Is it good to accept crypto as a payment?

[Ucy]

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

It's good to accept True Cryptocurrency like Bitcoin as payment as long as you are doing it right. So it's important to do it right when you decide to accept true cryptocurrency like Bitcoin as payment.

Currently accepting just donations for goods and services. The payments I could be accepting in the future may be voluntary payments for other goods or services.
 I'm more concerned about customer's (or human) satisfaction/safety than making money. We hopefully will develop Bitcoin in such a way that this is almost guaranteed

[FatFork]

Are you guys accepting crypto payments for your business?

Yes, my company currently accepts crypto payments for our business. In fact, we started accepting them a few years ago and we've seen a significant increase in the number of customers who prefer to pay with cryptocurrency. I must admit that this decision wasn't solely my own - we actually started considering it after a few clients brought it up and expressed interest in using it as a payment option. From there, we did some research and decided to move forward with accepting cryptocurrency.

One thing we like about accepting crypto is that it sets us apart from other companies in our field. We're all about innovation and trying new things, so this feels like a good fit. Overall, we're happy with our decision to accept crypto payments and we plan to keep offering this option to our customers.

[GigaBit]

Unfortunately I am not a businessman at the moment and still work as an employee in other people's businesses and the owner of the business where I work now does not want to accept crypto into payments and is still happy to accept fiat to continue running his business.

But that doesn't mean it's a bad thing for him and me as his employees at this point because as long as you're still very comfortable using fiat, I don't think there's anything wrong with continuing it because everyone's goal is to make money through profit when doing business.

Everyone has its own strategy, and what may work for someone may not work for others. Majority of businesses today are done in fiat, and now, few merchants are moving towards Bitcoin. It's a matter of time before we will see the benefits of accepting bitcoin as payment.
In my view, the main hurdle in accepting bitcoin is regulatory compliance. There are governments that want tax on every payment made while with bitcoin, it's impossible to tax every transaction.

Cryptocurrencies are more advanced and reliable than fiat currencies as payment methods. Cryptocurrencies are currently used as payment methods alongside fiat currencies. But with the change of time, the use of cryptocurrency is increasing day by day along with the number of payment providers in crypto. This method is Fast, accurate, and hassle-free. Moreover, it has no off days. As a result anyone is able to make payments under any circumstances. Gradually this payment method is gaining more popularity. Moreover, by accepting crypto payments, a merchant is also able to promote his business adequately.

[Noruka]

On one hand, I like seeing greater adoption. There is no doubt that we have more and more merchants who add it on their portfolio, and as coincidence, accept it in their store as payment method. On the other hand, I rarely notice merchants who do self-custody. I'm surrounded by Internet services which have BitPay, Binance Pay and Coinbase, and very little comparably support lightning. We should fix that.

That is what I notice as well. A good number of merchants do accept Bitcoin, but that doesn't change the market dynamics of Bitcoin for better as it is just funneled back as a sale into the market through Bitpay etc.

@BlackHatcoiner when you say we should fix that, the biggest problem is probably for merchants to set up the infrastructure with lightning right? I haven't done any research on that topic, but are there companies like Bitpay that handle setting up lightning infrastructure and even connections to the merchants' accounting system?

One major step towards more merchant adoption would be plug and play solutions or click and install kind of things, but it is more complicated that I guess?

A solution would be amazing where a merchant could move a line chart in an easy to use interface like when you define sound volume, thereby defining which % portion of a Bitcoin payment they want to sell back into the market and which portion they want to put into their books as real Bitcoin. I think a lot of merchants would take a little risk and perhaps accumulate little by little through such a function. The software should handle all the accounting and they only need to shift this line chart from left to right, from 0% to 100%.

I don't know what the current status is of existing software solutions out there especially for smaller merchants who can't afford an army of crypto expert accountants.

[kryptqnick]

Op, if you're referring to a particular article or a set of data, it would be great to add a link to the original post, so that we can discuss it more productively. If crypto payments are rising, it's wonderful. But is it measured by total volume or a number of transactions? Are there particular countries/regions that stand out in this regard? Are there particular goods/services or industries where these payments are rising more than in other areas? All those things would be great to know. A valid point was also raised in the thread about direct payments (self-custody) vs centralized services.
As for me, I don't have a business, but as a private teacher I would accept Bitcoin for lessons. However, everyone I know prefers fiat payments. Also, given that lessons don't cost much, transaction fees could be a significant part for such small transactions.

[Dickiy]

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

As far as doing business, I really want to use crypto as a transaction tool for the goods I sell to consumers, but the problem is the government's regulations are very strict regarding the use of transaction tools, which require the use of national money and that is fiat, and if I violate it, I will be punished. and pay a fine. So so far I can't use crypto or bitcoin as a transaction tool in my business except maybe when my business has a global market maybe I can do it, someone once offered me "why not secretly" I think it will give bad things if there is who reported it, so far I'm taking the safe route.

[BlackHatCoiner]

That is what I notice as well. A good number of merchants do accept Bitcoin, but that doesn't change the market dynamics of Bitcoin for better as it is just funneled back as a sale into the market through Bitpay etc.

It does change the market dynamics, because more merchants will exchange their goods for bitcoin. It's just not progressive. Most still rely on intermediaries, which is the situation we were trying to avoid in the first place.

I'm afraid that there are two causes:

• Merchants want immediate conversion to fiat, which can't be done if they do self-custody.
• Potentially mistaken interpretation of some legislation. Doing self-custody electronically is, no doubt, a brand new thing, which might sound too good to be legal.

[indah rezqi]

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Not all businesses in various countries are suitable for adopting bitcoin as a means of payment, in my opinion bitcoin is an option that can be considered according to the needs and demands of its customers. So I never expected everything to be the same.

Are you guys accepting crypto payments for your business?

Maybe, that's only if my country legalizes bitcoin as legal tender.

[TalkativeCoin]

I run a business that has some amount of crypto payment. It's not a massive volume in question (maybe 5-10%), more in the form of an added option and "another basket" to work with.

With that said, amidst proper regulations, which, of course, depends on where you live, doing business with crypto is a bit of an administrative nuisance. It's basically an accountant's nightmare, which is why we convert the received payments into FIAT momentarily. Otherwise, working it into the company's balance sheet would be next to impossible.

It's always going to be a challenge because of the volatility and the fact that this is not "your country's native currency," but I'm hoping that at least we could have some changes in the laws which would enable us to have a more streamlined workflow with it.

[Bananington]

Are you guys accepting crypto payments for your business?

Anyone that decides to start accepting cryptocurrency should not make the choice and decision under pressure and because other businesses or business owners have begun accepting crypto payment. Accepting crypto for business has many advantages and benefits that it can add to your business, but it may also not have any benefit to your business if it is not well suited for the kind of business that you operate. Before you choose to add cryptocurrency as a medium for payment in your business, first examine the kind of business that you operate.

[xSkylarx]

I don't have any business, but for sure I will accept this and be putting signage at the entrance saying we accept bitcoin, as this can also attract new customers and make them curious about using bitcoin, which will lead to others adopting it. As you can see right now, mostly in those countries where bitcoin is not banned, they are adding this as another payment method as they can see the market for those who own bitcoin. I've also seen a documentary about the most expensive jewellery companies that accept bitcoin as their payment method because it was requested by their millionaire customers because of crypto.

[ChiBitCTy]

Is it good to accept bitcoin as payments? Sure, why not! I don’t own my own business but I offer bitcoin as a payment option to anyone anytime I sell things alone. Like yesterday I listed a few window AC unit for sale on Facebook marketplace and offered up bitcoin as a payment option and actually had a few people say they would be willing to pay in btc if they decide to buy it.

[Flexystar]

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

As merchant, yes everyone should start accepting the payments in bitcoin form and it could really kept as alternative to fiat on every till/bill desk we pay. The reason behind this is, a shopper might not pay in the first visit however he may start thinking about second or after third visiting into the same shop and same bill desk. We can call it as visual marketing and also unconscious marketing because no one is actually telling a user to go for it. The bitcoin payment sign would be just sitting there and it will be visually getting recorded in visitors mind.

This would be enough from the merchant side and slowly there shoppers could turn into bitcoin investors or payer for instance.

Are you guys accepting crypto payments for your business?

Anyone that decides to start accepting cryptocurrency should not make the choice and decision under pressure and because other businesses or business owners have begun accepting crypto payment. Accepting crypto for business has many advantages and benefits that it can add to your business, but it may also not have any benefit to your business if it is not well suited for the kind of business that you operate. Before you choose to add cryptocurrency as a medium for payment in your business, first examine the kind of business that you operate.

Exactly my point however, there is no limit for which type of business the bitcoin is suitable. I mean it's a money at the end of day. In fact bitcoin would be privacy run, low fee and high throughput sort of money which anyone would accept freely in an exchange to their business / service.

The trend could kick start from the countries like USA, Canada, Europe and then followed by Russia.

Considering the number of ATM;s that I studied yesterday, those country top the list and thus tell us there might be more craze than other countries for sure. Deifnitely they should go for merchant desk payments in the form of bitcoin and start the magic reaction.

[The Cryptovator]

Accepting cryptocurrency depends on a number of factors. The key concern is with the laws in your country. depending on your business model then. You should recognize the price volatility of bitcoin if both are good. When you accept Bitcoin for your business, you must be aware of both the positive and negative aspects. If there are no limitations, you can implement by simply including a cryptocurrency payment gateway. Hence, if there are enough cryptocurrency users in the area where you run your business, you may start attracting customers that are well-versed in cryptocurrency.

[CryptSafe]

In a business? I guess this would only be sustainable to businesses which are offering services and not products and such. If the service business would only require skill, then it would be sustainable in a sense that the owner of that particular business won't be needing money to maintain the business which will keep him safe from the burden unlike with those who offers products which will need to circulate the funds earned from payments in order to keep it alive. This has something to do with market price volatility wherein there will be time prices would decline and those are also times converting won't be a good option. Not unless your needs in that business would be payable as crypto as well.

You are very correct mate. This aspect is very much favorable to those rendering Services through skills or freelancing because they would not need much pressure to sustain their business through funds since they would have nothing to add up or buying. This works best for them because of the advantage they have as they have no product to buy or sell so therefore there is no capital they need in purchasing but rather they are giving out knowledge and their skills in return for bitcoin payment but when it comes to production or goods, a business would need capital to restock their business for transaction so therefore accepting bitcoin would be a bit challenging to them as they would need to restock but however if they take in profit through bitcoin that would be ok then convert their capital to fiat so they could restock as there is every possibility that they would need to do as some of the producers of those produce might not be accepting bitcoin.

[MinoRaiola]

In the current world it is easier to take FIAT, pay taxes and park it in the bank account until it is taxable again, irony. I think it's always good to accept Bitcoin because no one can't take it away from you. If you want to pay with Bitcoin, it important where you are in the world, and if there are more people and businesses or companies that accept it, so easier it is. So yes, and the chance of someone else accepting it is higher.

[suzanne5223]

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

I believe it is not something that's hidden that technology used in the 21 century has advanced and blockchain with the inclusion of cryptocurrency is part of the advanced movement of the 21 century.
Having said that, accepting crypto as payment for business is good since the fiat currency is losing value every day. However, everything is determined by your residence country's rules and regulations towards crypto. If your country of residence is not against crypto as a payment method, before can accept it as payment for your business you need to understand the fundamental concept of crypto and I will advise you to go solely for Bitcoin and privacy coin like Crypton coin (CRP) which is already accepted as payment by 1859 online merchants.

[Crypt0Gore]

Not yet, but I am about to, right now I don't have any business set up for Bitcoin payment and I do not think that all businesses are fit for Bitcoin payment, but there are so many people accepting Bitcoin as means of payment right now and it's been going on for many years, adoption rate won't happen in a day, that's certain but gradually everyone will know about Bitcoin, what the government feared about Bitcoin has been unleashed since the beginning, now it's too late to stop.

[Ndabagi01]

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Are you guys accepting crypto payments for your business?

Given the recent increase in its use, it won't be long before this is adopted globally. The use of Bitcoin as a payment method has spread somewhat around the world. Even countries that have not yet legalized bitcoin and whose citizens use it accept bitcoin as payment for services rendered, all in an effort to increase its adoption. A number of forum users have also reported that they now accept bitcoin as payment. This is all done to improve its global adoption, which is a gradual process.

[FatFork]

I have seen a report today that in 2022 crypto payments showed an amazing rise. People are really accepting it and giving the value as they are giving to fiat payments.

Not all businesses in various countries are suitable for adopting bitcoin as a means of payment, in my opinion bitcoin is an option that can be considered according to the needs and demands of its customers. So I never expected everything to be the same.

Why not? Assuming that the law permits it, I don't see any significant downsides to accepting cryptocurrencies as an additional payment method. For example, some local governments in my country already accept cryptocurrencies as a form of payment for public utility charges. Additionally, grocery retail chains and some gas stations also allow customers to pay with cryptocurrencies. On the other hand, larger businesses such as car dealerships and real estate agencies have also started accepting cryptocurrencies as a payment method. So why not?

Are you guys accepting crypto payments for your business?

Maybe, that's only if my country legalizes bitcoin as legal tender.

Bitcoin doesn't necessarily have to be accepted as legal tender to be an acceptable form of payment.