about it but it depends on what is your target customer. If your target is a 50 year old grandpa than I'd assume it will be a bad business but if it is a young teens and such then it could be a good idea.

In fact it may not be harmful to offer BTC only as a payment method but it will not be as successful as accepting both FIAT and BTC as a payment . Accepting both could be much usefull and that wont prevent people from stopping and turn away the moment they saw that it accepts BTC only

[azguard]

Its good the more people are involved and get know to btc it will be good. Here you have services that provide payment in btc not in cash (was it dollar or euro or any other currency). So this can not be harmful only good for community.

[DeepLee]

Obviously, you should accept both local currency and BTC.

[Miracal]

My advise would be to accept all kinds of payments including hard cash and also bitcoin, do not deprive someone of buying their daily needs just because they do not have any bitcoins. Although it is a very wise idea for you to start a grocery store which only offers products in exchange of bitcoins but I am very unsure if you would be making money right away. Maybe have recharge cards which hold btc value and have a recharge money which recharges their cards and puts btc in it in exchange of cash. You will be converting currency on the side too. How awesome is that?!

[HigsonPP]

. Maybe have recharge cards which hold btc value and have a recharge money which recharges their cards and puts btc in it in exchange of cash. You will be converting currency on the side too. How awesome is that?!

That's a really awesome idea, if all stores start using this sytem  then maybe it really helps btcto grow and all the shops using this service also get extra money for exchanging and promoting bitcoin and they can benefit from that. All shopping malls, amusement rides, food chains could sue this system to load btc into the card in exchange of fiat and then the card can be used to spend the btc and returned when the purchasing has been finished. AWESOME IDEA.

[dblink]

It is too early to open a small grocery or general stores and sell the things in Bitcoin currency, still so many people unaware of the Bitcoin digital currency, even they do not know how much the exchange rates, besides that have you ever thought about fluctuation in the currency value of Bitcoin.

[altcoinhosting]

It is too early to open a small grocery or general stores and sell the things in Bitcoin currency, still so many people unaware of the Bitcoin digital currency, even they do not know how much the exchange rates, besides that have you ever thought about fluctuation in the currency value of Bitcoin.

Just hypothetical, wouldn't BTC fluctuate less and less when more and more businesses accept it as a viable payment method?

[dblink]

Just hypothetical, wouldn't BTC fluctuate less and less when more and more businesses accept it as a viable payment method?

Ofcourse why not, that is why I mentioned there, it is too early to start such that at present condition, definitely in a years down the line Bitcoin will be in very stable condition as more and more businesses accept it as a payment methods, However till that moment, he can start implementing bitcoin gradually, but definitely not instantly.

[n2004al]

I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?

The part in bold it will be my choice. If you choose only one from the two currencies you will lose the buyers of the other currency. So have no sense doing the choice of one currency. This it would be my advice. But you must think and decide only by yourself. Only you know the market of your country and only you know the conditions that must be fulfilled that you have the maximum of profits.

[jaysabi]

I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?

I think another merchant accepting bitcoin can't hurt the bitcoin economy. That said, it will make a difference what you do with bitcoin when you receive it. If you immediately convert to fiat, I don't think this really helps the bitcoin community; at best it's neutral. On the the other hand, I'd be skeptical that a bitcoin only merchant could possibly do enough business to stay afloat. Your best bet to help you and potentially help the bitcoin community would be to accept all forms of payment, including bitcoin.

[johnyj]

- Why do you mine bitcoin? 
- To use it to buy miners
- Why do you buy miners? 
- To mine bitcoin

[virtfund]

As far as how having products denominated in BTC will effect it:

Certainly this will make BTC more valuable as it become more useful as a means of payment. In fact, if you were able to and want to be part of something that really creates value, try to find a way to also buy what you need for your business in BTC. This way you will create a sort of closed loop, decreasing the supply of BTC on the market (as you won't have to sell it) and increasing demand as your BTC-denominated sales grow.

As far as running a profitable business:

You definitely need to prominently advertise that you accept fiat to attract the vast majority of customers. The customer base for BTC-denominated purchases is just too small to run a profitable business around.

[ajrah]

I don't think it's harmful, but if product/service being offered is in a Country where Bitcoin is not yet accepted, this will affect the sale of the product or service being offered since there is not much customer or client who will buy the product or take the service.

[bitgolden]

I don't think it's harmful, but if product/service being offered is in a Country where Bitcoin is not yet accepted, this will affect the sale of the product or service being offered since there is not much customer or client who will buy the product or take the service.

It's not harmful. You may force people to convert their fiats into bitcoin to avail your service or to buy your products. In this case your strongly supporting bitcoin to go higher than fiats. As long as bitcoin find more usage than fiat, that are all favorable situations to bitcoin.

[n2004al]

I don't think it's harmful, but if product/service being offered is in a Country where Bitcoin is not yet accepted, this will affect the sale of the product or service being offered since there is not much customer or client who will buy the product or take the service.

It's not harmful. You may force people to convert their fiats into bitcoin to avail your service or to buy your products. In this case your strongly supporting bitcoin to go higher than fiats. As long as bitcoin find more usage than fiat, that are all favorable situations to bitcoin.

If the bitcoin is not accepted that's mean that bitcoin is banned from that country. At least in this way I understand this expression. Maybe I'm wrong. But if banned it will be not possible to offer any kind of service or good in bitcoin.

[Slark]

I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?

If you want to open your business don't bet on  bitcoin alone. You will limit yourself by doing that.
Bitcoin is not that popular and well known among people as we may think. Open your shop and include Bitcoin as one of the payment methods.
You can try to offer some promotions for people who want to purchase with bitcoin, that's all.

[countryfree]

Yes, that would help a lot; please do it. Well, that unless you want to sell drugs or porn, but BTC badly needs regular stores accepting it. It's a great way to raise BTC awareness. And make sure to register your store in all BTC directories.

[Sir_lagsalot]

I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?

In my view, it won't be harmful for bitcoin, as it provides more buisness for bitcoin, even marginally, but it will be harmful for the seller, as he will find trouble finding someone with bitcoin/wanting to spend their bitcoin

[jaysabi]

I almost ready to open a small general store and I have been going back and forth with myself on rather its of more importance to make the store exclusively for Bitcoin, include the local currency as well as BTC, or if it makes a difference one way or other? Thoughts? Experiences? Suggestions?

In my view, it won't be harmful for bitcoin, as it provides more buisness for bitcoin, even marginally, but it will be harmful for the seller, as he will find trouble finding someone with bitcoin/wanting to spend their bitcoin

Virtually all merchants who accept bitcoin immediately convert to fiat through a payment processor, so they're never actually receiving the bitcoin, just offering it as a payment option.