Is it good to accept crypto as a payment?

[rat03gopoh]

So I had to stop so that I don't wind up in jail for illegal use of crypto.

I've never heard of a case where ordinary trading using bitcoin in a country where it is prohibited will be punished with imprisonment at the first sanction. In my country, there will be sequential legal action for violators: reprimand, termination of activity, revocation of license, and then fine or imprisonment^[1].

Unless it literally constitutes trading for "illegal" purposes, administrative sanctions probably won't be awarded in the 1st place.

1. https://www.liputan6.com/hot/read/4869047/hukum-mata-uang-kripto-di-indonesia-sebagai-alat-pembayaran-dan-aset-perdagangan

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[Ayers]

It's very convenient. Especially if you don't trust banks. I hold all my savings in crypto and that way government doesn't know how much money I have I'm now afraid that the bank will freeze my account or go bankrupt.
But the problem is because there are no crypto regulations right now, you might face some issues with the law/IRS if you will accept such payments. So be careful.

Save with cryptocurrencies? If it's bitcoin, then I think its safe for you, if it's altcoin or stablecoin, nothing is safer, and if you keep your crypto assets on centralized exchanges, that's even worse than the bank. Nothing is 100% safe, you should diversify rather than just bet on 1 asset class, especially cryptocurrencies, a top risk asset. Except for some politically unstable countries like Nigeria, I really haven't had any problems with banks since I used them so far.

[michellee]

In various countries there are still those who use it but not in parts of Southeast Asia like Indonesia, it seems that no one has done that yet, but it's different doing business with rich people they might use crypto or fiat, but so far I see that most of them do it using fiat compared to using Crypto, so it all depends on where the person is doing business.

Maybe it's because many people still don't know crypto and still prefer to use fiat because it can go straight into their bank account. Or maybe they use crypto as their asset to store in the long term so that it can provide other benefits for them. Maybe it's also because there is no awareness from the public to start using crypto as an alternative payment besides using fiat. But we should find out about the regulations in our country in using crypto as a means of payment for our business so that we don't get into trouble later.

[Kelvinid]

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.

Adoption has been rising when and it is quiet to see that more businesses are offering such payment in order to give some crypto users a chance to use their crypto without the need to convert it into fiat money. This year and for the coming years we are hoping this could be available in most countries and that crypto is legal. And putting it now is likely to have profitable results especially as we are heading to bull season.

Are you guys accepting crypto payments for your business?

It was a part of the plan but it all commence when the people in our community had already been educated about crypto.

[Aanuoluwatofunmi]

bitcoin vs bank
https://twitter.com/BitcoinMagazine/status/1627823782965481474?t=50myRWA-6LMWOOs8dnXljg&s=19


Only if you can consider the above illustration of the advantages bitcoin has over using fiat, then you will see the more reason why a 24/7 service availability is acceptable for any business to serve as their payment and transaction advantage, your customers will have no barrier against their payment and your decision on receiving it as well can be done at anytime with a decentralized network that does not go on holidays, this will hasten up your decision to start the acceptance of bitcoin when being considered over other payment means.

[jokers10]

...
Only if you can consider the above illustration of the advantages bitcoin has over using fiat, then you will see the more reason why a 24/7 service availability is acceptable for any business to serve as their payment and transaction advantage, your customers will have no barrier against their payment and your decision on receiving it as well can be done at anytime with a decentralized network that does not go on holidays, this will hasten up your decision to start the acceptance of bitcoin when being considered over other payment means.

And banks know that there are competitors and develop their online services better and better and I'm nearly sure they'll offer better service than crypto can ever. Main difference is that in case of a bank bank controls your money and in case of a true decentralized crypto all control over your money stays with you. Maybe some old fashioned banks have worse service but modern banks offer 24/7 online banking where you can do everything you need, including a "cash register" directly in your smartphone.

[Emitdama]

Accepting Bitcoin or cryptocurrencies as payment for services or goods can have its pros and cons which need to be evaluated before going ahead and letting your consumers pay with it.

The positives include wider reach and potentially grabbing more attention among consumers who wish to use cryptocurrencies instead of traditional payment methods. Another positive is that the price could go up anytime and the stock you have got so far from the payments will have more value.

It also has some cons that include the fact that the price can also drop significantly, and if you have Bitcoins or any cryptocurrency that you have received through your business, they will have their value dropped thus becoming a problem for the business itself.

[noorman0]

bitcoin vs bank

Comparisons are not too intense. I can make bank transfers 24/7, local banks in my country also open 24/7 online customer service.
I think that the advantages between bitcoin and fiat will not underestimate each other.

this will hasten up your decision to start the acceptance of bitcoin when being considered over other payment means.

Exactly, some situations are also unfavorable/allow transacting using bitcoins. Both will be mutually alternative.

[bakasabo]

Users who have answered that is good to accept crypto as a payment, have you ever paid in crypto for goods or services? Or you are mostly holders or traders? Also, as we are on a crypto forum, I doubt that anyone will say that it is no good to pay in crypto.

I think it is too early to make a decision whether it is good or not. We dont have much crypto payment opportunities world wide. A lot of people still pay in crypto only as a test. They dont do crypto payments regularly. Frankly speaking, I dont see much pros so far. Similar to cards and mobile, you still need a device or app to be with you to pay, unlock it. Practically same algorithm of actions to make a payment. Ability to stay anonymous - what about warranty? How to prove ownership of a purchased item or received service?

[Questat]

Accepting Bitcoin or cryptocurrencies as payment for services or goods can have its pros and cons which need to be evaluated before going ahead and letting your consumers pay with it.

That is what we are supposed to do because it was important to know our market first and to assure that when this will happen we have users to take our services. Otherwise, it was useless to run the business and only just fail in the end. It was to know that even though the spread of crypto is getting stronger, this won't gives us a reliable thing also to decide unless we know that we are surrounded by crypto holders. Therefore, it was advisable to know our environment so well because this is the basis of our project business.

[Rockstarguy]

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?

The rate at which people accept bitcoin in business is increasing everyday. It is not bad if you accept bitcoin as payment it is advantage to you and your business, you are also promoting bitcoin. Adoption of bitcoin is not only occurring in small businesses,  some countries have already adopted bitcoin and it is been used in exchange of goods and services. This is something you need to look into and make decisions if you think it will be okay for your kind of business and if your business won't be affected by volatility in the crypto market. But I must tell you accepting bitcoin as payment is not a bad idea.

[livingfree]

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 have no business but with participation in campaigns, you'll see majority of the people in here that are into different types campaigns and businesses like loans and selling of services.

Accepting crypto as payment isn't really new.

And outside the forum, I'm happy to see that it's not just limited to this forum and other crypto communities but many merchants do prefer to accept it as well.

The community is growing and it's unstoppable that majority in the nearest future will prefer to accept top cryptos for payments in different services and businesses.

[posi]

Users who have answered that is good to accept crypto as a payment, have you ever paid in crypto for goods or services? Or you are mostly holders or traders? Also, as we are on a crypto forum, I doubt that anyone will say that it is no good to pay in crypto.

I think it is too early to make a decision whether it is good or not. We dont have much crypto payment opportunities world wide. A lot of people still pay in crypto only as a test. They dont do crypto payments regularly. Frankly speaking, I dont see much pros so far. Similar to cards and mobile, you still need a device or app to be with you to pay, unlock it. Practically same algorithm of actions to make a payment. Ability to stay anonymous - what about warranty? How to prove ownership of a purchased item or received service?

You have a good point. To be honest, I wouldn't be willing to use my crypto assets for payment either, if possible, it's just experience and not as often as using fiat.

In my opinion, since cryptocurrencies are being treated as an investment rather than a form of payment, it doesn't hurt to accept it as a form of payment for businesses, but it also won't bring any benefits. 
OP can try but don't expect as many clients as people say, because very few are willing to spend bitcoins or crypto assets.

[BRINIRHA]

accepting payment by bitcoin / crypto would be great. But on condition that this is allowed by regulations in that country. But maybe for online stores it can still be done. but for physical stores I think there must be legality first. and I'm also interested in paying with bitcoin/crypto if there are stores that accept payments with bitcoin/crypto. because it will be a good experience. although I'm not sure I want to do it more often. because currently using fiat is still more practical.

[Nheer]

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 don't see any reason why you shouldn't accept cryptocurrency as payment in your businesses since it's also a form of payment and there is nothing wrong with it as long as you understand how it functions. Crypto payment is a good thing and will improve the cryptocurrency world. More people join the cryptocurrency community every day, and over time, more than half of humanity will be familiar with it. Additionally, cryptocurrency will soon be legal in many countries.
When all goes as planned, I'm about to launch a business, and I'll undoubtedly accept bitcoin payments from clients who like to do so. we should all do so it will help and benefit the adoption of bitcoin by others.

[TheUltraElite]

Are you guys accepting crypto payments for your business?

This would depend on a number of factors :
1. The legal status of bitcoin in your country
2. The ease of conversion of bitcoin<>fiat in your locality
3. The acceptance of crypto in general goods in your country/ease of paying with crypto.
4. The public opinion about crypto and whether the people you cater to have a chance of owning crypto.

If these responses are good you might want to add crypto to your "list" of payment modes. Dont try to force it on people, you will get counter-productive results. You can include some perks for those who are paying with crypto so that the customers get inclined to it.

I would rather do a survey before doing something so radical. If you are going to run a business you need to run it with payments that are easy for the customer.

[borovichok]

accepting payment by bitcoin / crypto would be great. But on condition that this is allowed by regulations in that country. But maybe for online stores it can still be done. but for physical stores I think there must be legality first. and I'm also interested in paying with bitcoin/crypto if there are stores that accept payments with bitcoin/crypto. because it will be a good experience. although I'm not sure I want to do it more often. because currently using fiat is still more practical.

There's a good chance that since fiat currency continues to predominate in the majority of nations, it took bitcoin decades to stand out in the crowded industrial sector. Accepting bitcoin as payment for goods and services is a very wonderful idea for organizations and enterprises, but due to some nations' stringent regulations banning cryptocurrency, this seems unattainable because not everyone is able to access the new contemporary era. The world is quickly transitioning into the digital age, and it is up to us to embrace it by taking all available measures. The market will expand enough in places like El Salvador, which has already made bitcoin legal tender.

[wiss19]

As a crypto enthusiast yes because by accepting crypto in our business could mean that we are spreading awareness about it to those people who are new to it. The only sad part is that I don't have any business right now or stores. I think I will save up for a while and once I already have a decent capital maybe I will ask my wife if what business she wants to open up.

I won't hesitate to put a crypto logo in my business banner and then I will stick a poster with QR code of crypto. They can scan it and they will be redirected to a crypto website to help them understand it further. I think it's also a good idea to put some free cryptos there as a form of reward.

[Noruka]

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.

Well ok so it would change the market dynamics for all the goods that are in stock and have been bought with Bitcoin. That would draw more Bitcoin out of circulation.

But regarding the intermediary thing, isn't that the gap that could be closed by a full-fledged software that is fully adapted to applicable legislation and easy to handle for the merchants? There is already massive accounting software out there. What do you think is holding software companies back to tap their toe in the water and try to build something where merchants could more or less get started with plug and play?

[DiMarxist]

It's very convenient. Especially if you don't trust banks. I hold all my savings in crypto and that way government doesn't know how much money I have I'm now afraid that the bank will freeze my account or go bankrupt.
But the problem is because there are no crypto regulations right now, you might face some issues with the law/IRS if you will accept such payments. So be careful.

Save with cryptocurrencies? If it's bitcoin, then I think its safe for you, if it's altcoin or stablecoin, nothing is safer, and if you keep your crypto assets on centralized exchanges, that's even worse than the bank. Nothing is 100% safe, you should diversify rather than just bet on 1 asset class, especially cryptocurrencies, a top risk asset. Except for some politically unstable countries like Nigeria, I really haven't had any problems with banks since I used them so far.

To accept cryptocurrency as a payment is for bitcoin users, because if I'm a bitcoin users and the person am working for too is a bitcoin users,then it's good for me to accept bitcoin as a payment.but if  don't understand cryptocurrency is not good for him/her to accept cryptocurrency, because you will not know how to use it.And also is not good for learners to accept cryptocurrency as a payment,it will affect them to use it because him/she never understand anything call cryptocurrency, it's good for bitcoin users to accept cryptocurrency as a payment,but cryptocurrency like bitcoin.