Should I accept Bitcoin for payments on my online store?

[Debonaire217]

Accepting Bitcoin to your store is simple, you just need to understand that most people will not prefer it if they will just pay for a cheap item. Basically, why would we choose bitcoin if the transaction fee is higher than the amount we are purchasing? Meaning, most people will still consider choosing another cryptocurrency which is lower in transaction fees and faster in confirmation time. This will still not restrict us to use BTC let say we have a store that sells quite expensive items, real estate, a car, or other items where transactions could be considered as "Macro".

[cheezcarls]

I'm considering to possibly add Bitcoin and other altcoins as a way to pay for goods purchased on my online store.

Is this a good idea? Are there any risks (other than the volatility)?

Is anyone really going to use this?

I'm afraid that my customers may not be much into cryptos, but I guess that it's hard to tell until you try ...
I also have some doubts on the technical side.

Thoughts?

Thanks in advance

I’m afraid yes. If you don’t want risk, then consider adding USDT as a payment option for your online store. It’s because Bitcoin’s volatility is extremely high. Not only that a customer pays for the exact product, but the transaction fee as well. Unless if both you and the retailer are having the same wallet and features that has zero transfer fees, I can say that it’s a good idea. Just saying.

[Kong Hey Pakboy]

I don't think that many customers will be ready to buy something with Bitcoin, but this payment option can make your shop more popular among bitcoiners.

It could be popular among bitcoin users near your shop, and it could increase mass adoption. But I don't think most of them will be using bitcoin as a payment method because some will be holding their bitcoin, especially during the bull run. They will also have problems paying considerable fees to complete the transaction.

[barto123]

Yes, accept Bitcoin over Lightning.

OpenNode & BTCPayServer are 2 reputable implementations for merchants which make this much easier.

Get yourself a MyNode for sovereignty, privacy and control of your transactions

[oktana]

You should definitely accept bitcoin as a means of payment. It gives your customer more chance to choose between payment methods. Also, it shows that you are current and not old school (considering that businesses are now joining the train). If you want to do this because you want to promote bitcoin, you may consider giving a discount for those who pay using bitcoin.

[shoreno]

I don't think that many customers will be ready to buy something with Bitcoin, but this payment option can make your shop more popular among bitcoiners.

why not ready ? what are they waiting , christmas ? or they wait for the high transaction fee to subside . maybe that is , because btc being used for shopping are not new anymore but right now that the value of btc is still verry high, its transaction fee also follow but this wont be like that all the time .

and did the op also mention that he will be using alternative coins as well ? yes he did and this are going to be helpful by this moment for those that who want to use their crypto to shop online .

[Dorodha]

Yes Bitcoin should be accepted for payment in online stores as Bitcoin is more in demand than other currencies in the crypto market. Bitcoin for payments completes transactions much faster and is a much more reliable currency. Bitcoin for payments is easy to make a profit if the price goes up because there is no stable currency. If there is a problem with investing in Bitcoin Bitcoin for payments can be easily converted into Fiat currency and used for payment. Bitcoin investing provides a lot of protection and is justifiable in stock.

[Yamust]

I think it is alright to accept bitcoin on your online store as payment, just be careful in assessing the price. At the start it will be hard since not all your customers are familiar with this crypto currencis, but through this (accepting bitcoin as payment) bitcoin will become more popular and will be known in the market.

[btc78]

I'm considering to possibly add Bitcoin and other altcoins as a way to pay for goods purchased on my online store.

Is this a good idea? Are there any risks (other than the volatility)?

Is anyone really going to use this?

I'm afraid that my customers may not be much into cryptos, but I guess that it's hard to tell until you try ...
I also have some doubts on the technical side.

Thoughts?

Thanks in advance

You are in crypto community what would you think the answer of majority here?and even without thinking it is YES for your Business future.
actually what i was trying to say is Better to check your capital first if you can handle Holding Bitcoin incase the price drops down in comparable to your Dollar value?
from this you may risk some of your capital but in future you will be thankful for accepting Bitcoin as mode of payments for your online business.
and this is what we need if we want to make a big progress and development for crypto market,accept cryptos as logn s we can .

[pinggoki]

Just like what the other's said, the more the payment method your store have the more chance of having so many customers. Adding or accepting bitcoin or any other altcoins because nowadays many people are using cryptocurrency as their mode of payment and there are so many people who are looking for this kind of transaction.

Is this a good idea? Are there any risks (other than the volatility)?

Is anyone really going to use this?

This is really a good idea, aside from supporting cryptocurrency you may be able to help those people who wants to buy products or some goods because they can pay through bitcoin or some altcoins.
Aside from volatility of the coins, I didn't see any problem or risk about this, but the volatility is way more good to take the risk.

[GDragon]

If you have more option in payments then its good, as long as you are not going to lose your earnings in having btc payment method. And as long as you are not violating any government rules then you're okay. I doubt that many will choose to pay with btc but at least you have it as a choice, who knows someone would try to pay using btc if they have it. Fees and volatality is another problem, but there are ways to counter the volatility of this currency.

[Ridwan Fauzi]

If you are already aware of its volatility then there is no imposition for you to accept bitcoin in your store, because don't only use bitcoin for a payment system, right?

Even, In fact, it will be a plus for your business because each visitor can choose the means of payment they want, especially if you also sell your product outside in your country I dare they will prefer to use bitcoin.

Moreover, if your country allowed to use bitcoin as a payment system then there will be many customers who will choose it. As bitcoin's user there will be times when he uses bitcoin as a means of payment even though he knows bitcoin can be more profitable if used as a place of investment.

[finaleshot2016]

The more payment methods, the better. Although, I don't think that anyone is going to buy with bitcoin currently. You realize that he/she has to pay product's price + ~$7 in order to get the transaction quickly confirmed. If the fee was much lower I would suggest adding it.

Well, it's not like that. The most commonly used payment method is enough in any existing store. But if it's an international store like he has a lot of customers from different countries then he/she consider adding different payment methods to receive money. I honestly like platforms that have different payment platforms, it makes my life easier when buying stuff online but I will not choose a payment method that has higher fees.

There are always risks like what steam does, they remove the bitcoin payment method since the volatility and high fees of cryptocurrency affects their business.

https://www.theverge.com/2017/12/6/16743220/valve-steam-bitcoin-game-store-payment-method-crypto-volatility

[kayvie]

I'm considering to possibly add Bitcoin and other altcoins as a way to pay for goods purchased on my online store.

Is this a good idea? Are there any risks (other than the volatility)?

Is anyone really going to use this?

I'm afraid that my customers may not be much into cryptos, but I guess that it's hard to tell until you try ...
I also have some doubts on the technical side.

Thoughts?

Thanks in advance

It is a good idea but you should know the risk of accepting it as well. Think of it very well and consider the volatility of bitcoin, think deep that you are doing business to make a profit not to risk or lose the money you are about to receive. There are so many things to consider but if you have every solution in every kind of situation you might encounter in the future, then you are good to start accepting bitcoin in your store.

[Latviand]

I don't think that many customers will be ready to buy something with Bitcoin, but this payment option can make your shop more popular among bitcoiners.

Just make it only a payment option, so that they have still their own will on what kind of payment option they will choose.

Allowing bitcoin for payments is really unique and not that common compared to cash that we traditionally use, so possibly it will help your business to become above the rest.

Bitcoin community is growing nowadays due to pandemic and people are investing to it because they know that digital platforms is so congested. People are getting curious about the bitcoin's existence in the market and making it as a payment option is really a big opportunity and turning point for your business.

[Xxmodded]

I'm considering to possibly add Bitcoin and other altcoins as a way to pay for goods purchased on my online store.

Is this a good idea? Are there any risks (other than the volatility)?

Is anyone really going to use this?

I'm afraid that my customers may not be much into cryptos, but I guess that it's hard to tell until you try ...
I also have some doubts on the technical side.

Thoughts?

Thanks in advance

I think good ideas if you wanna accept bitcoin as payment for your online store but you have use the same exchange to reduce payment fees, how ever when sending with bitcoin as payment transaction take longer time and need fees about 3$ until 4$ depend with network blockchain, I think you use coinbase because payment will never get any fee and you need costumer to use coinbase too, but you have other option with use altcoin for transaction and looking for which one altcoin have lower fee and you can enjoy with multiple payment for your online store. Many costumer will interested for visiting and buying with your online store by accepting cryptocurrency for payment method.

[Casdinyard]

The more payment methods, the better. Although, I don't think that anyone is going to buy with bitcoin currently. You realize that he/she has to pay product's price + ~$7 in order to get the transaction quickly confirmed. If the fee was much lower I would suggest adding it.

Also, people or investors will doubt using their Bitcoin as a mode of payment at this moment due to the increase in its market value. Ofcourse holding will be more profitable.

But still, doing so depends entirely on you. Transactions will become faster but, are you willing to receive payments that will be converted into investments? I mean, if you will convert it to fiat upon receiving, what's the use of using bitcoin right!? So more likely you are eyeing for investment purposes such that its price could go up, meaning, bigger profit but the problem is, what if it suddenly fall down? How will you cater the needs of your business if that's the situation? To those who are planning to start a business to accept cryptos, know your goals.

[TedMosby]

I'm considering to possibly add Bitcoin and other altcoins as a way to pay for goods purchased on my online store.

Is this a good idea? Are there any risks (other than the volatility)?

Is anyone really going to use this?

I'm afraid that my customers may not be much into cryptos, but I guess that it's hard to tell until you try ...
I also have some doubts on the technical side.

Thoughts?

Thanks in advance

despite the regulation in your country, you shouldn't be afraid about it. because you add bitcoin as a payment option, not as a primary payment method.
accepting bitcoin/crypto means you open a new opportunity to grab more market, which is bitcoin/crypto users. it's surely a plus point, no doubt.
you might want to try crypto payment gateway like coinpayments. it will convert the price into crypto in real-time.
or you could wait for paypal-crypto integration for merchants.

[shamimal93]

Your initiative is really worth getting appreciated. If you sell your online store's products through Bitcoins, then it will be a breakthrough step. But there are some problems here. As you have told your topic that Bitcoin's price is the root cause of the price. But there is another problem in addition to the unrest in Bitcoin price. And that is the transaction fee. As long as you exchange the products, you have to pay your transaction fee. And a slow process of transaction of Bitcoin. This is also a big problem. If the transaction fee is less then it would have been easy to take this decision.

[vaultman]

It is wrong for a small store to use Bitcoin as a payment for goods, because the commission is too high, and transactions take too long. You need to look for something among alternative cryptocurrencies, because there are a huge number of projects on the cryptocurrency market that are suitable for a small business.