Making payments with Bitcoins

[FortuneFollower]

This is more of a treasury management issue than a customer issue. Businesses already deal with currency fluctuations, inflation, and supplier price changes. Bitcoin volatility is just another variable. Charging customers extra after a completed transaction would break trust and defeat the purpose of having fixed pricing.

If it would be in the rules - nothing would be wrong about it. But as it stands  now, there are no proper regulations in said country.

[KiaKia]

Accepting Bitcoin as payment doesn't have to be a must, that's why it should be a part of your payment options, because normally people will still prefer to pay you in cash using Fiat.

It's always once in a while that you will see someone who will want to pay you in Bitcoin simply because you have the option available, even some people who have Bitcoin don't want to use it as means of payment.

They feel that it's a waste of Satoshi to spend Bitcoin like it's money, make the option available in your business or store then worry less about if someone is going to pay you in Bitcoin or not, at the end of the day it's customers choice to make.

[johnnyyash]

My own say here is this, before any transaction is been done or carried out in between the buyer and seller and agreement most have been mearnt, particular price of goods and service exchange and both agreed to...and they mist have been an agreement of using bitcoin as a source of transaction...

Therefore is not any fault in between the buyer and the seller when payment has already been made by the buyer..so it depends on individual loss or seller loss if there is decrease in bitcoin price...because payment has already be made and sent....

Then for the seller not to be at loss will advice to hold and expect a bounce back in the increase of price....

[KingsDen]

Op, this is why businesses are skeptical of accepting bitcoin. The volatility factor doesn't make it favourable to use bitcoin in business. Think of it, apart from the volatility, how about the transaction fees? In some business transactions, the transaction fees are way higher than the profits, especially when the mempool is somehow congested and transaction fees skyrocket.

If there are regulations, it will be easy, but if some still prohibit it, it will be a bit difficult. But I think that time will come sooner or later, and it will become a reality, not just the items you mentioned, but much more. Yes, BTC offers a digital financial solution for the future.

If it's not legal and bitcoin is being used to conduct a transaction in that country and the seller is not someone who can just take transactions for what they are, then we might likely see a case like the one that happened in 2023, where a man bought a luxury car from a lady and paid with bitcoin because the value of the coin had dropped below what they initially agreed for the car, and he was sent to 18 months in prison.

Hmmm... Many things happen in this space. I am not aware of this. Why was the person jailed. Was it because of the volatility or because bitcoin wasn't official as a means if payment in the country?

[CryptSafe]

There is nothing bad in receiving payments in BTC as a trader, but it will be nice we be smart to be able to convert to a stable coin to be able to hold and retain the value of your business and production because Bitcoin is volatile and unpredictable as there could be market swings at any given time. So to be on the safe side, you will have to do the conversion to a stable coin. Although you will still be accepting Bitcoin for payment but you will have to protect the market value of your business and production so you don't run at a loss.

[tygeade]

What i feel is right for businesses accepting Bitcoin as payment option. Payments made through Bitcoin should be marked as investment portfolio and not for restocking their stores or warehouses. Reasons been that Bitcoin payment option don't come in too often. Payment made through fiat can be used to run the business that way it will be easier to both invest and run the regular business with the view of higher ROI when the cycle is ripe while making expenses from the fiat payment received in the cause of the business.

Payment received in bitcoin most times increases of decreases within 1-2 weeks and those are likely period where business restock their businesses. If it turns out negative they are already at loss, so it is best to keep them locked in as investment plan.

That is not easy to do. I have tried this before, in a business that we owned with my wife, we did accepted bitcoin and to be fair it happened only once, but it was not possible for us to use that for investing without using it to restock. Surely there are business where you could do that, but not in all business and that is why sometimes you just have to use it.

Growing a business is as important as investment as well, and when you end up reinvest all you earn to your business, you may fail but you could also grow and be better as well. Many people do that to grow and be better, we have seen that before and we have seen rich people make millions but have nearly no cash because they reinvest all their earnings back into business.

[Versatile_choice]

There is nothing bad in receiving payments in BTC as a trader, but it will be nice we be smart to be able to convert to a stable coin to be able to hold and retain the value of your business and production because Bitcoin is volatile and unpredictable as there could be market swings at any given time. So to be on the safe side, you will have to do the conversion to a stable coin. Although you will still be accepting Bitcoin for payment but you will have to protect the market value of your business and production so you don't run at a loss.

You're right the volatile nature of bitcoin is the reason why it is not recommendable to be use in our business, if it is receiving payment there's nothing wrong with that, just like you said that we should ensure we covert it immediately after receiving it because if we choose to hold it for some time we might not get that same value we had before that's is either the value increase or it decrease.

So due to this reasons i don't think using bitcoin as a means of payment is safe more especially in terms of business, I would rather use a stable coin or better still I could use it and just covert it immediately after I receive it.

[Awaklara]

So due to this reasons i don't think using bitcoin as a means of payment is safe more especially in terms of business, I would rather use a stable coin or better still I could use it and just covert it immediately after I receive it.

We know the problem, but if you run a business, you might consider using Bitcoin as an alternative payment method. I am sure not all of your business customers will pay with Bitcoin, unless you are indeed operating in the crypto field. If both you and your customers are Bitcoin users, you should know all the shortcomings that will be experienced when you implement a payment system with Bitcoin.

[dunfida]

What i feel is right for businesses accepting Bitcoin as payment option. Payments made through Bitcoin should be marked as investment portfolio and not for restocking their stores or warehouses. Reasons been that Bitcoin payment option don't come in too often. Payment made through fiat can be used to run the business that way it will be easier to both invest and run the regular business with the view of higher ROI when the cycle is ripe while making expenses from the fiat payment received in the cause of the business.

Payment received in bitcoin most times increases of decreases within 1-2 weeks and those are likely period where business restock their businesses. If it turns out negative they are already at loss, so it is best to keep them locked in as investment plan.

That is not easy to do. I have tried this before, in a business that we owned with my wife, we did accepted bitcoin and to be fair it happened only once, but it was not possible for us to use that for investing without using it to restock. Surely there are business where you could do that, but not in all business and that is why sometimes you just have to use it.

Growing a business is as important as investment as well, and when you end up reinvest all you earn to your business, you may fail but you could also grow and be better as well. Many people do that to grow and be better, we have seen that before and we have seen rich people make millions but have nearly no cash because they reinvest all their earnings back into business.

Actually this is indeed the fact, even if we do want to deal up with Bitcoin on investment approach then using it on a business isnt that ideal since we do know when running up a business then money or funds should really be in cycle on which means that instead on storing up your Bitcoins being accumulated then you would be that still needing up to convert it to fiat and made out on the same routine to make the business continue to run. Therefore, it wouldnt be just that different when running up things while using up fiat. For having that payments then we cant really be able to deny that one of the main problems on why it cant be easily considered to be integrated due to very slow confirmation times on which you would be needing up to wait to avoid double spend and this is something not that really appealing specially if we do tend to buy up something whether its good or services on which it would be turning out to be hassle. So it would be best that better stick into those traditional to avoid such hassle.

If things turned out to be good specially on lightning payments then it might do but people now doesnt want  to spend up their Bitcoins considering about into its potential then they would be rather use their own fiat than on spending up their precious Bitcoins.

[AakZaki]

In 2017 I used to be a T-shirt trader and accept payments with Bitcoin, but at that time I had already determined the price in the Bitcoin payment and reached an agreement. When an agreement is reached, it means that both parties have agreed and should not ask for additional When the price of Bitcoin falls and there is no return when the price of Bitcoin rises, that is the agreement.

But as traders we have to take into account if the Bitcoin price will fall, that's where I usually take a price spreed from the T-shirt production price just in case the Bitcoin price falls. For example, the production price of a 15$ t-shirt I will usually increase to 20$-25$, so when the price of Bitcoin goes down I always make sure that the Bitcoin payment I receive should not be less than 15$.

When the price of Bitcoin dropped and the payment I received was close to 15$ I immediately sold it to Fiat so that losses would not occur.

[Mate2237]

The buyer should not be charged any extra money if there is a sudden drop in price after making payments for goods or even services. Before anyone should accept Bitcoin as a means of payment for his business such a person should be aware of what Bitcoin is and how it behave. If payments have already been made it's said that, such a deal has already been sealed by the two parties.


Bitcoin is a volatile asset, this should be noted by every business vendors, wholesaler and even retailers if they are to make use of it in business,  but what should be noted is that the price of Bitcoin is not always fluctuating there are times were it stays at a particular price for a while, so business owners should always get to know of the current price of Bitcoin before accepting it as payment.

[CryptSafe]

There is nothing bad in receiving payments in BTC as a trader, but it will be nice we be smart to be able to convert to a stable coin to be able to hold and retain the value of your business and production because Bitcoin is volatile and unpredictable as there could be market swings at any given time. So to be on the safe side, you will have to do the conversion to a stable coin. Although you will still be accepting Bitcoin for payment but you will have to protect the market value of your business and production so you don't run at a loss.

You're right the volatile nature of bitcoin is the reason why it is not recommendable to be use in our business, if it is receiving payment there's nothing wrong with that, just like you said that we should ensure we covert it immediately after receiving it because if we choose to hold it for some time we might not get that same value we had before that's is either the value increase or it decrease.

So due to this reasons i don't think using bitcoin as a means of payment is safe more especially in terms of business, I would rather use a stable coin or better still I could use it and just covert it immediately after I receive it.

You can still use it but you should be very observant and watchful of the market trends so that you will know the exact direction of the trend so you are not caught off guard. However we should also know that economic factors can influence the price movement of Bitcoin but even at then, it is nice to be on high alert so that you could know what next move to make to avoid market loss. So if as a trader you accept Bitcoin, you should constantly be in the know of the market conditions so as to know when to immediately convert your Bitcoin to a stable coin so you don't run at loss.

[Nwada001]

If it's not legal and bitcoin is being used to conduct a transaction in that country and the seller is not someone who can just take transactions for what they are, then we might likely see a case like the one that happened in 2023, where a man bought a luxury car from a lady and paid with bitcoin because the value of the coin had dropped below what they initially agreed for the car, and he was sent to 18 months in prison.

Hmmm... Many things happen in this space. I am not aware of this. Why was the person jailed. Was it because of the volatility or because bitcoin wasn't official as a means if payment in the country?

The case, according to how it was reported, is that the guy in question purchased a Ferrari from a lady after he just recently moved to the country (Morocco), and in Morocco Bitcoin was illegal. After the deal was completed, the woman was also the same person who filed a fraud case against the buyer, and the law that they have against the use of cryptocurrency was used against the guy. They also said someone later came to also file another case concerning the accused purchasing a luxury watch with a fake payment method. It was said that the main reason he was jailed was because of the Bitcoin usage to buy the luxury car, which is something I blame the woman for because she did the reporting.

Man Buys Ferrari With Bitcoin, Gets 18-month Prison Sentence

[Smartvirus]

But as traders we have to take into account if the Bitcoin price will fall, that's where I usually take a price spreed from the T-shirt production price just in case the Bitcoin price falls. For example, the production price of a 15$ t-shirt I will usually increase to 20$-25$, so when the price of Bitcoin goes down I always make sure that the Bitcoin payment I receive should not be less than 15$.

When the price of Bitcoin dropped and the payment I received was close to 15$ I immediately sold it to Fiat so that losses would not occur.

You didn’t get to update us on what happens when the price does go up although, I presume to know what the answer might be and that’s still okay.

One thing I know for sure is the fact that, in selling a commodity, it’s often all about bargaining. Two persons might buy a commodity at different prices based on quantity and bargaining skills. You might cut a good deal sometimes and at other times, you might come by some losses, it’s just normal.

When the deal is instantaneous, their isn’t any need in having a spread but, when it’s a progressive deal, then that can be accommodated in the terms.

[Fivestar4everMVP]

Let's say that most wholesalers and retailers started receiving payment for goods bought with Bitcoin. What do you think can happen to the seller when the price of Bitcoin eventually drops and he or she is about to go to market to purchase more goods into his warehouse or stores. Should the buyer that made payment with Bitcoin pay an extra charges in a situation where the Bitcoin market is not looking favourable so that the seller will not run into lost.

Makes absolutely no sense to me charging customers extra just to ensure you don't run into loses if the price of bitcoin dropped before restocking, what if bitcoin price increase instead? Will you charge customers lower price during bull run knowing that the price of Bitcoin is rising?
If "no" is the answer to this question, then also, you shouldn't charge customers higher because of bitcoin volatility, this will only discourage the customers from choosing to make payments in bitcoin..

The issue is that fiat is dominant in our present society, and this is why even till today, bitcoin's value is still calculated in fiat and we all have actually all become comfortable with this..

To turn bitcoin into a currency that could be effective used as a payment instrument for goods and services, we will have to find a way to do away with its volatility, and the only way to achieve this is to quit calculating bitcoin's value in fiat and start valuing bitcoin as bitcoin, that is 1 bitcoin become BTC1 bitcoin and not 1 bitcoin = $70,000, if we achieve this, then we can start putting price tags on goods and services in bitcoin instead of fiat, a bag of rice for example can cost BTC0.0002 bitcoin in the company where it's being processed and bagged and sold in wholesale, the retailer buy in buck and come home to sell to the consumers at BTC0.00025 per bag, this is the only way bitcoin's adoption as payment for goods and services will work out effectively and successfully without retailers and wholesaler/manufacturers having volatility issues.