Advantage of accepting bitcoin in business

[jokers10]

But, it is always better to let people know if you accept BTC by putting some signage. The status of BTC adoption is already high but not too much that all people in each country already knows what Bitcoin is so your right that by accepting BTC in our business is like promoting it but unlike other payment methods Bitcoin can be able to compensate us once it was recognized by many people because along with it is that its value can also grow big but that is of course if we Hodl some if not most of the payments that we are receiving from our costumers.

Bitcoin not strongly prohibited doesn't mean it is now fully legal to use it as a currency because what if it's only legal for use as an asset? But we can always do some research or ask your government directly about its real status before using it on your business.

Being careful with law is a virtue if you are a doing a business (and in other cases also  of course). But if it is possible, it is good.

And of course a label "Bitcoin accepted here" can attract customers from the street, but you can also share info about that your spot is bitcoin friendly in Internet as well: some new clients can visit your place purposefully to be involved in a new era of decentralized transactions.

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[Negotiation]

Businesses have the advantage of accepting bitcoins but this requires the circulation of bitcoins. Also able to trade but there are many countries around the world where bitcoin is not legally recognized which may result in compensation. It wasn't before but as more people learn to use BTC, it could be a better payment method you don't have to be a technical person. Anyone can do it if the transaction system is more simple it will improve for the business.

[mvdheuvel1983]

The advantage of accepting bitcoin in business depends on the purpose for which the individual wants to accept bitcoin.
For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.
Therefore, if you want to have seamless transactions, accept bitcoin in your business. If you want to show your support for the technology and attract more supporters of the technology, just accept bitcoin in your business. To me, these are the advantages.

[jokers10]

Businesses have the advantage of accepting bitcoins but this requires the circulation of bitcoins. Also able to trade but there are many countries around the world where bitcoin is not legally recognized which may result in compensation. It wasn't before but as more people learn to use BTC, it could be a better payment method you don't have to be a technical person. Anyone can do it if the transaction system is more simple it will improve for the business.

New types of wallets can do more and easier than previous ones. But there's a trap: if some will consider bitcoin too easy they'll probably become too careless and could lose all because bitcoin transactions are irrevocable and you are fully responsible for your money. So we need a balance of easy interface with a remind of staying watchful. IMO bitcoin should never be too easy.

[wmaurik]

Businesses have the advantage of accepting bitcoins but this requires the circulation of bitcoins. Also able to trade but there are many countries around the world where bitcoin is not legally recognized which may result in compensation. It wasn't before but as more people learn to use BTC, it could be a better payment method you don't have to be a technical person. Anyone can do it if the transaction system is more simple it will improve for the business.

The problem is that there are still many countries in the world that have not recognized Bitcoin as currency because it is hindered by laws in their respective countries. I don't think this needs to be worried about because anyone who holds Bitcoin or who stores Bitcoin safely can also be very profitable when the price increases.

And if someone wants to spend something in a country that still doesn't accept payment via Bitcoin, he can still convert it to fiat on the exchange. So this is not a complicated problem and does not become a barrier for anyone who holds Bitcoin or keeps it as an investment.

[Erumo]

The first advantage that comes to my mind is tax avoidance through bitcoin transaction. But this is necessary mostly if you do freelance jobs, side jobs or trade random stuff.

For example I can trade my old or unused clothes on facebook market. We have such stupid system, that if through your bank account trading deals exceed specific amount, the government force you to register as individual entrepreneur and pax taxes, as "you get profit from your deal". Sounds absurd. I have already paid VAT when purchased that item, and sell it used below market price.

Or you can craft something. For example you are good at knitting and create merino wool scarfs. Earnings increases specific amount - you are very welcomed at tax center. Digging holes on weekends - ok. Doing it on regular basis at free time for your neighbors, but get paid regularly - share part of your income with government.

Or you are small company. To be able to survive and compete with huge chains and brand, you set price low as possible, just few percent above net cost. Share with government and go bankrupt slowly.

Imho bitcoin usage suits perfectly if you see yourself among my examples above.

[BigBos]

Making bitcoin as a payment alternative besides using fiat currency is a good decision to introduce bitcoin and intrigue people around your target market who don't know bitcoin and will increase bitcoin adoption in the future, both domestically and abroad.
But it's not good if you only accept bitcoin as a means of transaction because bitcoin adoption is still low and of course it will hinder financial circulation, unless your environment and your target market on average know bitcoin and use it.

For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.

I think transaction costs are not zero but they are cheaper and faster than using fiat currency, especially when making transactions using inter-banks both domestically and abroad.

[xSkylarx]

In Nigeria, Bitcoin is very popular since other payment methods such as Paypal are banned and have difficulties sending money there. So I am not shocked by it, and I am just happy that a landlord like you is accepting bitcoin to pay the rent. It would be an easy transaction as there is no actual cash involved, and you will not see him on a monthly basis to collect rent. I am hoping that your other tenants will follow, or any new ones. Also, a quick question: how many people are currently paying you in bitcoin? Are there any new tenants that want to pay in bitcoin or cryptocurrency?

[blockman]

For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.

I think transaction costs are not zero but they are cheaper and faster than using fiat currency, especially when making transactions using inter-banks both domestically and abroad.

Before I've seen times where it's most likely zero transaction fee but now, it's no longer zero fees. But yes, the fees are not that expensive and they're cheaper today.
And there was a point of time during the 2017 ATH wherein the fees were too excruciating for the majority because if you won't pay for the higher fee, you'll get stuck for so long.

[fullhdpixel]

I have to say that bitcoin and business is a bit of a difficult place based on the business and not the payment method. There are some business models where it makes sense to use crypto because it allows you to get a lot more customers. For example in the gambling world, we had online gambling before crypto was invented, so we know there are companies that accept bitcoin payment.

However, we also know that crypto improved that world and biggest online casinos in the world are accepting crypto and that's a good thing. I mean we are dealing with something that is very very important and I believe that we shouldn't be doing it for business' that are outside of this scope, like a car mechanic accepting bitcoin won't change much.

[jeraldskie11]

For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.

I think transaction costs are not zero but they are cheaper and faster than using fiat currency, especially when making transactions using inter-banks both domestically and abroad.

Before I've seen times where it's most likely zero transaction fee but now, it's no longer zero fees. But yes, the fees are not that expensive and they're cheaper today.
And there was a point of time during the 2017 ATH wherein the fees were too excruciating for the majority because if you won't pay for the higher fee, you'll get stuck for so long.

When the price of btc increases, its fee also increases and that is if we use it's blockchain. There's something what we called lightning network where it use as the solution for the high fee problem and it also solve the scalability problem. You can also use Smart chain for Bitcoin transaction because the fee is very low.

[Vaskiy]

For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.

I think transaction costs are not zero but they are cheaper and faster than using fiat currency, especially when making transactions using inter-banks both domestically and abroad.

Before I've seen times where it's most likely zero transaction fee but now, it's no longer zero fees. But yes, the fees are not that expensive and they're cheaper today.
And there was a point of time during the 2017 ATH wherein the fees were too excruciating for the majority because if you won't pay for the higher fee, you'll get stuck for so long.

Agreed, the transaction fee have got connection with the increase in the price of bitcoin. Over time the transaction fee have decreased and it have become common payment gateway. People felt the difference of transaction cost between the traditional ones and the bitcoin transaction. With bitcoin transaction people experienced the good of sending without limits whereas with banking it requires more process to be fulfilled.

It takes time for people to get used to bitcoin payment. For now limited locations have got bitcoin acceptance amidst the legality of the country. Slowly looking upon different stores and services offered for bitcoin acceptance we can experience all levels of people using bitcoin with ease.

[blockman]

For example, so people may accept bitcoin to show support for the technology or to do transacting business with people overseas easy or maybe because of the zero-transaction fee.

I think transaction costs are not zero but they are cheaper and faster than using fiat currency, especially when making transactions using inter-banks both domestically and abroad.

Before I've seen times where it's most likely zero transaction fee but now, it's no longer zero fees. But yes, the fees are not that expensive and they're cheaper today.
And there was a point of time during the 2017 ATH wherein the fees were too excruciating for the majority because if you won't pay for the higher fee, you'll get stuck for so long.

When the price of btc increases, its fee also increases and that is if we use it's blockchain. There's something what we called lightning network where it use as the solution for the high fee problem and it also solve the scalability problem.

We have to use bitcoin's blockchain automatically if we're going to use, there's no other network on it unlike the altcoins that we have now. They've got massive support for other chains like you can have it on erc20, bsc and the others.

You can also use Smart chain for Bitcoin transaction because the fee is very low.

Nah, that's not really a bitcoin but just another altcoin that's built on their smart contract. I wouldn't be interested in using that.

[n0ne]

You can also use Smart chain for Bitcoin transaction because the fee is very low.

Nah, that's not really a bitcoin but just another altcoin that's built on their smart contract. I wouldn't be interested in using that.

Altcoins were developed over smart contract. Most of the places have bitcoin acceptance, in some places they've started to accept altcoins too. When we talk of bitcoin and cryptocurrency acceptance into business, it is step taken considering the future, because in few years time almost majority of the population will come to know about cryptocurrencies. What we do might profit us by then.

[blockman]

You can also use Smart chain for Bitcoin transaction because the fee is very low.

Nah, that's not really a bitcoin but just another altcoin that's built on their smart contract. I wouldn't be interested in using that.

Altcoins were developed over smart contract. Most of the places have bitcoin acceptance, in some places they've started to accept altcoins too. When we talk of bitcoin and cryptocurrency acceptance into business, it is step taken considering the future, because in few years time almost majority of the population will come to know about cryptocurrencies. What we do might profit us by then.

Yes, many folks today accepts altcoins too but I don't think that I'll have that type of bitcoin because I've seen those things with "wrapped" on its name and there's a chance that it may be inconsistent with its pricing and may de-pegged.
I've seen it with a few before and it's not just with stable coins but also those altcoins that are said to be wrapped in bitcoin or pegged with their value on bitcoin. I wouldn't just want to have my money on it for that reason and yeah, it's not the actual thing that I own if I choose to have it. But maybe for transfers, I wouldn't still but if you think that it's good enough for you guys, that's fine.

[Henrobakkara]

It is music to my ears every time I read about businesses big or small or medium accepting bitcoin or even cryptocurrencies in general. Here in this forum, most of the time it is the Nigerians showing their bitcoin adoptions. More power to you guys and keep it coming. Maybe Nigeria is the next country to legalize the use of bitcoin as a legal tender. 

Sadly in my country, we cannot accept bitcoin without a permit from our business bureau which is a very long process. But I am not losing hope that one day I will travel around my country to see stores that accept bitcoin.   

Nigeria being the next country to legalize the use of Bitcoin as a legal tender will actually be a long way still. Political Campaigns are actually ongoing and none of the candidates has even spoken to anything remotely close to that. All the news you would see coming from the country is personal acceptance, people that have come to understand Bitcoin and wishes to accept it in their Business. Hopefully, someday there might be a government that will reverse the ban by Financial institutes like Banks from Bitcoin transactions.

[FatFork]

You can't be scam when you want to do transactions through bitcoin unless you fumble and it will promote your business, people will like your business base on you use bitcoin

Not sure what you're trying to say, might be a rough translation issue. But the way it's worded, it's definitely not right. Sadly, the reality is that Bitcoin, as a form of payment, can be used for scams by both parties - the scammers and their victims. In this context, the only difference from other online payment methods is that Bitcoin transactions are irreversible, making it a better option for sellers compared to buyers.

[wmaurik]

Bitcoin as many advantages when it come to business.
Where you'll make your transaction without any stress or thirds party..
You can't be scam when you want to do transactions through bitcoin unless you fumble and it will promote your business, people will like your business base on you use bitcoin

It would look really cool and the people who love the business are also people who already know Bitcoin in depth. Because for those who don't know how cool a business that uses Bitcoin is, maybe they will see the business as an ordinary business.

After all, by already using Bitcoin in a business, it doesn't mean that the business owner has to forget fiat for the old model of payment options. Because if the business owner wants more progress in his business, it means he must be able to provide better and easier service for every customer who comes to him.

[Lanatsa]

You can't be scam when you want to do transactions through bitcoin unless you fumble and it will promote your business, people will like your business base on you use bitcoin

Not sure what you're trying to say, might be a rough translation issue. But the way it's worded, it's definitely not right. Sadly, the reality is that Bitcoin, as a form of payment, can be used for scams by both parties - the scammers and their victims. In this context, the only difference from other online payment methods is that Bitcoin transactions are irreversible, making it a better option for sellers compared to buyers.

Irreversible, decentralized and anonymous on some aspects which it would really be that preferred and do look interesting into those people who are really that mindful when it comes to their privacy.

One of the features and capabilities on why it had been supported that much just because of these qualities or features.If you are ones who do consider on integrating it into your business then its up to you

but be sure that you are aware of the risk when it comes to volatility and regulation which had always been the main issue for those people who do hate up BTC.
They would be keeping on elaborating it for it just to look bad. lol

[jokers10]

...
but be sure that you are aware of the risk when it comes to volatility and regulation which had always been the main issue for those people who do hate up BTC.
They would be keeping on elaborating it for it just to look bad. lol

Well, I suppose that people have a right to choose: if they already know that there is a decentralized alternative which returnes you a control over your own money, but anyway prefer old fiat system with a trust to a third party, then it is their choice and I respect that. Bitcoin is an alternative but not a must, and if some prefer to hate bitcoin... I can't support their choise, but it's still their choice.

And I think that's why even when mostly every business will accept bitcoin some people will still prefer fiat. Some prefer to trust a control over their money to a third party.