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Author Topic: My BitCoin Experience - Great for Merchants  (Read 670 times)
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June 14, 2011, 04:22:07 AM

I have been reading a lot of posts lately of merchants who are wary of accepting BitCoin as a payment option for their goods.  Most of these posts are actually spot-on in illuminating some of the main flaws in BitCoin.

1) BitCoin is not very popular, and this limited distribution leads to fragile exchange rates

2) With no central exchange, merchants have trouble pegging the value of BTC to USD, especially when factoring in the additional work that must go into redeeming the received coins. (If only we could pay our costs in BTC as well...)

However, I have had a great experience with accepting BTC as payment, something that is most likely due to my fluid pricing structure (open to negotiation, so I am able to peg the BTC value relatively accurately when I give my client a quote) and my high product margins.  I honestly feel that BTC is a fantastic idea but only for merchants with low capital expenses and low payroll.  Independent contractors, content providers, and information technology specialists can all stand to gain from BTC... but so can a group of people that I believe have not necessarily been reached out to.

Indian and Filipino contractors, the people who I most frequently hire, would benefit greatly from a currency that would allow them to conduct financial transactions without taxes or fees.  Additionally, they could charge much more (in value) for their services because people have yet to form the mental association between BTC and most international fiat currencies.  Do YOU know how many rupee equals a BTC? 

I love BTC, and I plan on accepting it for my services for the forseeable future, and I am very excited for the pending internationalization and diversification of the BTC user pool.

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