What are the benefits of accepting Bitcoin as a method of payment.

[fauzan Ichsan]

The most important benefit of accepting Bitcoin i could think of at the moment is the fact it's like an payment with possibility of more profits. Let's say if I have received $10000 as a payment and in a week the akue f Bitcoin increases by 10% then I would have $1100 if I hodl it.

The counterpart of this advantage is if you do not monitor your coins properly, you might catch them at a wrong time. The earnings of a business is I would assume used for daily expenses and other operating costs of the business so you can't just hold your profit in there forever considering you also need the money to operate the business.

Another thing to consider is tax. I am not an expert (do correct me if I am wrong) in terms of taxation but I would have to assume that you will get taxed twice. The profit off of your business then the profit in crypto.

an increase of 10% may still give us a profit, but what happens if there is a crash after payment is made, unless Bitcoin is already a substitute for fiat currency, perhaps this is not too much of an obstacle, for now it would be more profitable to use it to search Money is not just a hedge against inflation, every time we convert it to fiat currency we will be immediately taxed, and that also needs to be taken into account.

[ThemePen]

The counterpart of this advantage is if you do not monitor your coins properly, you might catch them at a wrong time. The earnings of a business is I would assume used for daily expenses and other operating costs of the business so you can't just hold your profit in there forever considering you also need the money to operate the business.

Another thing to consider is tax. I am not an expert (do correct me if I am wrong) in terms of taxation but I would have to assume that you will get taxed twice. The profit off of your business then the profit in crypto.

I think cryptocurrency investments can be both good and bad returs. It is great to have easy access to our money but if we are not careful you might buy or sell at wrong time and lose a lot. As a business owner I need to think about how to use my cryptocurrency profits for everyday expenses and business costs. We can not just keep our profits forever and we also need to consider taxes. We might get taxed twice or once for our business profits and again for our cryptocurrency gains. This could reduce our earnings even more. So it is important to find balance between investing in cryptocurrency and managing our business finances wisely.

[leonair]

Someone can’t just call the Bitcoin company and make up a lie that they never received their product. Once you have the Bitcoin it’s yours.

Bitcoin off is acceptable, but as you said, I could not agree with you because if I run a business, if I accept Bitcoin payment, if there is something refundable in that question, and if I get it back through a guarantee, then he must pay his money Refunds will be made in Bitcoin. So it's a different matter of offerability.

As mentioned before the fees are much cheaper than Western Unions.

Again, you said you think it's cheaper than Western Union, but that's different from how you should look when doing Bitcoin transactions on Western Union. This is the wrong run time. Bitcoin is trading at a higher price, and now you have to see how the fees are going.

[kryptqnick]

Being non-refundable can be both a feature and an issue, because if you make a mistake, there's nobody out there to fix it. As for international transfers, it really depends on what kind of transfer it is and between which countries, but yeah, Bitcoin is often significantly faster for international transfers in my experience. However, it's not always cheaper, especially if we consider nationwide transfers which, in my country, are typically free of charge.
There are some advantages of accepting Bitcoin as payment, clearly, but there are also some difficulties. If it's an on-chain transaction, a person might need to wait for up to 10 minutes for the first confirmation. Also, depending on what someone's buying, a $3 transaction fee can be huge. Finally, there can be complex tax implications in some places.

[peter0425]

There are several advantages of taking Bitcoin as payment. Depending on who you are the different advantages I am about to list could mean everything or nothing at all.

Non-refundable.

Someone can’t just call the Bitcoin company and make up a lie that they never received their product. Once you have the Bitcoin it’s yours.

I think you’re forgetting that YOU are the company. Bitcoin is only a means of payment, it does not control the entire business itself. The customer can call you up and even if you have received bitcoin already, you’d most likely need to give back the money if the customer complains.

Unless your entire transaction was anonymous.

International.

Provided you have internet and some sort of computer device you can download a Bitcoin wallet and take payments. You don’t have to worry about the customer coming from a country with poor currency. It’s also much faster than Western Union Wire Transfers. You can also make payments with it anywhere in the world that a merchant accepts it.

What’s really good with using bitcoin as a payment method is that there is no need for exchange of currency. In my country, usd is very expensive compared to our currency so it would be a huge bother to get x currency to y currency. The fees also depend on how much money you will be sending/receiving and from what country and to what.

[Dr.Bitcoin_Strange]

There are more such as profit deriving, no network error problem, easy access to your money, etc.
If you accept Bitcoin as a means of payment and you hold those Bitcoin and peradventure the price of Bitcoin is surging high, then you will have an additional profit on your business capital because the value of the Bitcoin will increase. Sometimes there could be some bank network glitch that can result to a failed transaction but with Bitcoin you will not experience those network error problem. Due to network errors with traditional financial institutions, you might not be able to access your money sometimes but with Bitcoin, you can have access to your funds all the time.

[mr_random]

There are more such as profit deriving, no network error problem, easy access to your money, etc.
If you accept Bitcoin as a means of payment and you hold those Bitcoin and peradventure the price of Bitcoin is surging high, then you will have an additional profit on your business capital because the value of the Bitcoin will increase. Sometimes there could be some bank network glitch that can result to a failed transaction but with Bitcoin you will not experience those network error problem. Due to network errors with traditional financial institutions, you might not be able to access your money sometimes but with Bitcoin, you can have access to your funds all the time.

I have to agree, the benefits go even deeper than just the basics. It's not only about accepting payments but about embracing a whole new financial landscape. Bitcoin isn't just money; it's an investment opportunity. Sure, the price can be a rollercoaster, but savvy businesses can ride those upswings to boost their profits. Unlike traditional banks, Bitcoin operates 24/7. Need to pay a supplier at 3 AM? No problem. That kind of flexibility is a game-changer, especially for global businesses.
Perhaps the most exciting part is the image boost. Accepting Bitcoin isn't just about transactions; it's a bold statement. It says your business is modern, tech-savvy, and ready for the future. This reputation is priceless and draws in the growing number of crypto enthusiasts.
The bottom line? Bitcoin is still finding its footing, but the potential rewards are huge. More money, more freedom, and a better brand image? It's a tempting package for businesses ready to take the leap, IMO.

[teamsherry]

Bitcoin has its benefits as a means of payment and what are think woudl be attractive to many businesses would be transaction speed, in less than minutes the recipients should have received his asset and bitcoin has a more stable network than most bank, like in my country its possible to have days of very bad transaction issues coming from the bank network and business that deal on transfers and pos would be having a lot of issues with customers, but with bitcoin as a payment method, that issue can be resolved and then later sold back for fait to the bank.

[Maus0728]

I wouldn't say lower fees because with the transaction fees reaching up to 500 sats, that's not going to be the truth. Probably in some points of the market, there's lower transaction fees but not all the time. For me, I think that the appeal of bitcoin in terms of medium of payment is the fact that it's secure and private, if you can maintain an anonymous conversation with someone, you can easily do private transactions with them. It's the safest thing with bitcoin too especially for the merchants because there's no risk of people refunding their purchase without any valid reason thus creating a community of careful and cautious people which at the end of the day, will definitely benefit everyone.

[lovesmayfamilis]

It’s not at all clear to me why the OP compares stores that accept payments in Bitcoin with the Western Union company. I have seen very few such stores, and it is extremely inconvenient, if not downright inconvenient. In addition, the thought that the buyer will not be able to, as the OP puts it, “complain” suggests thoughts that the OP may be able to send goods of poor quality, which the seller will still make a profit by selling. Characterization of misunderstanding.

 And in general, copying someone else’s article in your own words and supplementing it with incorrect statements is not at all acceptable . OP, write about your experience. We all know how to look for information outside the forum.

By the way, OP. Your writing style has not changed. I see your accounts and transferring merits on the forum is highly discouraged.
https://bitcointalk.org/index.php?action=profile;u=3454877
https://bitcointalk.org/index.php?action=profile;u=3454858

[Woodie]

There are several advantages of taking Bitcoin as payment. Depending on who you are the different advantages I am about to list could mean everything or nothing at all.

Non-refundable.

The fact that it's nonrefundable makes it a great medium of payment for the merchant but the consumers the buyers will not feel protected incase of a bad transaction which leaves them at the mercy of the seller's which is a Win-lose situation.

Lower Fees.

Bitcoin fees are always fluctuating one second we paying  super high fees and the next we paying super low fees, and as a business this could affect the traffic coming there.

Security.

The Bitcoin network has never been hacked. Provided you properly store your private keys your Bitcoin is safe.

I think you agree with me that we aren't really worried about the networks security but it's usually our wallets and private key handling that will determine the security of our assets.

[GreatArkansas]

Lower Fees.

As mentioned before the fees are much cheaper than Western Unions.

On this part, you can't guarantee. Before, were lot of businesses started to use Bitcoin as additional mode of payment from their business but later on they disabled it, the best example is the Steam, a famous game platform accepted Bitcoin before but halted it after because the reason is transaction fees.

[rodskee]

But what we must consider is for whom we are asking or telling this , for the payer or the receiver ?

for Payer there are no even problem because he will dispose the bitcoin for a certain things or service you need
and the problem will occur for the receiver .

for Receiver after having that payment the problem comes because what if the price suddenly fell to more than half
what or how he can manage to restock having that low value?
the only advantage will come once the price rose high after the payment.

[Alpha Marine]

Non-refundable.
Someone can’t just call the Bitcoin company and make up a lie that they never received their product. Once you have the Bitcoin it’s yours.

This can be an advantage and also a disadvantage depending on the situation. Once the money is gone, it's gone, there's nobody to help you get it back if their is a problem with the transaction. There are so many situations where the sender will require a refund and except the receiver is not fraudulent and selfish, you might never get that refund.

Lower Fees.
As mentioned before the fees are much cheaper than Western Unions.

Recently, this is not something I'll include as an advantage of bitcoin. Bitcoin network fee currently is about $3, it may seem like nothing, but nobody likes giving away more than they should. Last week alor so, the network fees increased to about $50. How many sales are you going to make with that kind of network fee? With fiat, international transactions may be higher, but with within the country transfer, it's definitely not close to that amount.

[Aanuoluwatofunmi]

If we take a look to reasons why bitcoin was developed and introduced by Satoshi Nakamoto, we are going to discover that all what were written as past of the reasons why bitcoin comes in place were going to be included as benefits of accepting bitcoin as a means of payment, since non of them can be found with the use of fiat currency, bitcoin has brought in many opportunities for us and we are using it because there is no other financial alternative to this than bitcoin.

[moneystery]

Lower Fees.

As mentioned before the fees are much cheaper than Western Unions.

have you ever made a transaction when the network is congested? i still remember that i once wanted to make a transaction worth 20 usd and the fees at that time were around 40 usd, so depending on the conditions, bitcoin fees can be more expensive or cheaper compared to conventional payments. especially when you make transactions offline, the fees charged to you can be several dollars, are you willing to be charged that much just to buy a cup of coffee? and moreover there is a 10 minute waiting time for the transaction to be processed.

[Plaguedeath]

for Receiver after having that payment the problem comes because what if the price suddenly fell to more than half

When was Bitcoin price drop 50% "suddenly" i.e. less than 24 hours? I don't think it ever happened, the biggest dump in 24 hours are only 20%. If the receiver don't want to value their service/goods in Bitcoin, they should convert the coins to fiat immediately.

The fact that it's nonrefundable makes it a great medium of payment for the merchant but the consumers the buyers will not feel protected incase of a bad transaction which leaves them at the mercy of the seller's which is a Win-lose situation.

The seller isn't always in win situation, if the buyer send the coins during the network congested and the seller already give the product, the buyer can replace the transaction and send it to other address, here seller got tricked by the buyer.

[PX-Z]

The fact that it's nonrefundable makes it a great medium of payment for the merchant but the consumers the buyers will not feel protected incase of a bad transaction which leaves them at the mercy of the seller's which is a Win-lose situation.

The seller isn't always in win situation, if the buyer send the coins during the network congested and the seller already give the product, the buyer can replace the transaction and send it to other address, here seller got tricked by the buyer.

Why would a merchant will give the product for a payment it didn't receive yet?
It's always a suggestion and default things to do is only accept and process purchase from a confirmed payment transaction, that's why every crypto payment gateways and online shop do things the same.
Thus, by using accepting lightning this cons and risks will be avoided.

[Dr.Osh]

Well, the fact is that accepting Bitcoin as a means of payment has many benefits, and almost all of them have been mentioned. Unfortunately, there are many regulations that prevent this from happening, especially in some countries, especially my country. Many countries accept bitcoin only as an investment tool, not as a payment alternative. This is because it is feared that bitcoin will compete with fiat, and it is possible that other cryptos will also be used as payment alternatives. However, you might be able to implement this in the shop you create, and give us the interesting experience you get.

[Z_MBFM]

The things you mentioned about bitcoin payments like accepting international payments, getting new customers, payment security are good enough facilities for now but there are some disadvantages like bitcoin has higher transaction fees than David and credit card or MFS which can discourage customers.  Again here anonymous transactions can also not be a good business experience.  On the other hand there is an opportunity for evasion of VAT tax so it can hamper the welfare of the country.  So you should consider both aspects and according to your country's culture, you should decide whether it would be convenient for you to accept payment in Bitcoin.