What Point Do You Start Accepting Bitcoin as a Payment Option For Your Business?

[Die_empty]

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

I would start accepting bitcoin in my business when customers start demanding for such payment options and when it is consistent to the law of my country. In my location I have just seen two businesses accepting bitcoin payments this is because only few persons are aware that bitcoin can be used as a form of payment. It would not be nice to use bitcoin as a payment option when nobody has requested for such option.

The government policy of my country would also determine when I would start accepting bitcoin as a form of payment. Currently the Central Bank of my country placed a ban on bitcoin, mandating all commercial banks not to carry out any crypto transactions. This has led to negative perception of bitcoin becaue the CBN has painted it as a financial enermy. Many people would engage in crypto transactions if the ban is lifted. Therefore it would be smooth to add bitcoin as a payment option when the government lifts the ban

[Viscore]

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Image source: Bitcoin Accepted Here

I will only accept bitcoin payment when everything around me is already aware and are more knowledgeable on bitcoin. Otherwise, if I start accepting bitcoin when all they know is only fiat, then my business won’t work and will eventually go back to fiat alone as a payment because it’s what people only know and become aware.

[kamvreto]

Acceptance of bitcoin as a payment option may be a consideration if government regulations still do not allow bitcoin as a means of payment. But if it's legal and bitcoin payment options are allowed, of course when I have a small business that I manage myself I will start accepting bitcoin. and the most suitable and fast network is to use Bitcoin Lightning which will manage transactions faster and with a smaller transaction nominal. About the profit margin we have to take it into account so that it will remain profitable for the business being managed.
This will also be an attraction for retail businesses that are run, because bitcoin payment options are certainly still very rare in my place.

[DoublerHunter]

In my locality people have slowly moved towards payment using mobile applications. Slowly they need to learn about cryptocurrencies. For now the knowledge they've got about cryptocurrencies is zero. When I find people with knowledge about using cryptocurrencies, I'll start adding cryptocurrencies as payment into my business.

^All electronic cash systems are very easy and convenient upon using as a payment in your store so cryptocurrencies are very suitable for this.
During the pandemic, a lot of people used e-wallets to pay not cash because to avoid physical contact and which is the most convenient if you will pay it online. So now regarding cryptocurrency, if you have knowledge of it and instead of investing them using your own money, why not accept them as payment and collect and hold it to store a value which is what most investors do?

[glendall]

a very important point in payments using bitcoin, I think the regulation, after that it will be able to continue even though it requires sufficient knowledge about bitcoin,
but after that we also have to pay attention to what kind of business we will make, recommend for online business if I, if you want to use bitcoin payments

[GreatArkansas]

Regarding price stability, there are already some solutions for this, like Bitcoin being volatile so you as a company or business owner will get affected.
I believe there are already lot of payment processor there that will manage the collection of your payment to your customer and there's an option that the collected payment will automatically convert to some stablecoin if you are worried about price fluctation/stability/volatility.

[Memorabilia]

Exactly, most payment processors provide an auto conversion facility so merchants can easily convert the cryptocurrencies received as payments into the cryptocurrencies of their choice. I am using Capital Wallet and they also have this feature which I’ve enabled. So whenever I receive payment in any coin it gets converted into USDT before I get it in my wallet.

[uneng]

A business can start accepting bitcoin as payment method from day 1 on. The business owner has to be paid somehow since the beginning, so better that he gives customers the maximum possible payment alternatives. Then it will be up to customers to pay with bitcoin or not. The important here is that the businessman does he part by accepting payments in btc. By doing this, he is also helping educating and enlightening people around about the digital decentralized cryptocurrency, therefore even if people don't use btc for paymentd there is nothing to lose, because at least they are discovering and learning something else.

[Flexystar]

The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Frankly speaking you just have to jump into it and start accepting the bitcoin for the businesses. There is no right or wrong time for the acceptance of bitcoin due to its volatility and short supply.

It's really obvious that for businesses the funds needs to be circulating all the time from one party to another party OR from one vendor to another vendor.

But, to keep it stable the asset needs to be highly stable! Problem is bitcoin is unstable as you can see the history of bitcoin and the trading view for the same.

Now there are two points here:
1) Businesses should accept the bitcoin so that it can be in the best interest of increasing the demand for it.
2) It's always rising historically so it would be best for the businesses to earn more bitcoins and value it in the later time by "HODL".

[crwth]

The market with crypto is volatile, and considering that first, it would be a good thing if you have a business and you are starting to try and accept cryptocurrency, specifically bitcoin. Because if it would be ideal and a lot of people have been looking for it as a payment option in your business, then it’s probably best that you would try and append it into your system. If not, it’s not ideal, but showing that you support crypto could affect your customers and maybe use it as a payment option.

If you are planning to do it, it’s safe to convert it into something that you believe in, and I hope it is going to be Bitcoin, so you don’t have to convert. I think this is a significant consideration as well.

[The Cryptovator]

There are a few obligations, to accepting Bitcoin. For example, even if I want to accept Bitcoin in my country won't happen due to restrictions. So basically those who love to invest in Bitcoin will accept Bitcoin definitely. Otherwise, they won't hold it for long due to volatility. Some companies accept Bitcoin but they swap it instantly from the exchange because volatile and they don't want to take the risk of loss. So definitely Bitcoin accepter should be a big Bitcoin fan.

[RockBell]

Given the size of the industry, I recently read an article about Tesla accepting Doge, and given that some countries have policies against bitcoin and that the only form of currency most people are familiar with is fiat, I believe that if people have more knowledge about bitcoin, it will help encourage more people to accept it as a form of payment.Let’s share the good news more.

[flimo]

I think you would want to start accepting it at the very start alongside fiat. Accepting Bitcoin would:

1. Remove processing fees (card payments like Stripe charge 2.9%)
2. Remove chargebacks. You would need to pay quite a bit for every chargeback and spend a lot of time dealing with friendly-fraud disputes on Paypal.

There's a lot of free services to get started like Poof https://www.poof.io/ or BTCpayserver https://btcpayserver.org/ so might as well start today.

There's probably been an uptick in accepting other currencies as well. I'm sure networks like Litecoin or Solana are relatively popular options as well.

[romero121]

My country haven't made any statement over the usage of bitcoin as legal or illegal. This means there is a fear, maybe if I start accepting bitcoin, I may need to answer any of the authorities. To face unwanted issues I haven't got plans for it. With time things could change when more people get to know about bitcoin and show interest in spending in terms of bitcoin.

Right now I've got friends who are into cryptocurrency. We used to make transactions in the form of cryptocurrencies for the amounts being borrowed for some needs. Majority prefer cryptocurrency as long term investment.

[coupable]

In any case, Bitcoin alone cannot be used as a payment method.
At all stages of the project Bitcoin payments can be accepted to facilitate transactions in the absence of cash. The problem always remains that it cannot be legally adopted as the only payment method for the service. Especially since most countries do not support cryptocurrencies and do not grant licenses to use them.

[qwertyup23]

I have read more than five (5) posts on this forum where users celebrate accepting bitcoin as a payment option for their business. Outside of the forum, we have read news of companies such as Microsoft, Home Depot, Twitch, Whole Foods, Gyft, Benfica accepting bitcoin as a payment. The question that has been on my mind for quite a long time is that-at what point do you think a business should start accepting bitcoin as a payment option, considering profit margin, price stability, and manipulation from exchanges?

Personally, I think as soon as the business started from its inception, they should provide all the possible and available payment options in order to maximize their profit.

The biggest advantage when you integrate cryptocurrencies to your payment options is its accessibility. With this, you are also promoting BTCs which would garner attention and potentially influence other businesses from doing the same method as well. Maybe what is stopping from huge conglomerates from integrating cryptocurrencies to their payment options is regulation with their respective governments.

[Vaskiy]

If I've got few consumers that are ready to make payment in the form of cryptocurrency I'll start accepting cryptocurrency payment into my business. Prior to that I need to educate the people as many of our forum members have done. Maybe this can take little time, because teaching a community about something new is really big.

[Lanatsa]

If I've got few consumers that are ready to make payment in the form of cryptocurrency I'll start accepting cryptocurrency payment into my business. Prior to that I need to educate the people as many of our forum members have done. Maybe this can take little time, because teaching a community about something new is really big.

Its a step on spreading up awareness and raise up recognition even though on small scale and there are merchants or business owners who do really shared up with that idea at least into their vicinity.

Although this cant really be adopted and be integrated totally yet questions would really be mainly asked.For businessowners then it would really be depending into you on whether you would be accepting it or not

into your business.To consider out volatility aspect then you should embrace out that probability and chances.If you could able to bare it out then
its your choice whether you would accept it or not.

[lixer]

If I've got few consumers that are ready to make payment in the form of cryptocurrency I'll start accepting cryptocurrency payment into my business. Prior to that I need to educate the people as many of our forum members have done. Maybe this can take little time, because teaching a community about something new is really big.

It was nice to know that they are the ones who ask for it instead of us who operate a business. There's even one forum member who set up btc payment but non of his costumer use it.

I think it will also depend on our location like if we are living on some places which are far away from the city, then expect that people there are less literate when it comes to technologies or it can also depend on the country that we live as there are countries who are not that active when it comes to crypto and maybe there are history of crypto being banned on them. People there are just being careful and they are not yet aware that the restrictions are now being lifted.

[348Judah]

There's nothing as important as the bitcoiner to discover the specific time he sees his enterprise good enough to withstand the curdles of receiving and making payments with bitcoin, there's no big deal in doing that but it need some things to got in olafe before such could be implemented, then there must be a consideration on the kinds of customers your business operates with and also know and carry an effective assessment on the location where the business is situated, just as we all know that business has three developmental phases, the idealogy stage, start up stage and the development or expansion stage which the entrepreneur must study all this before any implementation to ensure all work on its favour.