Advantage of accepting bitcoin in business

[Dickiy]

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.

That's right, of course, when integrating bitcoin into a payment system or alternative payment in business, it requires bitcoin circulation to run smoothly and effectively. Yes, it still applies in my country where you can't use any means of payment and it's strictly prohibited to use other means of payment. It really makes me unable to make transactions with bitcoin freely in my business unless I do it secretly without anyone knowing but maybe it has the potential for me to be charged with a violation and arrested by the nearest apparatus.

[jokers10]

That's right, of course, when integrating bitcoin into a payment system or alternative payment in business, it requires bitcoin circulation to run smoothly and effectively. Yes, it still applies in my country where you can't use any means of payment and it's strictly prohibited to use other means of payment. It really makes me unable to make transactions with bitcoin freely in my business unless I do it secretly without anyone knowing but maybe it has the potential for me to be charged with a violation and arrested by the nearest apparatus.

What about making business in some other jurisdiction until your country will become more bitcoin friendly? Well, it is not an advice, it is just thinking out loud. Probably if we want to have more contact with crypto in business we can try to make business abroad. May be some have such an experience and can share it with others? And then when you'll have enough experience in using crypto in business you'll can be among the pioneers of it in your country when it'll open for crypto. Sounds attractive, but I have no exact clues.

[Tony116]

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.

Paying taxes is the duty of every citizen, and that is how we contribute to the prosperity and development of the country. I don't think the purpose bitcoin was created for us to use it to evade taxes. You don't want to pay taxes to the government, but when you encounter theft, dispute, or scams while investing, you want the government to take care of it for you. Is that called being too greedy? When you just want the government to do everything for you without spending anything for them.

[GigaBit]

We all know that El Salvador as the first positive country for Bitcoin where Bitcoin use as legal tender. Given some preconceived notions, we can say that Nigeria could be another country where Bitcoin legalization will be planned. ‍At present times Niger's government is still hostile to it. But most people in that country are now very optimistic about Bitcoin or cryptocurrency. They want crypto to be legal in the future. If people are united in this issue then it will be adopted in that country. Nigeria is going to become the 2nd country for Bitcoin adaption in the coming days where Bitcoin is now used almost exclusively as a medium of exchange. Now people are waiting to get the green signal from the government.

[Davidvictorson]

One of the topics I read today on this forum is titled act local think global. In my estimation any merchant who accepts Bitcoin as a payment option in their business is acting local and thinking global. That singular act alone would spark a curiosity of what bitcoin is among those who do not know and that in itself creates awareness. And what does this translate to, clients who once they understand the concept of Bitcoin may choose to invest in it and may start to pay for the services rendered or goods purchased in Bitcoin. Who knows, they might just bring their friends along to patronize you. At this time the merchant would have added a new client. Which is good for the business .

[danadc]

...
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.

A business would accept bitcoin without the need to ask the payer for identification would be ideal, but I know that ideal things in the real world do not exist, and that everything is recorded, I don't mind if a camera records me, but if I make a transaction with bitcoin I would like it to be in total privacy without compromising anything that should be my person, and that should be taken as one of the things that they should have to protect us, everything is for the option and development of the good management that bitcoin has and one of those is to protect the client, they should have that as one of the greatest conditions of consumer protection.

[Japinat]

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.

Paying taxes is the duty of every citizen, and that is how we contribute to the prosperity and development of the country. I don't think the purpose bitcoin was created for us to use it to evade taxes. You don't want to pay taxes to the government, but when you encounter theft, dispute, or scams while investing, you want the government to take care of it for you. Is that called being too greedy? When you just want the government to do everything for you without spending anything for them.

Both of you guys certainly got a point and I bet neither one of you are willing to compensate or take a loss between this argument. What @Erumo is trying to say that sometimes these taxes are getting so hefty these days even if you're just selling your used things below the average market price but still, the government wants to tax you for that because you're gaining profit over it. But let's go back to the topic because bitcoin is not created to evade taxes or something like that.

[jokers10]

A business would accept bitcoin without the need to ask the payer for identification would be ideal, but I know that ideal things in the real world do not exist, and that everything is recorded, I don't mind if a camera records me, but if I make a transaction with bitcoin I would like it to be in total privacy without compromising anything that should be my person, and that should be taken as one of the things that they should have to protect us, everything is for the option and development of the good management that bitcoin has and one of those is to protect the client, they should have that as one of the greatest conditions of consumer protection.

Sensible remark. It is always important to keep in mind both your safety and safety of your counterparty. And first if to pay in bitcoins we should have different addresses for different purposes. If lots of people pay with bitcoins and majority have very few satoshis then it will be less dangerous if a balance in an address you use is small. But the retail should think of anonymity of clients as well, you are right.

[Artem Sereda]

Cryptocurrencies have always been talked about in social media and I think they are already gaining more knowledge and doing research. For now, we can say that the adoption was slow but seeing a growing number of establishments who open their door to accept Bitcoin as another option for payment, is something overwhelming and can also affect others business organizations.

I couldn't find if there is a huge advantage to accepting Bitcoin but this will somehow give some comfort to our customers who are also crypto user/s.
Well, it is a least we are moving forwards to digitalization despite the risks.

Also in the digital age, a good solution to help you adopt cryptocurrency would be crypto processors like SHKeeper. This is a crypto processor that is more convenient to use than plugins.

[Godday]

It is a very good idea.  I have appreciated you because you educate and introduce BTC to your community.  This is a very good breakthrough.  I was just thinking how do you educate your community regarding the use of cryptocurrency as a means of payment.  I mean I have thought that there must be a lot of your people who don't understand crypto currency and I think it is a challenge for you how to get your people to know crypto currency positively.

[wmaurik]

It is a very good idea.  I have appreciated you because you educate and introduce BTC to your community.  This is a very good breakthrough.  I was just thinking how do you educate your community regarding the use of cryptocurrency as a means of payment.  I mean I have thought that there must be a lot of your people who don't understand crypto currency and I think it is a challenge for you how to get your people to know crypto currency positively.

If someone is able to introduce BTC to a community, of course he also has the ability to explain more things related to cryptocurrency and Bitcoin to that community. Even though it can be a challenge for him to teach more things that are not known by those in his community, I am sure that someone who has introduced something to more people. Of course he knows how to explain and provide answers to questions that will be born by people in his community.

[Jody.Drummer]

It is a very good idea.  I have appreciated you because you educate and introduce BTC to your community.  This is a very good breakthrough.  I was just thinking how do you educate your community regarding the use of cryptocurrency as a means of payment.  I mean I have thought that there must be a lot of your people who don't understand crypto currency and I think it is a challenge for you how to get your people to know crypto currency positively.

If someone is able to introduce BTC to a community, of course he also has the ability to explain more things related to cryptocurrency and Bitcoin to that community. Even though it can be a challenge for him to teach more things that are not known by those in his community, I am sure that someone who has introduced something to more people. Of course he knows how to explain and provide answers to questions that will be born by people in his community.

At least if something like this is done, of course he is ready to take all the risks because indeed, as you say, it would be very wrong if we don't really understand bitcoin but want to teach it to others.
Indeed, it is still possible but this is risky because there may be several perspectives that will later be wrong so that when it is transmitted to the public and justified then of course everything will be wrong. Actually teaching bitcoin to others is a good thing but when we don't really understand the context then don't even try to do it.

[fauzan Ichsan]

It is a very good idea.  I have appreciated you because you educate and introduce BTC to your community.  This is a very good breakthrough.  I was just thinking how do you educate your community regarding the use of cryptocurrency as a means of payment.  I mean I have thought that there must be a lot of your people who don't understand crypto currency and I think it is a challenge for you how to get your people to know crypto currency positively.

If someone is able to introduce BTC to a community, of course he also has the ability to explain more things related to cryptocurrency and Bitcoin to that community. Even though it can be a challenge for him to teach more things that are not known by those in his community, I am sure that someone who has introduced something to more people. Of course he knows how to explain and provide answers to questions that will be born by people in his community.

indirectly what is done is to form a community in a residential area. there will be many people who gather and ask about payment methods, of course in a warm conversation they will tell about the advantages of bitcoin, especially when it comes to getting money, of course there will be many people who are interested in knowing how, so the conversation will go deeper, especially for those who already proven or felt the result, over time it will be more crowded and spread kindness to many people

[KiaKia]

There are two advantages of accepting Bitcoin in my country.

1} To avoid the devaluation of fiat, every year our currency depreciates significantly in value, there is no reason to accept Fiat and save money in the bank, they lose value too fast. I keep money in the Bank because of expenses.

2.} If your business is flourishing, you can easily gather some Sats from your earnings and redirect the rest to your business if you have a lot of Sats to spare.

[posi]

It is a very good idea.  I have appreciated you because you educate and introduce BTC to your community.  This is a very good breakthrough.  I was just thinking how do you educate your community regarding the use of cryptocurrency as a means of payment.  I mean I have thought that there must be a lot of your people who don't understand crypto currency and I think it is a challenge for you how to get your people to know crypto currency positively.

Using Bitcoin is not as difficult as you think, I think if one uses smart phones and the internet well, learning about bitcoin is not too complicated.

In my opinion, educating someone to use bitcoin as a means of payment is advisable, but if teaching someone about investing, we should be cautious. What I fear is that when people know about bitcoin, they will not use it as a means of payment instead, they will use bitcoin for investment. And investing is risky, if they lose they will most likely blame us.

[Questat]

There are two advantages of accepting Bitcoin in my country.

1} To avoid the devaluation of fiat, every year our currency depreciates significantly in value, there is no reason to accept Fiat and save money in the bank, they lose value too fast. I keep money in the Bank because of expenses.

2.} If your business is flourishing, you can easily gather some Sats from your earnings and redirect the rest to your business if you have a lot of Sats to spare.

There are a lot of things we need to consider when accepting Bitcoin. And aside from those things that you have mentioned, it was also important that we know that Bitcoin is legal in our country to expect that many Bitcoin holders will take their chance to spend in your store otherwise, it makes no sense at all.

And the last thing is that we know also how to spread awareness of our business regarding accepting crypto as an additional payment option. The more we spread information like this, the more it gives curiosity to the community.

[crunck]

There are two advantages of accepting Bitcoin in my country.


2.} If your business is flourishing, you can easily gather some Sats from your earnings and redirect the rest to your business if you have a lot of Sats to spare.

Given the volatility of bitcoin, are you sure it will be a suitable store of value for your business? What happens to your business when you accumulate bitcoin at $69k, and you need that capital this year to solve business problems? Would you sell bitcoin for $30k to solve those pressing problems? Fiat depreciates over time, but bitcoin is so volatile its value can drop by 80% in the investment period.

[darewaller]

It is a very good idea.  I have appreciated you because you educate and introduce BTC to your community.  This is a very good breakthrough.  I was just thinking how do you educate your community regarding the use of cryptocurrency as a means of payment.  I mean I have thought that there must be a lot of your people who don't understand crypto currency and I think it is a challenge for you how to get your people to know crypto currency positively.

If someone is able to introduce BTC to a community, of course he also has the ability to explain more things related to cryptocurrency and Bitcoin to that community. Even though it can be a challenge for him to teach more things that are not known by those in his community, I am sure that someone who has introduced something to more people. Of course he knows how to explain and provide answers to questions that will be born by people in his community.

Not all people are curious enough to investigate further after hearing the name of something which are new to them and also some of them will think negatively and end up not using BTC. This comes the importance of explaining BTC to them in a way that they can easily get. We can use basic words and examples for this. It's a tough and challenging task so we must be willing because we can't get anything in return for doing this.

There's even some who gave free Bitcoins to their students only for them to be encouraged and as a way of saying thanks for their patience because they know that some can get bored with it. A solid Bitcoiner is willing do anything to help the BTC community grow.

[deathcode]

There are two advantages of accepting Bitcoin in my country.

1} To avoid the devaluation of fiat, every year our currency depreciates significantly in value, there is no reason to accept Fiat and save money in the bank, they lose value too fast. I keep money in the Bank because of expenses.

2.} If your business is flourishing, you can easily gather some Sats from your earnings and redirect the rest to your business if you have a lot of Sats to spare.

There are a lot of things we need to consider when accepting Bitcoin. And aside from those things that you have mentioned, it was also important that we know that Bitcoin is legal in our country to expect that many Bitcoin holders will take their chance to spend in your store otherwise, it makes no sense at all.

And the last thing is that we know also how to spread awareness of our business regarding accepting crypto as an additional payment option. The more we spread information like this, the more it gives curiosity to the community.

You are absolutely right if not all businesses can easily accept payments with Bitcoin.
Depending on the laws of the country where the business is being conducted, if Bitcoin is deemed illegal and there is not much acceptance by the public then there is no point in posting notifications to accept Bitcoin payments because it will clearly be against the law and subject to sanctions or penalties from law enforcement officers.
One more thing, I think we know if Bitcoin is very fluctuative we should be considered to accept Bitcoin as optional payment not main payment. Because we might have a hard time if our business needs a refund for production costs as soon as possible for tomorrow like for example a food business then it will be certain we will have a hard time buying ingredients for tomorrow morning with Bitcoin if the value of Bitcoin is experiencing a decline.

[fuguebtc]

It is a very good idea.  I have appreciated you because you educate and introduce BTC to your community.  This is a very good breakthrough.  I was just thinking how do you educate your community regarding the use of cryptocurrency as a means of payment.  I mean I have thought that there must be a lot of your people who don't understand crypto currency and I think it is a challenge for you how to get your people to know crypto currency positively.

If someone is able to introduce BTC to a community, of course he also has the ability to explain more things related to cryptocurrency and Bitcoin to that community. Even though it can be a challenge for him to teach more things that are not known by those in his community, I am sure that someone who has introduced something to more people. Of course he knows how to explain and provide answers to questions that will be born by people in his community.

Not all people are curious enough to investigate further after hearing the name of something which are new to them and also some of them will think negatively and end up not using BTC. This comes the importance of explaining BTC to them in a way that they can easily get. We can use basic words and examples for this. It's a tough and challenging task so we must be willing because we can't get anything in return for doing this.

There's even some who gave free Bitcoins to their students only for them to be encouraged and as a way of saying thanks for their patience because they know that some can get bored with it. A solid Bitcoiner is willing do anything to help the BTC community grow.

It can be said that spreading and teaching people about bitcoin is an extremely arduous task, and as you said, we should be ready because we will not be able to derive any benefit from it, even will receive criticism or blame. That's why many people have knowledge about bitcoin, but they never want to teach someone.
I also taught bitcoin to some of my relatives, but all I got in return was reproach, criticism and contempt. Since then, I no longer want to share this opportunity with anyone, if someone actively asks me, I will also just say that the person should self-study on youtube and social networks.