Reason why businesses should accept Bitcoin payment

[MrcMrc]

first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future    and if the owner shop want to hodl it can become interest and benefit to owner

The role of Bitcoin serving as an alternative currency will encourage customers to prefer it to the faint traditional currency, but again it depends on the fee that will be paid on Bitcoin transactions. If the business can develop a lightning network that will enable the lowest transactions fees.

[Ararbermas]

Yup that's the advantages of using bitcoin into business, because at the same time it's like you are investing your income as well. Or should i say double investment?  indeed people nowadays love using digital currency when it comes paying bills or any stuff around the internet, wherein even in public places because of some business that adopted bitcoin as well , so its a good idea to put bitcoin into a business especially if it's a new business.

[Tessnik]

first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future    and if the owner shop want to hodl it can become interest and benefit to owner

The major advantage of receiving Bitcoin as payment is its scalability advantage and the ability to share in market gains, business owners are beginning to take advantage of such opportunities and also Bitcoin allows for easy transaction process and time without involving a third party.

[suzanne5223]

Globally before you see a country that accept bitcoin for any payment system is very strenuous or arduous to indicate because at least hundred percent of the countries out of seventy five percent of the countries don't accept or adopt bitcoin as payment system instead of fiat currency

We both know Bitcoin is not difficult for people or business owner to accept Bitcoin as payment but it is each countries Federal government stance toward Bitcoin that is preventing this from happening. The last time I checked every business owner like an innovation that will increase their chance of making more money or growing their business.

but it's good idea and reasonable enough if some entrepreneurs or traders enroll into bitcoin payment system if really the government of their country will adopt bitcoin, because right now i know that different countries government dislike bitcoin

Yes, the government are the major reason why Bitcoin is not accept as payment in some country but those that know how to use it arereceiving their oversea payment through Bitcoin.

so from my perspective it will take like period of time before cryptocurrencies which we officially know the head as bitcoin been generally adopt by different countries as means of exchanges in equivalent with fiat currency.

Bitcoin is officially know and that's why a lot of Central Banks are planning their own CBDC. An example is Nigeria. However, Bitcoin is not officially recognised by the government as currency and El Salvador is the first country to make this happen.

[blockman]

Real businessmen are wise, they won't add anything to their business if it's not profitable and helpful. So if there are businessmen that don't want to add bitcoin on their payment option, they're just trying to be wise. But if there are businessmen too that adopts bitcoin as a payment method to their businesses then they're the wisest because they're aware of its volatility and there's two-way for accepting it. One for the actual payment, second for its volatility that they understand and it's another form of business to them.

[Dread Pirate Roberts]

So the company gain in two ways for accepting bitcoin for payments and if the price of bitcoin goes upward interest are generated also.

it is true that implementing crypto in a business can provide convenience and expand a business. maybe the consideration is because a volatile value doesn't always mean a good thing. because it could interfere with the money flow of their company or their business. therefore it takes a high level of confidence and trust for a company to implement crypto or bitcoin in their business.

[wxa7115]

Do note that the company needed to run their own node to achieve the decentralized nature, if they are using the third-party payment gateway, they are not truly achieving decentralization. The volatility is also a double-edged sword for the company, some might want to store the payment in crypto, on another hand, some needed fast cash to operate it.

I do not imply and discourage its hard for businesses to accept Bitcoin. As a matter of fact, there is some payment gateway that has a FIAT conversion feature to mitigate volatility. My take is, whether a business accepts Bitcoin payment or not, it's a multi-variate problem that needed to be solved by the company self-interest. Not to mention, in some countries, regulatory issues are the obstacles.

I think the same, for a person adopting bitcoin is an easier decision than it is for a business, as a person which wants to hold their coins for the long term the only thing you need to worry about is how to store those coins safely so you can retrieve them whenever you want.

A business is way more complex than that, many times they need the money to pay for their operations which means the volatility of bitcoin plays against them as the price could face a correction just when they need to sell their bitcoin to raise funds for their operations, as such it is not a simple decision to make, however once the owners decide to do so it could bring them a lot of advantages as businesses can get very cheap loans and could use the loan to buy bitcoin in the middle of a bull run, then sell their coins, pay the debt and pocket the difference.

[Quidat]

first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future    and if the owner shop want to hodl it can become interest and benefit to owner

The major advantage of receiving Bitcoin as payment is its scalability advantage and the ability to share in market gains, business owners are beginning to take advantage of such opportunities and also Bitcoin allows for easy transaction process and time without involving a third party.

If you do talk about the probabilities of earning more profits due to that market activity or something like that then its true it could really have that kind of benefit but most of business owners doesnt really
need nor mind off about that which most of them do prefer on having stable profits or lets say that they dont like for their profits to go lower or simply just permanent or stabilized.
This is the main reason on why there are lots of them doesnt still convinced on accepting it nor having that problem towards regulation or something and some are just in personal too.
Its their own choice though whether they do accept or not but cant really blame off with their initial impressions.

[uneng]

I do not imply and discourage its hard for businesses to accept Bitcoin. As a matter of fact, there is some payment gateway that has a FIAT conversion feature to mitigate volatility. My take is, whether a business accepts Bitcoin payment or not, it's a multi-variate problem that needed to be solved by the company self-interest. Not to mention, in some countries, regulatory issues are the obstacles.

I think this is the best model to be adopted by businesses. Some of the third party services providing conversion feature don't charge any fees, what makes them even more advisable for businessmen. However, if the country doesn't allow people to deal with bitcoin or make the use of bitcoin too complicated in practice, it's not a good country for doing business of any kinds, since it is a strong indicator the country is heavily bureaucratic, and an alternative country should be taken in consideration by the entrepreneur.

[Ryker1]

Real businessmen are wise, they won't add anything to their business if it's not profitable and helpful. So if there are businessmen that don't want to add bitcoin on their payment option, they're just trying to be wise. But if there are businessmen too that adopts bitcoin as a payment method to their businesses then they're the wisest because they're aware of its volatility and there's two-way for accepting it. One for the actual payment, second for its volatility that they understand and it's another form of business to them.

Well, the term wise is not accurate for me --it should be a businessman that is willing to take a risk or high risk. Accepting bitcoin as payment is also have a risk because if you are the owner and accepting bitcoin in a bull season and then suddenly drop in the next few months it could affect your total sales when bitcoin is down. But if you can able wait until the bull trend is coming, it could be your profit will double but sad to know it has no time frame when it will happen. Willing to take a risk is also a high potential to gain profit.

[shield132]

So the company gain in two ways for accepting bitcoin for payments and if the price of bitcoin goes upward interest are generated also.

If the prices go down, huge losses are generated too. Usually, companies convert bitcoins into USD immediately to get rid of it's volatile nature and/or some of them integrate bitcoin payments and then remove it because of that reason but nowadays it's volatile nature isn't a problem with payment gateway providers.
Btw the real reason for business to accept bitcoin are two: 1. Variety choice of payments and 2. Marketing.
1. The most payment options you have, the better for you because people like it and someone may choose you over others because of comfortable payments.
2. Bitcoin is a good way to promote business, when there is a bitcoin banner on store, a lot of people are interested in it and visit the stores, it looks innovative for those who don't know what it is and gains the attention of people.

[GeorgeJohn]

Globally before you see a country that accept bitcoin for any payment system is very strenuous or arduous to indicate because at least hundred percent of the countries out of seventy five percent of the countries don't accept or adopt bitcoin as payment system instead of fiat currency

We both know Bitcoin is not difficult for people or business owner to accept Bitcoin as payment but it is each countries Federal government stance toward Bitcoin that is preventing this from happening. The last time I checked every business owner like an innovation that will increase their chance of making more money or growing their business.

but it's good idea and reasonable enough if some entrepreneurs or traders enroll into bitcoin payment system if really the government of their country will adopt bitcoin, because right now i know that different countries government dislike bitcoin

Yes, the government are the major reason why Bitcoin is not accept as payment in some country but those that know how to use it arereceiving their oversea payment through Bitcoin.

Yes of course you will use it but they are not using it openly Because many people is afraid of government in actual sense, but a process whereby bitcoin is been legalize in a particular country i think the payment with bitcoin can be make obvious even though you don't know how to use it, you can as well learn, the only thing i find out that has been a hindrance via payment with bitcoin via different countries is the implementation of bitcoin to a country through the government, when such is been done people will start using bitcoin like Fiat for exchanges of goods transaction.

[vv181]

I do not imply and discourage its hard for businesses to accept Bitcoin. As a matter of fact, there is some payment gateway that has a FIAT conversion feature to mitigate volatility. My take is, whether a business accepts Bitcoin payment or not, it's a multi-variate problem that needed to be solved by the company self-interest. Not to mention, in some countries, regulatory issues are the obstacles.

I think this is the best model to be adopted by businesses. Some of the third party services providing conversion feature don't charge any fees, what makes them even more advisable for businessmen. However, if the country doesn't allow people to deal with bitcoin or make the use of bitcoin too complicated in practice, it's not a good country for doing business of any kinds, since it is a strong indicator the country is heavily bureaucratic, and an alternative country should be taken in consideration by the entrepreneur.

I don't think "best" is quite the right word, running our own node is always advisable and have a lot of benefits, there will be some pros and cons, but it will come in handy if the business needs to scale up. After all, not relying upon a third party is a huge boost in terms of flexibility for the business itself. I believe if the business is able to manage it, the good will outweigh the bad.

[Yamifoud]

Yup that's the advantages of using bitcoin into business, because at the same time it's like you are investing your income as well. Or should i say double investment?  indeed people nowadays love using digital currency when it comes paying bills or any stuff around the internet, wherein even in public places because of some business that adopted bitcoin as well , so its a good idea to put bitcoin into a business especially if it's a new business.

And yet, you can't get any assurance with that which is very unfortunate. Double investment, making it more prfitable? But what if the market turns to bear season? They are also in absolute big losses and this gives worries for the owners to take that knowing how volatile it is. And the other thing is that it wasn't yet officially legalize in all countries which could get attention to them unless if their government make it.
The use of Bitcoin has disadvantages and advantages. And offering such services is really at high risk and so I understand why until today only a few establishments are accepting this as another mode of payment.

[Amejoaquim]

If your accepting bitcoin, i think this is the benefit you will get.
1). Marketing By accepting BTC, your business expands the number of people that may want to use it.
2). Usability: Low Fees, No chargebacks
3). International/Large Purchases: This is much easier than wiring money which remains very cumbersome, slow and agonizing.

[DaveF]

A business exists to take a customers money, in any form it can, and turn it into a product that the customer wants.
The more methods that they can take money in the better it is for the business.
With that being said, there are expenses in taking any form of payment.
Credit Cards = Fees, chargebacks
Cash = Securing it, counting it, having enough change, dealing with theft.
BTC / Crypto = fees if you don't do it yourself, the cost of running a node if you do. The risk of the price dropping.

Each business owner / operator has their own numbers that they work with to determine what they want to take for payment.

There is no should, there is the 'what is best for this business'

-Dave

[Hamphser]

If your accepting bitcoin, i think this is the benefit you will get.
1). Marketing By accepting BTC, your business expands the number of people that may want to use it.
2). Usability: Low Fees, No chargebacks
3). International/Large Purchases: This is much easier than wiring money which remains very cumbersome, slow and agonizing.

So it isn't bad to mention about the cons.

1. Volatility - It could affect your overall profit
2. Regulation - Depends on what stance does your country have it.
3. Fees- We know that not all the times were fees is low which means not all will really be willing to make out transactions

Aside from those cons but I do see that it do outweighs by its pro's.So its a personal choice as a business owner.

[coupable]

first come to my mind is flexibility so user or buyer can choose between fiat or crypto

supporting crypto as the payment of future    and if the owner shop want to hodl it can become interest and benefit to owner

Business platforms and consumers will get an alternate option. In reality even with the digital payment applications and other payment gateways like credit/debit cards, business people are more satisfied. So, if bitcoin can bring in something unique to the market it'll easily grab the attention.

The most important thing I believe on the need for bitcoin acceptance is the upcoming digital generation. The future generation will be much dependent on technology. By the time cryptocurrency will get priority among that generation.

Not necessarily in the next few generation. Fiat money still has scriptual nature and can be virtually transferred, although the classic fiat has gold value, it's backed by gold. Yes bitcoin grab the attention and wil continue to do so but this doesn't mean to fully replace fiat for medium to long term .
I will support all businesses aopting crypto paiement if they can react with the blockchain, as many businesses can't easily adopt the blockchain concept that didn't fit with their goals.

[Slow death]

So the company gain in two ways for accepting bitcoin for payments and if the price of bitcoin goes upward interest are generated also.

We also have to think that if the price of bitcoin drops too much, the loss for the business that accepts bitcoin as a means of payment will be a very high loss, there is also the issue of wages, I very much doubt that the workers of many companies would accept to receive their wages in bitcoin and how would the issue of social security for workers look like? How would the government channel a portion of workers' wages into the pension fund? This issue of accepting bitcoin as a means of payment is complicated.

[goinmerry]

Haven't spent some hours thinking about the advantage that is associated with Bitcoin in company ecosystems, new start-ups that are located in crypto-friendly countries are now diving into Bitcoin as payment against the regular faint traditional currencies, after administering questionnaires to some of the business CEOs stated the reason to be the anonymous nature and its intrinsic value. That is to say, Bitcoin is a business within a business because of its decentralized nature and volatile market.
So the company gain in two ways for accepting bitcoin for payments and if the price of bitcoin goes upward interest are generated also.

It's not that simple and easy. Some business owners don't like the idea of accepting bitcoin as a payment method because of its volatile nature. They will accept bitcoin not because they will hold it but rather they are circulating the money right away that is used to cover their business operation and cost. And generally, they are simply not crypto-enthusiast and crypto-oriented.

Even they will use a third-party payment gateway to convert bitcoin to fiat value the moment they received it, without demand or only a few requests from the community, it won't be considered to use. Customers also preferred to pay thru digital transactions as the process just takes few seconds to complete compare to crypto-transactions.