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.