Why Small Scale Businesses should accept Cryptocurrencies as a medium of payment

[Oceat]

What would be your opinion about this, OP?

It's easy to say this and that but once there's a regulation it would hinder them from acquiring cryptocurrency. There are places in the world that doesn't like the existence of crypto currency especially the Bitcoin where no single entity controls it.

If the bigger business firm would have a problem accepting/using cryptocurrency/Bitcoin, then what makes you think the small scale businesses won't have a problem either?

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[alexandr1115]

The main desire of entrepreneurs is to create prestige for their company in order to increase sales. Naturally, entrepreneurs do not pass by the sphere of cryptocurrencies, because it is important for the company to introduce something new. Any news that the company has implemented payments in cryptocurrencies can create a very good advertisement for the company. But why can't entrepreneurs introduce digital currency into their business in any way? It seems to me there are reasons on both sides! the first reason is inconvenience on the part of buyers, not everyone wants to mess with a cryptocurrency wallet when it's easier to pay with a bank card or cash! And the second reason is from entrepreneurs. Not every entrepreneur understands how to properly organize payment in cryptocurrencies.

[Sikinkato]

Small businesses are not allowed to accept cryptocurrencies as payment. Not everyone knows about cryptocurrencies, not everyone can use it, and some people are unable to trade in cryptocurrencies. The price fluctuations and transaction fees of cryptocurrencies also impose certain restrictions on transactions.

[Ayers]

The main desire of entrepreneurs is to create prestige for their company in order to increase sales. Naturally, entrepreneurs do not pass by the sphere of cryptocurrencies, because it is important for the company to introduce something new. Any news that the company has implemented payments in cryptocurrencies can create a very good advertisement for the company. But why can't entrepreneurs introduce digital currency into their business in any way? It seems to me there are reasons on both sides! the first reason is inconvenience on the part of buyers, not everyone wants to mess with a cryptocurrency wallet when it's easier to pay with a bank card or cash! And the second reason is from entrepreneurs. Not every entrepreneur understands how to properly organize payment in cryptocurrencies.

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

[alexandr1115]

The main desire of entrepreneurs is to create prestige for their company in order to increase sales. Naturally, entrepreneurs do not pass by the sphere of cryptocurrencies, because it is important for the company to introduce something new. Any news that the company has implemented payments in cryptocurrencies can create a very good advertisement for the company. But why can't entrepreneurs introduce digital currency into their business in any way? It seems to me there are reasons on both sides! the first reason is inconvenience on the part of buyers, not everyone wants to mess with a cryptocurrency wallet when it's easier to pay with a bank card or cash! And the second reason is from entrepreneurs. Not every entrepreneur understands how to properly organize payment in cryptocurrencies.

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

Of course!! There may be more reasons! Perhaps the entrepreneurs themselves cannot properly arrange payment in cryptocurrencies. Perhaps the customers themselves do not want to get involved with crypto wallets.

[xSkylarx]

The main desire of entrepreneurs is to create prestige for their company in order to increase sales. Naturally, entrepreneurs do not pass by the sphere of cryptocurrencies, because it is important for the company to introduce something new. Any news that the company has implemented payments in cryptocurrencies can create a very good advertisement for the company. But why can't entrepreneurs introduce digital currency into their business in any way? It seems to me there are reasons on both sides! the first reason is inconvenience on the part of buyers, not everyone wants to mess with a cryptocurrency wallet when it's easier to pay with a bank card or cash! And the second reason is from entrepreneurs. Not every entrepreneur understands how to properly organize payment in cryptocurrencies.

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

There are only a fewer countries that banned it and it is the same with PayPal which is widely used by people around the world. It doesn't mean that if it is not widely used we will not implement it, it is the decision of the business owners, I have seen a lot of threads here that are business owners accepting bitcoin as payment for their goods and items, it is for awareness of the people. But again it is only one of their payment method not ONLY the payment method as there are people who want to pay by a card or in cash.

[Ayers]

The main desire of entrepreneurs is to create prestige for their company in order to increase sales. Naturally, entrepreneurs do not pass by the sphere of cryptocurrencies, because it is important for the company to introduce something new. Any news that the company has implemented payments in cryptocurrencies can create a very good advertisement for the company. But why can't entrepreneurs introduce digital currency into their business in any way? It seems to me there are reasons on both sides! the first reason is inconvenience on the part of buyers, not everyone wants to mess with a cryptocurrency wallet when it's easier to pay with a bank card or cash! And the second reason is from entrepreneurs. Not every entrepreneur understands how to properly organize payment in cryptocurrencies.

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

There are only a fewer countries that banned it and it is the same with PayPal which is widely used by people around the world. It doesn't mean that if it is not widely used we will not implement it, it is the decision of the business owners, I have seen a lot of threads here that are business owners accepting bitcoin as payment for their goods and items, it is for awareness of the people. But again it is only one of their payment method not ONLY the payment method as there are people who want to pay by a card or in cash.

I don't think some, many countries still haven't accepted bitcoin and aren't ready for it. I have also followed many threads about small businesses accepting bitcoin as a payment method on the forum, but I think most of those stores are from countries where bitcoin is very friendly, and legal.
I don't mean because it's not popular, it's not implemented, I mean its legitimacy, as long as bitcoin becomes legal, even if bitcoin is unfriendly, businesses can still use it. What businesses fear is not the absence of users but the legitimacy because the business does not want to be entangled with the law.

[Flexystar]

I am still going to say that we are still far away from such high adoption because the reasons you gave are actually reverse of it. We don’t really have low fees and high transaction speeds all the time in the crypto verse. For now yes we are doing just great but imagine what happens when there is high adoption of the bitcoin. You will see crazy high demand of transaction and thus there will be rush of bitcoin transactions and network congestion will occur all the time. We have already seen what happened when the prices are hiking for bitcoin. May be lightening network needs to be adopted first to avoid these complications.

[BITCOIN4X]

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

Most countries do not ban bitcoin primarily as a trading and investment asset, while most countries still do not legalize it as legal tender. Legality is the reason why bitcoin or crypto users in my country cannot yet use it as a legal currency, but I can assure you that trading and investing is legal.

I don't think price volatility will be a big issue as businessman/ trader can easily convert their bitcoin to fiat when they use exchange to accept payments. But maybe service fees are an issue to think about so trader or businesses that adopt bitcoin will have to adjust the price of their goods to make profit without additional problems. It could be that the price of goods will be slightly more expensive considering that traders have to pay trading fees as well as withdrawal fees if they have to exchange their bitcoin and withdraw fiat to a bank account.

[qwertyup23]

What would be your opinion about this, OP?

It's easy to say this and that but once there's a regulation it would hinder them from acquiring cryptocurrency. There are places in the world that doesn't like the existence of crypto currency especially the Bitcoin where no single entity controls it.

If the bigger business firm would have a problem accepting/using cryptocurrency/Bitcoin, then what makes you think the small scale businesses won't have a problem either?

I think the advantage of small-scale businesses is its regulation with the laws. Given that they are only "small-scale," the some government institutions somehow waives the right for them to comply with the existing licenses as a form of support and help. A good example is here in the Philippines, street vendors are not required to file taxes as a form of privilege to the needy.

I hope the government somehow adopts the same concept with cryptocurrency when it comes to regulation. The fact that there is that potential of cryptocurrency becoming an alternative currency for their services/products, the hope still remains that it will soon be accepted as a whole.

[n0ne]

What would be your opinion about this, OP?

It's easy to say this and that but once there's a regulation it would hinder them from acquiring cryptocurrency. There are places in the world that doesn't like the existence of crypto currency especially the Bitcoin where no single entity controls it.

If the bigger business firm would have a problem accepting/using cryptocurrency/Bitcoin, then what makes you think the small scale businesses won't have a problem either?

I think the advantage of small-scale businesses is its regulation with the laws. Given that they are only "small-scale," the some government institutions somehow waives the right for them to comply with the existing licenses as a form of support and help. A good example is here in the Philippines, street vendors are not required to file taxes as a form of privilege to the needy.

I hope the government somehow adopts the same concept with cryptocurrency when it comes to regulation. The fact that there is that potential of cryptocurrency becoming an alternative currency for their services/products, the hope still remains that it will soon be accepted as a whole.

Adoption from the small scale businesses will help with the regulation of bitcoin and it's usage around. Same time this serves to be the real growth than some corporate making its entry into cryptocurrency adoption or acceptance of cryptocurrency into business.

Usage and adoption from the low bottom leads to the real growth and progress. In that way the layman's acceptance and understanding about cryptocurrency matters a lot. This is being experienced all around the world with more Street vendors accepting cryptocurrency payments amidst the regulation and legal status of the country on cryptocurrency usage.

[Memorabilia]

What would be your opinion about this, OP?

It's easy to say this and that but once there's a regulation it would hinder them from acquiring cryptocurrency. There are places in the world that doesn't like the existence of crypto currency especially the Bitcoin where no single entity controls it.

If the bigger business firm would have a problem accepting/using cryptocurrency/Bitcoin, then what makes you think the small scale businesses won't have a problem either?

I think the advantage of small-scale businesses is its regulation with the laws. Given that they are only "small-scale," the some government institutions somehow waives the right for them to comply with the existing licenses as a form of support and help. A good example is here in the Philippines, street vendors are not required to file taxes as a form of privilege to the needy.

I hope the government somehow adopts the same concept with cryptocurrency when it comes to regulation. The fact that there is that potential of cryptocurrency becoming an alternative currency for their services/products, the hope still remains that it will soon be accepted as a whole.

Adoption from the small scale businesses will help with the regulation of bitcoin and it's usage around. Same time this serves to be the real growth than some corporate making its entry into cryptocurrency adoption or acceptance of cryptocurrency into business.

Usage and adoption from the low bottom leads to the real growth and progress. In that way the layman's acceptance and understanding about cryptocurrency matters a lot. This is being experienced all around the world with more Street vendors accepting cryptocurrency payments amidst the regulation and legal status of the country on cryptocurrency usage.

I totally agree with you. When big brands take any stand with respect to cryptocurrencies’ usage as payments, it spur a movement in the market. When Tesla decided to accept crypto payments, its value rose by 15% and when they stopped, bitcoin’s value dropped to approx $45,000. In such scenarios, cryptocurrencies seem a good option only for speculation. But when small businesses start adopting crypto payments, it doesn’t cause such volatility and crypto can be seen as an effective payment method.

As a small business owner, I too have started accepting crypto payments with CapitalWallet as I really believe in the supremacy of cryptocurrencies as payment method. Getting paid in crypto not only helps in lowering transaction costs but businesses can also attract new customers who are willing to pay in crypto.

[bakasabo]

I totally agree with you. When big brands take any stand with respect to cryptocurrencies’ usage as payments, it spur a movement in the market. When Tesla decided to accept crypto payments, its value rose by 15% and when they stopped, bitcoin’s value dropped to approx $45,000. In such scenarios, cryptocurrencies seem a good option only for speculation. But when small businesses start adopting crypto payments, it doesn’t cause such volatility and crypto can be seen as an effective payment method.

As a small business owner, I too have started accepting crypto payments with CapitalWallet as I really believe in the supremacy of cryptocurrencies as payment method. Getting paid in crypto not only helps in lowering transaction costs but businesses can also attract new customers who are willing to pay in crypto.

Are you telling that if a small company starts accepting cryptocurrencies, its value will also raise, like Tesla's? Otherwise I dont understand why you have mentioned it.

As to transaction costs - when you sign a contract with any of your local banks, usually they dont charge card terminal rent during first year, some of them even dont charge during whole period when you are their client. I know that it differs from bank to bank, but they usually charge 0.9% or 1% + 0.01 EUR for each transaction here in Europe. For a small payment it is nothing, but when you make large payments its is costly. But we are talking about small business here. What is an average check in small business ? 10-20 EUR? Now compare 21 cents transaction cost to an amount you will spend to transfer crypto to exchange, trade, withdraw.

[LittleBitFunny]

As a small business owner, I too have started accepting crypto payments with CapitalWallet as I really believe in the supremacy of cryptocurrencies as payment method. Getting paid in crypto not only helps in lowering transaction costs but businesses can also attract new customers who are willing to pay in crypto.

As long as you live in a country where cryptocurrency is legal, you can use cryptocurrency for your small business. I'm not sure it will help you reduce transaction costs as it depends on the coin you use, but I think it would be an idea to attract new customers. I really like this idea, it's casual, but for crypto users, it's a stimulus to buy from your business.

But you also need to take into account the volatility of crypto. For example, bitcoin is very volatile, and can go up 10% or down 10% in a short time, so you need to be careful if you don't want your profits to drop.

[tjtonmoy]

I have given a thought about this a long time ago. As a business owner, I sell rice as a wholesaler. I have been accepting Crypto payments for over 2 months now.
I am having good feedbacks from my customers who pay me with crypto.
If you are interested, have a look at this post that I made a few days ago.
It's been 2 months and now I am doing well.(I guess).
Unfortunately, my customers haven't paid in BTC, But it's a start and in future I will get some for sure.

[ven7net]

Small businesses have always experienced problems in their development and really why not use cryptocurrencies. This would probably be a great solution, especially now that fiat money is experiencing a big problem with inflation. Of course, the use of cryptocurrencies for payment would solve many problems in many industries. I, like many others, are waiting for small businesses to start using cryptocurrencies to give a new impetus to the development of the cryptocurrency market. I am sure that all this will work very soon, especially since the current situation in the world forces us to do so.

[Inwestour]

Another reason is that cryptocurrencies have not yet been widely accepted by all countries. There may be a lot of businesses that are very interested and willing to use crypto in their business, but unfortunately, if they live in a country where crypto is still banned, they won't be able to use it. 
In addition to legitimacy, with the price volatility of cryptocurrencies also making many people afraid to use them, certainly no one wants to lose a few % of their value after only a few hours of receiving payment.

We all want to be protected from financial losses, we need to be prepared for high volatility, especially when people hear that this can lead to increased risks, this will scare off many. This will be until a person understands the benefits of bitcoin. But what's good for a long-term investment may not be good for a business if the payment received decreases over time after the payment is received.

[Fivestar4everMVP]

Well, the major challenge I think small business have with accepting bitcoin payment is on the issue of acceptability.

For me, I feel or think that big businesses, that is cooperations, manufacturers, wholesalers need to start accepting bitcoin Payment from the retailers before the retailer start accepting bitcoin payments from consumers.
This is because it makes no sense when a retailer accepts bitcoin payment from a consumer, only to have to convert the bitcoin to fiat in order to be able to buy and replace the goods sold to the consumer, all because the wholesaler or manufacturer does not yet accept bitcoin payments.

So for Bitcoin's adoption/payments for goods and services to be really effective, the it's acceptance have to start from the top then down to the bottom, that is from the producers/manufacturers down to the wholesalers, retailers and then down to the consumers.

[Iroh]

Small businesses are not allowed to accept cryptocurrencies as payment. Not everyone knows about cryptocurrencies, not everyone can use it, and some people are unable to trade in cryptocurrencies. The price fluctuations and transaction fees of cryptocurrencies also impose certain restrictions on transactions.

Small businesses are not allowed to accept cryptocurrencies as a means of payment. I wonder who made that declaration. Admittedly, not everyone knows about cryptocurrencies and more people don’t know how to use and also trade. That doesn’t mean small businesses are not allowed to accept cryptocurrencies as a means of payment. In my opinion, it would spread the word about bitcoin and people that haven’t heard about bitcoin ever would then hear about it and how it could be used for payment. I think if people met businesses that accept bitcoin, it would arouse and peak their curiosity about bitcoin.

[we-btc]

Small business should accept Bitcoin as payment for goods and services to facilitate the adoption of a decentralized currency.

More importantly they should consider how to accept Bitcoin for payment.  Most options are centralized and because of that defeat the purpose of Bitcoin completely.  If a small business is going to accept Bitcoin it should be using their own Bitcoin Core node.  Any other option will defeat the purpose of a decentralized currency

Tom McPhail