Accepting Bitcoin for your business just like Tesla: Report

[MARK21]

Merchants that accept crypto rather than credit cards for payments can expect to save as much as 3.5% or more.

According to reading information, Tesla temporarily embracing Bitcoin as a method of payment for its products was conceivably one of the catalysts that pushed asset prices to record highs last year and put the spotlight on crypto legitimacy particularly in the realm of payments.

Why should businesses accept crypto?

Cryptocurrencies are believed to be in a phase of hyper-adoption, and the 178% increase in the global crypto population is further evidence of that. For businesses, accommodating this growing demographic would mean an expansion of their potential client base.

The process of accepting crypto

Whether a company sets up its own node like Tesla or opts for a payments processor to facilitate the transaction, the way to do it is more or less the same but differs under the hood. For instance, certain payments processors can allow a merchant to receive crypto but would also enable real-time settlement in fiat.

With the following image you can see the ways for the company to accept cryptocurrencies as payment:

Source: https://cointelegraph.com/news/accepting-bitcoin-for-your-business-just-like-tesla-report

[sklopan]

It should be understood that Tesla is a project of Elon Musk and comparing this project with others is not an easy task. Often it is these projects that dictate the state of affairs in the cryptocurrency market.

[avikz]

Accepting cryptocurrencies for a business is a good proposition for the business itself because it saves on the transaction fees. However it is not the most convenient payment method for the buyer. So you may see businesses accepting cryptos but there are hardly any users to use that method. Cryptocurrency is great for investment, but not the best choice among available payment methods.

Very soon, UPI method will be implemented in a lot of countries. Why do you think Visa and Mastercard has gone to US competition commission to comllain against UPI!!!! They could very well become extinct from the markets where UPI will exist.

Read: https://en.m.wikipedia.org/wiki/Unified_Payments_Interface

[OgNasty]

Anytime you mention businesses accepting Bitcoin and their options, it's a good idea to let folks know what open source projects are working to help make that possible.  The most popular (as far as I know) way for businesses to accept Bitcoin without messing around with 3rd parties that charge high fees and take custody of your funds is to use BTCPayServer.  I haven't ever heard people saying bad things about it, and while I have no experience using it myself, I think I've seen enough good implementations of it to where I feel good recommending it.

https://btcpayserver.org/

[cheezcarls]

How I wish we could all put up a sustainable traditional business and accept Bitcoin as alternative payment gateway for the customers to buy products, order food and drinks, etc. However, it's not applicable to countries even if they don't have a problem with crypto. Like there are countries who are allowing crypto trading and investments but not as a payment method for businesses.

[Lubcub62]

I am also quite interested in receiving bitcoins for my personal business. However, the obstacle that made me give up my intention was because at the moment in my country I have not been able to do it. because a few years ago even many hotels and cafes in my country accepted bitcoin as payment but were eventually stopped by the local government. because there is no legality. Maybe if there is a Tesla-class company in my country. then that would be another story. Because after all, there is no legality in my country because no big company has yet taken this step in my country. so there is no impetus for the government to legalize it.

[adzino]

I have never paid in bitcoin in any physical store but did use it for making payments/buying online. It was easy, fast and simple but sometimes annoying when I had to wait for more than 20 minutes for one network confirmation (unlucky). So imagine trying to buy a cup of coffee but you have to wait more than 10 minutes for the transaction to settle. That would be annoying. And let's not talk about what is going happens to the fee when the network is overloaded. You don't want to pay a huge fee for a dollar and an a half worth of coffee. Lightning Network might be the solution to these issues though.

[pooya87]

Merchants that accept crypto rather than credit cards for payments can expect to save as much as 3.5% or more.

This is not entirely correct because it depends on what it means by "crypto". If anyone accepts altcoins they are usually doing it through a third party that charges extra fees that would mean they lose 3.5% ore more not save on it and also since shitcoins are always dumping they are going to lose more if they receive them directly.

According to reading information, Tesla temporarily embracing Bitcoin as a method of payment for its products was conceivably one of the catalysts that pushed asset prices to record highs last year and put the spotlight on crypto legitimacy particularly in the realm of payments.

I disagree because this was not a major news, not to mention that Tesla is not a company that has that many customers in first place. It is not like a grocery store that everyone is visiting regularly! How many people are buying their very expensive products anyway and of those how many are paying with bitcoin?!!

Cryptocurrencies are believed to be in a phase of hyper-adoption

Wrong. Bitcoin is considered that not cryptocurrencies, in fact everyone considers altcoins to be a pump and dump overhyped nonsense.

[davis196]

If you are a business owner, you will have to ask yourself what's the point of accepting a currency, which is valued at 20K USD in the first year, goes above 60K the second year and it drops to 15K on the third year? The business owners want stability and predictability and Bitcoin is anything else but stable and predictable. Adding BTC/crypto payments just to convert them to fiat money right away doesn't make any sense. The crypto demographic isn't that big, It's probably less than 0.5% of the global population. No business would break a leg and an arm in order to please a few hardcore crypto enthusiasts.
Tesla is a "government baby", that would have gone bankrupt, if it wasn't the US government supporting them. I can't take this company seriously.

[Kakmakr]

Accepting Bitcoin as a direct payment option and doing it as a payment through a third party payment processor is very different. The real adoption is when you pay directly into a "merchants" or "retailers" Bitcoin address, but when you have to pay Bitcoin into a payment processor and they convert it to Fiat, it is not real adoption. 

The use of payment processors are forced onto merchants and retailers, because governments are trying to protect their Fiat currencies, so they do not allow Bitcoin to be legal tender. 

[Uang_kartal]

Tesla again.
after bringing fresh air last year and bringing flying doge prices.
I realized that bitcoin is the only type of owner of the first ecosystem of transactions that is used.
if there are currently emerging countries, companies or the like that agree on bitcoin for transactions, that is a good appreciation.
You quoted news from media sources and I don't know when other companies will mass adopt this bitcoin.
if you know and focus on companies that adopt bitcoin for price resistance and volatility that may differ from type of investment.
I hope to be able to help (adopt bitcoin) somehow in the future with the current bear market.

[teslag]

For case, certain payments processors can allow a trafficker to admit crypto but would also enable real- time agreement in edict. This effectively removes price volatility while giving the trafficker the inflexibility to accept digital means

[xSkylarx]

If you are a business owner, you will have to ask yourself what's the point of accepting a currency, which is valued at 20K USD in the first year, goes above 60K the second year and it drops to 15K on the third year? The business owners want stability and predictability and Bitcoin is anything else but stable and predictable. Adding BTC/crypto payments just to convert them to fiat money right away doesn't make any sense. The crypto demographic isn't that big, It's probably less than 0.5% of the global population. No business would break a leg and an arm in order to please a few hardcore crypto enthusiasts.
Tesla is a "government baby", that would have gone bankrupt, if it wasn't the US government supporting them. I can't take this company seriously.

There are businesses that accepts bitcoin just for the sake of bragging that they know about it. It boosts their popularity and attracts some customers that are also pro-crypto. There is nothing wrong if they convert it to fiat immediately, it is considered their profit not an investment. If they plan to make it as an investment then they should have a separate fund that will cover that bitcoins' current value in fiat so their business won't lose profit.

[Lucius]

According to reading information, Tesla temporarily embracing Bitcoin as a method of payment for its products was conceivably one of the catalysts that pushed asset prices to record highs last year and put the spotlight on crypto legitimacy particularly in the realm of payments.

You should have emphasized the word "temporarily" because shortly afterward a light came on in the head of Mr. Mars, who realized that Bitcoin transactions were not in line with his green policy, so he decided to remove this payment option. In my opinion, such behavior did more harm to Bitcoin than good - because it only supported those who spread the idea that Bitcoin is dangerous to the environment.

If we take into account that Mr. Mars has not yet changed his mind despite various studies that say that most of the energy for mining comes from renewable energy sources, I wonder how much damage he still does today in terms of discouraging others from accepting Bitcoin as a means of payment in their companies?

[Flexystar]

What a great time to launch this campaign by Tesla. Crypto is all in red and at such discounted rate, this means both the user and Tesla is going to benefit from this. Tesla Will have more bitcoins for each payment as compared to what they were receiving the last year. This I’m stating on the basis of fiat value for bitcoin. Like more qty of bitcoins would be in the wallets of Tesla in current state. However, it is not beneficial to for user to buy bitcoin and then buy Tesla. Because Tesla would be stagnant investment while on the other hand buying bitcoin and holding the same for a year or so can have double the money. 

[goldkingcoiner]

The topic can be seen as very constructive but it does seem to miss a few important points which need addressing before you even think about accepting Bitcoin in your business. You obviously need to convert part of it into funds for your expenses and taxes. Secondly you need to know your own country's laws on accepting Bitcoin payments (don't forget to get consulation from reputable sources).

And third, which is advice ; give your customers/clients an incentive to pay with Bitcoin.

[Fivestar4everMVP]

It is easy to understand that alot of people and business owners around the world are coming to terms with the usefulness of Bitcoin and cryptocurrencies in general to the financial system, i personally have never bought anything and paid in crypto, but ive seen a lot of people do, many small and local businesses in my area now accept crypto payments which is truly what we all want for Bitcoin and other good crypto coins, this is how real adoption starts and am glad we are getting there bit by bit, adoption is a process, it wont happen overnight, its understandable, Tesla is not the only big company that will accept Bitcoin payment, alot of other big companies are coming.

[BlackHatCoiner]

Tesla temporarily embracing Bitcoin

Isn't it weird that Tesla re-embraces bitcoin after they've removed it and spread environmental FUD about how much electricity it consumes? Isn't it also weird that Tesla makes electric cars? Furthermore, isn't it completely irrational to buy $2 billion worth of bitcoin after their assertions?

And that's before we even talk about the dog coin. 

It is not like a grocery store that everyone is visiting regularly! How many people are buying their very expensive products anyway and of those how many are paying with bitcoin?!!

+1

[erick94]

It is easy to understand that alot of people and business owners around the world are coming to terms with the usefulness of Bitcoin and cryptocurrencies in general to the financial system, i personally have never bought anything and paid in crypto, but ive seen a lot of people do, many small and local businesses in my area now accept crypto payments which is truly what we all want for Bitcoin and other good crypto coins, this is how real adoption starts and am glad we are getting there bit by bit, adoption is a process, it wont happen overnight, its understandable, Tesla is not the only big company that will accept Bitcoin payment, alot of other big companies are coming.

The adoption of bitcoin as a means of payment has indeed started to be carried out by several large world companies that do have clear regulations in their countries, but for some countries it seems that it will be difficult to implement this because it will conflict with existing government regulations such as in my country, so I think maybe we will wait for a long time so many countries will be open to accept crypto and legalize bitcoin as a means of payment.

[Bitstar_coin]

How I wish we could all put up a sustainable traditional business and accept Bitcoin as alternative payment gateway for the customers to buy products, order food and drinks, etc. However, it's not applicable to countries even if they don't have a problem with crypto. Like there are countries who are allowing crypto trading and investments but not as a payment method for businesses.

I think it also boils down to individual choices, i believe in a country where the government did not ban btc trading and investment the citizens can chose to accept btc as payment method if they understand it enough. i think the reason why we have seen so many business accepting btc is not just because of government ban but also because of limited knowledge and also the volatility of btc.