Is it good to accept crypto as a payment?

[BITCOIN4X]

As of tomorrow I can't consider bitcoin adoption for anything in the business I'm developing, but it's certainly not impossible to change.

Regulation is still the biggest hurdle for anyone in my country when it comes to bitcoin adoption in real business, while I can't reach any service operating in my country's jurisdiction that accepts bitcoin as a means of payment. I don't know how long, but I've never felt compelled to expect that to change in the future. Governments can issue CBDCs themselves without legalizing bitcoin, and there's certainly very little room for anyone to adopt one.

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[panganib999]

I don't think you should base the decision of using and employing cryptocurrencies as a form of payment. Crypto as it stands today is very volatile and a price rise today could turn for the worse tomorrow. People who consider using crypto as a form of payment especially if you are a thriving small-time business should be wary of these things and should be prepared for the worst. It happens all the time and more often than you think. If this is something that already repels you from using bitcoin or any other cryptocurrency for that matter as a form of payment, then maybe you should not use it as a form of a payment. Large companies can do so with ease but they themselves are taking a massive risk here, something that is ginormous for small-time businesses.

[tjtonmoy]

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

The law maybe different in your country, but in here, you could go to jail just by owning any cryptocurrency. You don't have to use it or trade. This is how fu*ked up the law is in our country. But bitcoin being decentralized, they can't track you. So if you keep it a secret from the government, then you can own them.
Here's a news regarding this issue. After this arrest, the law is being made that owning any cryptocurrency is illegal here.

Three arrested for illegal trade of cryptocurrency

The Bangladesh Bank on July 29, 2021, said that it did not allow keeping or trading of any kind of virtual coin or cryptocurrency in the country.

[serjent05]

Are you guys accepting crypto payments for your business?

If I have a business then I would not hesitate to accept crypto payments.  I will even give discounts and giveaways so that my customer will think about using cryptocurrency to avail for discounts.  I believe that is one good way of promoting cryptocurrency specifically Bitcoin.

By the way, my country acknowledges Bitcoin as a mode of payment, so I think there will be no issue whatsoever if I accept Bitcoin if ever I founded a business.

[Bushdark]

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?

those that could accept crypto are those that are doing business and Bitcoin activities is not restricted I'm there region. That is the benefit of using cryptocurrency because even though our local currency keep losing value, wewill not have problem because what we are holding is more of an investment and digital currency. I receive Bitcoin in most of my business especially for those are accept to pay me in Bitcoin. We might not know the importance of having Bitcoin I'm our portfolio until we meet people who might had been longing to own or buy Bitcoin but don't know how to go about it.

[Vaskiy]

Are you guys accepting crypto payments for your business?

If I have a business then I would not hesitate to accept crypto payments.  I will even give discounts and giveaways so that my customer will think about using cryptocurrency to avail for discounts.  I believe that is one good way of promoting cryptocurrency specifically Bitcoin.

By the way, my country acknowledges Bitcoin as a mode of payment, so I think there will be no issue whatsoever if I accept Bitcoin if ever I founded a business.

My country hadn't disclosed its position on cryptocurrency usage. The government have taxed 30% and with that I don't know on what basis they'll tax on bitcoin accepted into any of the businesses. Now I don't have any business and if something developed surely I'll accept bitcoin but with the fear as I'm not sure of the taxation policy in the country.

[GreatArkansas]

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.
(....)

There are already a lot of businesses tried to accept cryptocurrency for payments for their businesses. And accepting cryptocurrency to your business is made easy because there are already some platforms or software that will make it easy for you, like payment processors for cryptocurrency.

And take note also that there is some businesses that started to accept Bitcoin at the beginning but later on, they suspended it because of high volatility. I can give example is Steam before, they started to accept Bitcoin but later on they suspended it.

[laurenB7742]

I don't think you should base the decision of using and employing cryptocurrencies as a form of payment. Crypto as it stands today is very volatile and a price rise today could turn for the worse tomorrow. People who consider using crypto as a form of payment especially if you are a thriving small-time business should be wary of these things and should be prepared for the worst. It happens all the time and more often than you think. If this is something that already repels you from using bitcoin or any other cryptocurrency for that matter as a form of payment, then maybe you should not use it as a form of a payment. Large companies can do so with ease but they themselves are taking a massive risk here, something that is ginormous for small-time businesses.

Businesses accept cryptocurrency as a payment method, specifically bitcoin, but they are still based on the value of fiat currency at the time of payment. So if you are afraid of crypto volatility affecting your business revenue, you can convert bitcoins to fiat currency after receiving the payment, and you hardly lose any money. In investing, volatility is a very good thing, but as a payment method, volatility is not beneficial but not too difficult to deal with.

[Nrcewker]

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?

Keeping multiple payment options is always a boom for any business. It will give you more reach and people who are using that payment method will eagerly use your service and business by paying through it. So implementing Bitcoins won’t be any harm to be honest. But on the other hand, if you are the one who will be affected through inflation, then accepting Bitcoins won’t be an ideal deal. Moreover you need to also install a payment processor for it, who accepts Bitcoins and hence it will manage it for your business by taking a small commission. So if you can do the above mentioned things and can adapt to it, then yes go for implementing Bitcoins.

[bakasabo]

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?

Keeping multiple payment options is always a boom for any business. It will give you more reach and people who are using that payment method will eagerly use your service and business by paying through it. So implementing Bitcoins won’t be any harm to be honest. But on the other hand, if you are the one who will be affected through inflation, then accepting Bitcoins won’t be an ideal deal. Moreover you need to also install a payment processor for it, who accepts Bitcoins and hence it will manage it for your business by taking a small commission. So if you can do the above mentioned things and can adapt to it, then yes go for implementing Bitcoins.

It will all end with having an option to accept Bitcoin as a payment, but nobody is willing to use it. The logic for that is simple - if any currency's fiat unit equals 1 (1 fiat = 1 fiat), then people would avoid paying in Bitcoin, because first, they hold it as an investment, second they are afraid of overpaying in case exchange rate goes up. Trivial greet. I believe that each business is open for receiving any kind of payment. Payer can do arbitrage and pay in a foreign currency, save few %, but lose time.

[ektotanes]

I think it's great that more and more people are starting to accept payments in cryptocurrency. If I had my own business, I would definitely accept payment in bitcoin. That would be the best option for me.

[Hypnosis00]

I think it's great that more and more people are starting to accept payments in cryptocurrency. If I had my own business, I would definitely accept payment in bitcoin. That would be the best option for me.

But the question is if it was legal in your place or if you know that it has a market as well. And not just like that, we should also consider the place if crypto has already been known to them otherwise, it was only a useless option. For some reason, we can't just offer this option unless we are sure that some will take this option otherwise, we just offer the fiat option alone.

For now, we must listen to the behavior of the market and also the adoption trends. I'd see that it takes time before it is fully adopted. However, showing it to the public that you are accepting crypto will somewhat give some curiousity and could also help for adoption.

[Stephanpomp]

Credit and debit card purchases are less secure than cryptocurrency transactions. This is due to the fact that cryptocurrencies do not require external proof. When a client uses cryptocurrency as payment, their information isn't kept in a centralized location where data breaches are frequent.

Downloading a plug-in or app on your e-commerce platform may be all it takes to set up bitcoin payments in your online shop. If you don't have access to this choice, you can incorporate HTML code payments instead (both BitPay and Coinbase provide this)

Accepting cryptocurrencies can lower these expenses to less than 1% of the transaction's worth. Protection for merchants: The dispersed nature of cryptocurrencies shields businesses from erroneous chargebacks. Because charges cannot be reversed by a third party, the deals are final, just like with cash.

[tygeade]

I don't think you should base the decision of using and employing cryptocurrencies as a form of payment. Crypto as it stands today is very volatile and a price rise today could turn for the worse tomorrow. People who consider using crypto as a form of payment especially if you are a thriving small-time business should be wary of these things and should be prepared for the worst. It happens all the time and more often than you think. If this is something that already repels you from using bitcoin or any other cryptocurrency for that matter as a form of payment, then maybe you should not use it as a form of a payment. Large companies can do so with ease but they themselves are taking a massive risk here, something that is ginormous for small-time businesses.

Businesses accept cryptocurrency as a payment method, specifically bitcoin, but they are still based on the value of fiat currency at the time of payment. So if you are afraid of crypto volatility affecting your business revenue, you can convert bitcoins to fiat currency after receiving the payment, and you hardly lose any money. In investing, volatility is a very good thing, but as a payment method, volatility is not beneficial but not too difficult to deal with.

I think even better way is the fact that you could just simply accept stablecoins, many people who own bitcoin also owns stablecoin or could simply convert anytime they want wherever it is. Which is why it is quite important to realize that it is a big deal and should always be considered a big deal in the long run as well.

Because if you deal with stablecoins, the price will not change and you will be charging basically the same dollars and yet you will be getting paid in crypto, at least accepting crypto, so you open your door to a new batch of customers as well. I would suggest turning some of that into bitcoin after you got paid, would be a lot better for long term.

[inthelongrun]

Business-wise, you have to consider all types of payments if you want to expand your market as much as possible. The volatility of cryptocurrencies is a concern but there are already many companies that are creating platforms in order to make crypto payments converted into fiat automatically. Personally, I will not convert the crypto payments into fiat automatically since I knew we are still in an accumulation period and next year is already the halving year of bitcoin. So if I were a businessman, I will take advantage of the cheap prices of crypto right now and cash out during a bull season.

[Alisha-k]

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?

soon enough, we'll have little or no need for Fiat currency, currently in my country, a good number of persons purchase things with Bitcoin and other crypto currency, I know they're disadvantages to it too though but, there's nothing with an advantage that doesn't have it's disadvantage.
The good thing here though is the fact that it's advantage beats the disadvantage by a good number.

[jaberwock]

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 do, and it has been the biggest jump economically in my entire life. I have been working in the same business for about 10 years, for the last 7 or so I have accepted bitcoin, and first few years I didn't realize the benefit and the amazingness of it, and for the past 3 years or so I have been making probably x4 more than what I used to make, that's the biggest difference.

The only reason I am making this much more is the fact that I started to accept bitcoin and managed to find a job that pays this much, otherwise I wouldn't be able to make even half of this if I just worked for fiat. I have to thank my government for ruining fiat which made me look into bitcoin.

[AakZaki]

soon enough, we'll have little or no need for Fiat currency, currently in my country, a good number of persons purchase things with Bitcoin and other crypto currency, I know they're disadvantages to it too though but, there's nothing with an advantage that doesn't have it's disadvantage.
The good thing here though is the fact that it's advantage beats the disadvantage by a good number.

If this is done in my country, then it is a violation of the law. My country has a law that the legal means of transaction is the rupiah and other currencies that have been recognized throughout the world. Because currently my country only recognizes Bitcoin and crypto as commodities. Although I also know there is a possibility that some people have done that with the deals and risks they have known before. Although it would violate the provisions of the applicable law. This is why my state started going to create CBDC, and the whitepaper is ready a few month ago.

[Synchronice]

Is it good to accept crypto as a payment?

Definitely it is and no one is gonna say no at major crypto forum. But definitely it is good for your business to accept crypto payments. You may not see a significant increase in payments via crypto network because even today small number of people are using crypto but you can use crypto payments as a marketing tool for your business which can increase awareness among people and in exchange you'll receive more traffic, that you can turn into sales. Cryptocurrencies are very innovative products and innovations always attract attention.

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 consequence, 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.

Every single shop where I have paid with bitcoins was using Coinbase Commerce. While this forum is against centralized services and I fully support that idea, it worth to highlight that decentralized services, including centralized bitcoin payment gateways will remain the most popular choice because you get everything ready and it's as easy as ABC to implement it on your website. Most small shops don't want to hire people for their website, so they choose Shopify & Wix with easy to integrate plugins.

soon enough, we'll have little or no need for Fiat currency, currently in my country, a good number of persons purchase things with Bitcoin and other crypto currency, I know they're disadvantages to it too though but, there's nothing with an advantage that doesn't have it's disadvantage.
The good thing here though is the fact that it's advantage beats the disadvantage by a good number.

Are you from El Salvador? If not, then where are you from?
Can you please name its advantages and disadvantages? I wanna know more.

[Hamza2424]

OP, This is not a crypto section as far I know this is the Bitcoin Discussion section so I would like t read things more related to bitcoin here I know it's just a title still, but I'm expecting better from you next time.`

Is it good to accept crypto as a payment?

Answering your question there is a misconception in the community (Newbie) that bitcoin provides anonymity and privacy to the users on Blockchain but it really doesn't provide anonymity to your funds, so if you want a transparent system then Bitcoin acceptance is important it can expose each and everything and provide a really transparent and open Environment as we all need. For privacy and anonymity, you need to hide, you can use mixers to hide.

If your Publick address is somewhere related to your public social account then bro anyone can track each n every single bit of your transactions, so in democratic countries, the use of taxed funds on development projects is a lifetime shady business this problem can be fixed using the Bitcoin network as when you public the fund's transfer addresses then anyone can audit where the government funds are going it can directly eliminate dirtiness in the politics.