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Author Topic: Bitcoin as my new payment method  (Read 486 times)
ChiBitCTy
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August 25, 2022, 06:31:24 PM
 #41

Would you possibly be able to share with us what type of business you have (like in general, what field of business is it in like medical, automotive etc).  I'm curios as I think this can provide some insight into what types of industries might be a little more open to bitcoin payments.  Also, do you have any kind of figure of what percentage of your clients are paying in bitcoin? Regardless I love this!

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August 25, 2022, 07:49:05 PM
 #42

Would you possibly be able to share with us what type of business you have (like in general, what field of business is it in like medical, automotive etc).  I'm curios as I think this can provide some insight into what types of industries might be a little more open to bitcoin payments.  Also, do you have any kind of figure of what percentage of your clients are paying in bitcoin? Regardless I love this!
I'm also interested in what kind of business he is having. In my place, There are some IT related stores (Computer Hardware stores/IT Services) in my local place that is currently accepting right now. They are surely aware of what our current technology is and I surely they have the knowledge and understanding about cryptocurrency that's why they are accepting it as a payment. Technology related businesses are what I commonly expect to have bitcoin payment adaptation.                                     
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August 25, 2022, 08:06:44 PM
 #43

Would you possibly be able to share with us what type of business you have (like in general, what field of business is it in like medical, automotive etc).  I'm curios as I think this can provide some insight into what types of industries might be a little more open to bitcoin payments.  Also, do you have any kind of figure of what percentage of your clients are paying in bitcoin? Regardless I love this!
I'm also interested in what kind of business he is having. In my place, There are some IT related stores (Computer Hardware stores/IT Services) in my local place that is currently accepting right now. They are surely aware of what our current technology is and I surely they have the knowledge and understanding about cryptocurrency that's why they are accepting it as a payment. Technology related businesses are what I commonly expect to have bitcoin payment adaptation.                                     
It would be nice to know more details about bitcoin adoption on his business. I also would like to know what was the impact of this adoption on this business: the percentage of customers paying in btc compared to the ones still paying in fiat, the percentage of people who didn't know bitcoin, but thanks to him have become enthusiasts and if accepting bitcoin as payment has created any issues with local regulators and authorities.

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August 25, 2022, 09:14:06 PM
 #44

If I adopt bitcoin as a means of payment then I must clearly inform them that I will charge an additional fee as tax for every item I sell/for every transaction that occurs. This is a crypto transaction tax which is already regulated in the regulation of my country's minister of finance. So everytime I want to convert bitcoin, then I have to pay tax for it. But I haven't seen any good potential about the legality of bitcoin as a legal tender in my country, so that's my assumption when the regulations change.

Nevertheless, there is always hope for the future about the increased adoption and legality of bitcoin as a legal tender in various countries. I know we need time, it's not going to happen anytime soon but there's always a good chance of it.
There are people who live in places where they have to pay taxes on certain times because that's when the taxes happen. Which means let's say you bought 10k dollars worth of bitcoin and it goes to 100k? Well, you pay 20% tax let's assume, which is 20k, but if you keep your bitcoin and it goes under 20k that means you literally made a loss AND paid taxes at the same time.

This means you shouldn't really be worried about just paying when you sell, that's even good. Taxing situation should be quite low, like stocks, or even forex, those are like 1/1000 taxes in my nation and that should be how it is, otherwise it is really hurting the crypto world when you pay too much taxes.

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August 27, 2022, 02:37:09 AM
 #45

I'm also interested in what kind of business he is having. In my place, There are some IT related stores (Computer Hardware stores/IT Services) in my local place that is currently accepting right now. They are surely aware of what our current technology is and I surely they have the knowledge and understanding about cryptocurrency that's why they are accepting it as a payment. Technology related businesses are what I commonly expect to have bitcoin payment adaptation.                                     
Every day there are new innovations and cutting-edge technology adapting to the times, I think the presence of bitcoin is actually very helpful for all people in terms of transactions, despite most of the main goals of adopting bitcoin as an investment tool, I think the ease of transactions when using bitcoin is actually very beneficial for large companies. Transactions using bitcoin can be carried out in large quantities, maybe different from fiat, especially transactions between countries, you must first convert local currency to dollar currency, but with bitcoin it is very easy in terms of transactions and the delivery process is quite fast via lightening.

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