Should I accept Bitcoin for payments on my online store?

[error08]

OP's concern is more like on implementing of the payment gateways on a website which is more technical and need a developer to make it work.

He said about technical doubt, yes it may be about that, he will figure it out because it's not that hard to hire someone or just add a barcode/address by himself for bitcoin payment.
However, he also questioned about risk and safety. We know how crypto payments work, many people have done it on their websites too, even for charity.
There is no risk other than volatility, fees, and confirmation time required for a transaction, so it is safe.

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

The one of my main concerns is: how safe is it to accept cryptos as payment on a website?  

[n0ne]

As of now very limited locations around the globe has got access to the usage of bitcoin and other cryptocurrencies on daily needs or on different stores. At the beginning you won't be getting big profit out of the same, based on the increasing adoption for bitcoin in the global market there is more chance of long term benefits on accepting bitcoin into online stores.

[fishbonez11]

It's not a good idea to use bitcoin as a payment for online store since a lot of funds will be consumed for the transaction fee. Though you can optimise the transaction fee, but the disadvantage will be the time you'll wait to make the transaction complete. It will be wiser to choose alternative coin such as litecoin or xrp, this will not cost you much and you can be able to receive it instantly. Still bitcoin is a good coin to invest for long term but nit as mode of payment.

[erikoy]

As of now very limited locations around the globe has got access to the usage of bitcoin and other cryptocurrencies on daily needs or on different stores. At the beginning you won't be getting big profit out of the same, based on the increasing adoption for bitcoin in the global market there is more chance of long term benefits on accepting bitcoin into online stores.

This because the bitcoin has no stable value and if it get mixed on business with stable value like fiat currency. Getting profit or ROI will be difficult to determine with bitcoin market so volatile. Besides you could get losses if you do not know how much transaction fee you will get after conversion of bitcoin to fiat currency. It will take some fee that third party service e.g banks and crypto exchanges. However, you can still receive bitcoin and then process it to fiat currency and that is the way how payment or accepting bitcoin should be done.

[Astvile]

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

Other than volatility I think one more issue that you can encounter is double spending if there are still people who does that thing nowadays. You can consider accepting bitcoin but don't go in all of a sudden if you are not confident enough in that decision. One more is some legal stuff, if your place allows the usage of bitcoin as payment because I think you might still need to get some approval from that? correct me if I'm wrong.

[uneng]

I also have some doubts on the technical side.

If you have doubts on the technical side it's better to not adopt bitcoin payment method until you have enlightened them or at least until you have a trustful technician who can work for you on this matter.
Makes no sense to adopt a payment method if you aren't aware of its mechanisms as you won't be able to assist your customers or explain to them how it works properly.

But after you have your doubts answered and understood I think it's great to implement bitcoin on your website. Even if nobody makes a purchase with btc at first point, at least you are promoting crypto currency to your customers niche.

[thesmallgod]

It depends on many factors such as the popularity of crypto in you demographic location, do you ship internationally ?. The average price of the commodity you listed on your online store. I will start with my last point. As you know high transaction fee is the major challenge in using bitcoin, it might be unreasonable for a customer to to order for commodity that the cost of the transaction fee is greater than the price of the commodity. Such customers might opt to buy using fiat. If you reside in country that the use of bitcoin to buy goods and services is very common, then you might give it a shot. If you allow international customers in your store and provide shipping to many part of the world, then it might good addition to your payment processors

[farrellronald]

do not be scared man. if you add more ways of paying, there will be more customers to come. plus, that will make your cryptocurrency wallet full and you can take advantage of volatiles.

[rahmat86]

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 it's okay for you to try new things in payment in your store. but do you already have the tools?
Do you already know cryptocurrency or bitcoin in your environment or do they prefer to pay using FIAT currency? I think the questions above can be used as an application for you

[TitanGEL]

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

-Accepting bitcoin in your online store is actually a good idea, users will have a more payment option.

-potentially a risk in your business since most of the time you need to hold your bitcoin, and in a business, you need that money. You could lose profit if you need cash in your business and need your gonna sell your bitcoin.

-Most of the customer is gonna use cash or other payment that is more reliable than bitcoin, and personally, I think bitcoin is better in investment not for buying something.

-Transaction fees and confirmation time could be a big issue.

Right now there are a lot of people who prefer cashless payment than the traditional payment system, adding bitcoin as payment is good in online store but for sure there will only be few of your customers that will use that kind of payment system. The popular cashless payment nowadays especially in my country is through the use of Paypal, Paymaya and Gcash. Those 3 are so popular and only few merchants here in my country that are ready and able to add bitcoin as one of their payment system. I recommend other businesses to also accept bitcoin as long as you understand how it works and able to handle it even its price are always unstable. But If I'm the customer, I do not think that I will spend it because I prefer to save it than to spend it. If I will buy or spend then I think it is better if I will pay using cash even if it is hassle.

[aryadiningrat123]

That's a good idea but it may be very risky for you if the bitcoin price drops, but if you sell directly to usd it might not be too risky for you.

[sapnu]

It actually depends on the popularity of bitcoin in a certain place but there's a lot of people who already know bitcoin or cryptocurrency to be exact, it is actually better to do cashless payment and we all know that becuase of its convinience and it is also faster than usual payment that we do, also much safer than using fiat. Since it is online store, it is better to use cryptocurrency. I think you just need to think what factors you should consider before payment to verify that they are the one who already paid.

[Rebisco]

If you are ready then why not, accepting bitcoin as payment is good because it is a sign of adoption and development. Only few stores worldwide who are accepting bitcoin as payment. Online stores are so popular nowadays especially today where there is pandemic and a lot of people are afraid to go physical shopping. Actually, there is a recent report that the sales of those online shopping website and application double or even triple because of the pandemic. I think what they need to improve their service is to create another payment system which is by accepting bitcoin. Your online store for sure will becoming trending if you start accepting bitcoin as payment.

[goldade]

As much as accepting bitcoin for payment of goods in your store is a great idea, I believe you should not be limited to just bitcoin. You should give your customers the freedom to choose from different alternatives. I'd suggest you include some stables altcoins as well.
Secondly, accepting bitcoin for payment depends on how popular bitcoin is in your country. You might be faced with wasting time and resources if only a small percentage of your country's population know about bitcoin and only a tiny percentage of that percentage uses bitcoin.
I'd suggest you do your research well enough before venturing into this.

[JuSayCo]

Its a great idea for me. However, the first thing to be consider is the total adoptions of bitcoins in a certain community or country that you are living. If you think its widely used and more popular in your country, then it would be better. I agree with the one above that said that several payment options would be great. Bitcoins wider and bolder usage is rapidly spreading and I'm sure that your online store could attract more buyers from crypto world, so push that risky yet brilliant idea!

[FlightyPouch]

I think it is better for you to know your customers first. Also, if you offer payment into bitcoin or any other crypto currencies, it is possible that your customers would be asking for other available cryptos that you might accept. It would be a great idea since you will be able to tell how much people know what bitcoin and crypto and uses them in your place. It might also attract other people that aren't your normal customers if you do that.

[Yamifoud]

I think it is a risk because of its volatility but hide the changes in the environment where digital currency and any cashless transactions formulated to be the next generation in terms of payment transactions. Now, it was a challenge for us and we need to adopt the coming system earlier as the only way to compete with others and have to provide the demand of the community otherwise, you'll be out of the race. But of course, we don't just jump on it quickly without knowledge for this will be the reason for our failure.

[taufik123]

I think it is better for you to know your customers first. Also, if you offer payment into bitcoin or any other crypto currencies, it is possible that your customers would be asking for other available cryptos that you might accept. It would be a great idea since you will be able to tell how much people know what bitcoin and crypto and uses them in your place. It might also attract other people that aren't your normal customers if you do that.

What is certain is that the crypto that is accepted as payment is the main crypto and already has a good reputation such as Bitcoin, ETH, BCH, LTC. customers are only provided with crypto payment options that are readily available and may not ask for payment in other forms of coins. This aims to maintain the risk of voting because the voting of each coin is different and the safest is the main crypto as I have mentioned.

People will start to get interested and try to use crypto payments. this is an example of small adoption in our own environment, but remember that we must comply with the regulations given by the government. Bitcoin payments are only allowed for countries that have legalized bitcoin and provide regulations as payment for goods and services.

The platform that supports making payments using crypto that can be used easily and will be very helpful in business development is https://commerce.coinbase.com/

[ice098]

I think it is better for you to know your customers first. Also, if you offer payment into bitcoin or any other crypto currencies, it is possible that your customers would be asking for other available cryptos that you might accept. It would be a great idea since you will be able to tell how much people know what bitcoin and crypto and uses them in your place. It might also attract other people that aren't your normal customers if you do that.

Yes he need to do some marketing research or feasibility study before he will implement this one, I don't know if I am right but that what we called crowd sourcing, then from that they will need to answer some questions or interview, in that thing you will let know if they are okay with cashless payment such as crypto. Remember that price of crypto is not stable and it might change always.

[XCANA]

I think its better for you to receive a bitcoin payment knowing that it is good also to invest it especially now that it is the season of crypto as of the moment and all of it is in their good condition most especially bitcoin. It is a win-win situation for you if they will pay you in terms of btc.

IMHO paying with Bitcoin might be risky than other stablecoins around this industry, yes, the price of Bitcoin shoot of recent but that doesn't make it to continue becasue anything can happen that will make the market price dwindle. So, i will encourage OP to start with notable stablecoins before adding the likes of Bitcoin and Ethereum due to their market volatility.