Reason why businesses should accept Bitcoin payment

[CaVO32]

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.

Every business owner has their own preferences when it comes to handling their financials. It is true that some of them don't like to accept crypto because of its volatile nature. While some don't see any advantage of doing so and it is not practical on their part. Anyway, they will change their approach on this if they will see demand from their customers themselves. Otherwise, they will just stick to their current payment method.

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[lienfaye]

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

Well, you're right, accepting bitcoin as payment really give convenience on both parties, less hassle and easy to transact without loads of paperwork. Plus the company has the opportunity to gain more if the price happen to increase.

However, we know if there's a pros there's also cons for accepting btc as payment and that is the volatility. The price is not stable and worse can drop drastically leaving them with no choice but to wait until the price recover.

Thus the businesses who are willing to embrace bitcoin are those who understand the risk and prepared for it.

[Amejoaquim]

In my opinion, If only a small portion of your business is crypto then volatility affects you very little, and it would be good for you to learn the ropes and get stuff set up so you can grow with the userbase of crypto. If your product or service is something that crypto people like a lot you can get more revenue and sales.

[kotajikikox]

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.

Wait , you administer questions towards Business CEO's? mind telling us which company and who are these CEO?

because this sounds like a nonsense talk.

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.

but what about if the price of bitcoin downfall? what is their take? they cannot stand holding the said bitcoin in their operation if the dump stays more than a year like in the past?

[davis196]

Number one reason for accepting Bitcoin payments should be-Not dealing with banks and payment processing companies.
The business owners will get the most benefits of accepting BTC,when they start using it to purchase goods and services from other businesses.Bitcoin should become a business-to-business currency,also known as B2B.Getting adopted by B2C companies (or business-to-customer) is also great,but the companies will eventually have to convert the BTC into fiat,which kinda makes the whole BTC adoption process pointless.
The price volatility and the lack of regulatory clarity are the main factors,which are stopping mass Bitcoin adoption.

[pickforbies]

Number one reason for accepting Bitcoin payments should be-Not dealing with banks and payment processing companies.
The business owners will get the most benefits of accepting BTC,when they start using it to purchase goods and services from other businesses.Bitcoin should become a business-to-business currency,also known as B2B.Getting adopted by B2C companies (or business-to-customer) is also great,but the companies will eventually have to convert the BTC into fiat,which kinda makes the whole BTC adoption process pointless.
The price volatility and the lack of regulatory clarity are the main factors,which are stopping mass Bitcoin adoption.

Agree, will be have no benefits to still convert BTC into Fiat. It's proving there's many company can't adapt it as soon as possible. Our generation still believe in Traditional financial system and I believe maybe in next 15 years, digitalized and decentralized reformation will come.

[witcher_sense]

Number one reason for accepting Bitcoin payments should be-Not dealing with banks and payment processing companies.
The business owners will get the most benefits of accepting BTC,when they start using it to purchase goods and services from other businesses.Bitcoin should become a business-to-business currency,also known as B2B.Getting adopted by B2C companies (or business-to-customer) is also great,but the companies will eventually have to convert the BTC into fiat,which kinda makes the whole BTC adoption process pointless.
The price volatility and the lack of regulatory clarity are the main factors,which are stopping mass Bitcoin adoption.

Many people continue to express their concerns regarding high bitcoin volatility despite the fact that bitcoin has grown a billion percent since its inception. Neither ordinary users nor the owners of businesses should be worried about that because bitcoin incentivizes and rewards for long-term thinking. It would simply be a rational decision for businessmen to hold bitcoin as part of the company's reserves: as time goes by, it becomes a lot riskier to not buy bitcoin than to buy it. As for regulatory clarity, businesses may consider moving to the countries that have already understood and embraced the benefits and opportunities that the usage of cryptocurrency gives.

[bakasabo]

Agree, will be have no benefits to still convert BTC into Fiat. It's proving there's many company can't adapt it as soon as possible. Our generation still believe in Traditional financial system and I believe maybe in next 15 years, digitalized and decentralized reformation will come.

Reformation is already knocking at your door. Since El Salvador made Bitcoin a legal payment, it will be a matter of several years before mass adoption will start. Btw, Republic of Cure currently also authorise and regulate cryptocurrencies like Bitcoin, but this is not discussed widely. So there is actually no need to wait for 15 years.

Returning to El Salvador, using Chivo wallet app you can pay and receive payments in Bitcoin already now. As well as get crypto plastic cards with auto exchange option on and use them for payment. You will only see how your crypto balance decreases with every payment (but detailed statistics is also available in dashboard).

[AicecreaME]

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.

The big merchants are at an advantage if ever they would opt to accept bitcoin payment in their business. Making bitcoin one of their payment options eliminates the hassle of monitoring the transactions because every transaction is recorded. No more inconvenience on the part of the merchant and to the customer as well because they'll transact online via a network that provides quick processing and low transaction fee. However, to those start-ups, I don't think they have the capability to suddenly accept bitcoin as a payment method because they have to have the resources and knowledge first before diving into something volatile considering that their business is just starting to grow. \

Based on my observations, those small establishments just make their money go in cycle. They start with capital, then they need the profit and the revenue to be invested back again to buy the supplies in their business. Hence, what most of them need is an active flow of money. They can opt to have bitcoin as a payment method but I doubt they can hold as long as other big-time merchants.

[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 are receiving their overseas 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.

I agree with what you said about the government however, that's also what I said about the government being the major hindrance to Bitcoin going mainstream because most countries that claim to be governed through democracy are actually governed through collectivism.

Having said that, payment with Bitcoin without having knowledge about the system is not simple and I am saying out of the experience I had when I first join the crypto ecosystem.

[Gosgosking]

If anyone has a business and decide to accept Bitcoin as means of payment, I think that's fine and can be interesting. Know that only few people uses Bitcoin or know about Bitcoin so you have to reduce the limit cause you don't expect everybody to come and pay with Bitcoin. Many people will still accept Bitcoin so there is no need to rush now.

[Imran232]

Accepting bitcoin for the biggest companies is just a matter of time. If they think they can be approved. But there is some thought that that's the reason they didn't take steps easily.

1: Lots of customers of their company might be unaware about bitcoin.

2: Because bitcoin prices are volatile because companies need stability if they need money to expand, and during that time period, the market drops, so they can't sell at a loss. And they are aware of this news.

3: Biggest companies know that if they approve bitcoin as a payment, then bitcoin's price will go up for one day. This might be because lots of their customers buy bitcoin and may pay in bitcoin too. But after 1 or 2 days, miners or holders who hold large amounts start selling and the bitcoin price goes down. And that company might be at a loss. Because they just approved it, but they can't unapprove it at that time, then they might lose customer trust. So they could be at a loss. That is why they are a little bit aware of it.
 
It is all my opinion. Others can be different. Thank you.

[suryana]

Agree with what you said that receiving payments in bitcoin is business in business, which means we have a chance to profit if the price of bitcoin goes up but we also have a chance to lose if bitcoin goes down. This is indeed an opportunity for entrepreneurs who dare to take risks but have a pretty decent profit opportunity. It's good to make bitcoin an option considering the price continues to increase. It should be tried for people who do business to add bitcoin as a payment option.

[dimonstration]

Number one reason for accepting Bitcoin payments should be-Not dealing with banks and payment processing companies.
The business owners will get the most benefits of accepting BTC,when they start using it to purchase goods and services from other businesses.Bitcoin should become a business-to-business currency,also known as B2B.Getting adopted by B2C companies (or business-to-customer) is also great,but the companies will eventually have to convert the BTC into fiat,which kinda makes the whole BTC adoption process pointless.
The price volatility and the lack of regulatory clarity are the main factors,which are stopping mass Bitcoin adoption.

Many started to accepts bitcoin now especially if they are into investing also. If there are chances that people will pay me bitcoin in buying in our store I will definitely just keep it their as it can give me more profit in future. Unless the business is not stable yet that there is a need for money to allocate in business operation and they are not aware in how trading works then it’s a no no for some business owners. Those who have business at the same time are traders should accept crypto as payment for them to make their profit grow more in trading.

[Zanab247]

 Here are some of the reasons businesses should accept bitcoin payment:
1. Population : since many countries are now legalized bitcoin in the country, show that any business that is accepting bitcoin payment will really improve massively in the community. Many customers now prefer to purchase their products and pay with bitcoin in any business that accept bitcoin payment.
2. Decentralized currency: since bitcoin is not control by the government, it pump without the permission of the government because is a decentralized currency. it will help any businesses that accept bitcoin payment in the country .
3. Bitcoin users: many bitcoin users prefer to purchase their goods from business or company and pay with bitcoin without fiat money invol. Since there are many bitcoin users in the community, it will be a good decision to any business that will accept bitcoin payment.

[oktana]

One of the reasons which people may not see is that accepting Bitcoin exposes you to more customers. If I want to buy a product and I see two stores, I'd rather patronize the guy who accepts Bitcoin. Maybe because I don't have enough cash, maybe because I find it credible that he is promoting Bitcoin, but somehow, I patronize that store.

That is if there's more people there that uses bitcoin, what would happen if you're living in a poverty stricken area in your city? That's unlikely that people there are using crypto as a primary currency and they might not even know how it works.

It's a win-win idea. If people in that area don't use crypto, you stand to lose nothing. isn't it?

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

So how about the downside? You cant expect only capital gains are in the process. You should also take into account those scenario where bitcoin experience a huge slump. Yes that could also be a factor of going down and totally loss instead of gains. Bitcoin is good type of investment but we must also see its negative impact on some other variables.

Your point is really valid. This is one of the disadvantages of Bitcoin for those who want to use it as a currency. There could be cases where you sell a product and get paid in Bitcoin, but just an hour later, there's a decline in price. This reduces your gain (or can even incurs loss) for the product you sold.

[dansus021]

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.

Right  HODL and earn more interest but yeah market volatile maybe be the number one enemy.

They can actually simple accept stablecoin like usdt, usdc or other stable coin to counter volatile of market right 

[rozak]

Right  HODL and earn more interest but yeah market volatile maybe be the number one enemy.

They can actually simple accept stablecoin like usdt, usdc or other stable coin to counter volatile of market right 

the development adopted should be from the blockchain first. when this technology is applied in a company, of course, the use of cryptos such as bitcoin and other stable assets can be used properly.
although in real-world trading to buy an item one can use crypto such as bitcoin. the only thing I understand is the ease of transaction and security than fiat money.
indeed crypto also has risks related to the security of our assets. but as long as using crypto correctly for transactions. I believe the risk of our assets being lost will not occur.

[Shenzou]

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.

You have a point but you are not taking in consideration of the fact when the price goes down the businesses will be at a loss because you are looking at it from your own point of view, so lets say that you are a owner of a shop you buy stuff from a company that manufactures goods and sells them to business at a price using fiat, so you buy from them something for 10 dollars and you sell it for 12 using bitcoin, the next week the price dips and you are left with 9 you will be at a loss, i think crypto and bitcoin are a great payment option but not for business to depend on.

[pickforbies]

Agree, will be have no benefits to still convert BTC into Fiat. It's proving there's many company can't adapt it as soon as possible. Our generation still believe in Traditional financial system and I believe maybe in next 15 years, digitalized and decentralized reformation will come.

Reformation is already knocking at your door. Since El Salvador made Bitcoin a legal payment, it will be a matter of several years before mass adoption will start. Btw, Republic of Cure currently also authorise and regulate cryptocurrencies like Bitcoin, but this is not discussed widely. So there is actually no need to wait for 15 years.

Returning to El Salvador, using Chivo wallet app you can pay and receive payments in Bitcoin already now. As well as get crypto plastic cards with auto exchange option on and use them for payment. You will only see how your crypto balance decreases with every payment (but detailed statistics is also available in dashboard).

I Love how you described it as knocking at my door. Ofc I believe on Bitcoin Legalization in El Salvador now as a huge progress for Cryptocurrency. No matter what happening there, It's still an obvious chance for Bitcoin bright-future. From development side, there's no major issue, but I talked about from Adaptation and Political view and ofc Macro-Economic also, We can count by our fingers about nations who fully use Bitcoin as daily transaction like El Salvador did. Hopefully I wrong about 15 years next, maybe can be as soon as possible like 5-10 years next.