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

[jeffthebaker]

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.

This is true, but in the case of OP, the question is whether or not to only offer BTC as a payment method. In this case, it is unlikely that the store owner is going to convert their BTC to a local currency right away, since they would also accept said local currency in addition to Bitcoin.

Either way, in this case, it certainly is harmful. Bitcoin users are an extremely small minority, and I highly doubt that any mainstream business could survive through exclusive acceptance of 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.

This is true, but in the case of OP, the question is whether or not to only offer BTC as a payment method. In this case, it is unlikely that the store owner is going to convert their BTC to a local currency right away, since they would also accept said local currency in addition to Bitcoin.

Either way, in this case, it certainly is harmful. Bitcoin users are an extremely small minority, and I highly doubt that any mainstream business could survive through exclusive acceptance of Bitcoin.

Ah, good point. I can't imagine anyone being able to run a physical storefront accepting only bitcoin either. Even a virtual store space would be difficult to run on only bitcoin. It would be a fine compliment, but I agree with you.

[pitham1]

I am not really sure about this, but are you legally allowed to refuse fiat?
Fiat is legal tender and not accepting it in a store might get you into trouble, depending on the jurisdiction involved.

[dothebeats]

It would benefit bitcoin, yes, but it would limit the merchant's profitability by turning off the rest of other people who still want to transact with fiat. Also bear in mind that in order to run a business, you need to pay things with fiat, and a utility or power service provider that accepts bitcoin for utilizing their service doesn't exist yet.

[coinplus]

I am not really sure about this, but are you legally allowed to refuse fiat?
Fiat is legal tender and not accepting it in a store might get you into trouble, depending on the jurisdiction involved.

I do not think there is any legal issue when we refuse to accept fiats. It may be up to you, if you have wide range of payment acceptance, you may get more business than you stick with only one payment system.

[pitham1]

I am not really sure about this, but are you legally allowed to refuse fiat?
Fiat is legal tender and not accepting it in a store might get you into trouble, depending on the jurisdiction involved.

I do not think there is any legal issue when we refuse to accept fiats. It may be up to you, if you have wide range of payment acceptance, you may get more business than you stick with only one payment system.

Are you sure about this? There may be some legal aspects of refusing to accept legal tender.
http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx

[Furio]

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

What a narrow view on Bitcoin

[apriyani420]

i think that its helpful for bitcoin for sure, doing that helps to rise the price as more and more people are getting more interested in bitcoins

[Mickeyb]

I am not really sure about this, but are you legally allowed to refuse fiat?
Fiat is legal tender and not accepting it in a store might get you into trouble, depending on the jurisdiction involved.

I do not think there is any legal issue when we refuse to accept fiats. It may be up to you, if you have wide range of payment acceptance, you may get more business than you stick with only one payment system.

Are you sure about this? There may be some legal aspects of refusing to accept legal tender.
http://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx

Well it might be illegal in the US, but I don't think it's illegal in Europe. For example, Satoshi Labs, the people that are making Trezor, are offering to sell Trezor just in bitcoins and they are based in Czech Republic, in the EU.

To add, I think that the best way to earn bitcoins is to offer services or sell goods and get paid in bitcoins. This can only benefit the Bitcoin economy.

[pitham1]

Well it might be illegal in the US, but I don't think it's illegal in Europe. For example, Satoshi Labs, the people that are making Trezor, are offering to sell Trezor just in bitcoins and they are based in Czech Republic, in the EU.

To add, I think that the best way to earn bitcoins is to offer services or sell goods and get paid in bitcoins. This can only benefit the Bitcoin economy.

I am not sure about Satoshi labs, but this is what I could get on the internet.

http://ec.europa.eu/economy_finance/euro/cash/legal_tender/index_en.htm

Within the euro area, only the euro has the status of legal tender. This mean that in the absence of an agreement of the means of payment, the creditor of a payment obligation is obliged to accept a payment made in euro which subsequently discharges the debtor from his payment obligation. Yet, contractual parties are free to agree to use in transactions other official foreign currencies with legal tender status in the state of issuance, e.g. the Pound Sterling or the US Dollar. The same applies to privately issued money like local exchange trading systems (e.g. voucher-based payment systems in certain communities) or virtual currency schemes (e.g. Bitcoin).


The Q&A which follows this has an interesting point

Can a retailer refuse payments in cash at all times?
- Payments in cash should be the accepted rule. This should only be refused because of the 'good faith' principle - for example, if the retailer does not have enough change

From what I understand, Satoshi Labs might not have the option to refuse to accept Euro.

[zimmah]

If your store offers something unique that can not be easily found somewhere else, it will promote the use of bitcoin.

If there are other stores that sell the same or similar products, it will just move most of your customers to your competitors.

[HeroCat]

Well, decision is on you - either you will sale only in BTC or also in some other ways  It would be very hard to say which decision is the best, if the store is making sales with goods from BTC world, you can try BTC 

[azguard]

this is only up to you also if you country dont allow this that is something else personally think that you do this and accept something else too beside btc

[Laosai]

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 opinion, it won't be that harmful to bitcoin instead it will be more helpful to the bitcoin market and also to raise popularity of bitcoin. I think if you are opening a small general store, it would be better if you accept your local currency and bitcoin as well as a payment option.

[HeroCat]

I think, for BTC - this is helpful  Products/services can be offered only in BTC, that's mean more people are using BTC 

[Q7]

Why not both. Accepting fiat and at the same time bitcoin is a value-added attraction especially for bitcoiners like myself. Perhaps it can change one day when bitcoin adoption has gone mainstream and suddenly you will find that there will be less and less people paying in fiat, so it might be a good idea to even set up an automatic terminal for bitcoin payment. That is how I would do it.

[pereira4]

Simply put there's not enough users out there to make a business profitable going in 100% Bitcoin only, but make no mistake, whoever pulls it off, and does it correctly and manages to establish themselves as leaders in a niche and only using Bitocoin, will be considered pioneers in a couple of years, so there's a risk-reward to be made there.

[apriyani420]

i believe its helpful as more people would consider on using bitcoins to shop and thus the popularity of bitcoin would grow a lot

[traderbit]

The more payment method you have the more interest you get.
You should implement as much as you can afford for you store.
Being limited only to bitcoin can make people not much interested.
It is helpful for bitcoin users but harmful for the rest of potential clients.

[blxlihnk]

you could offer a discount for People paying with btc

another option,  if you want support an altcoin is to sell with this altcoin only
aim : Increase altcoin's volume

but you have to sell something with high demand