I no longer believe the "too volatile" excuse for not accepting Bitcoin.

[Pi-network314159]

Sometimes expirence is the best teacher, I believe if they told you this earlier you wouldn't believe, but since you have expirienced it now, you understand better. You can never compear having Bitcoin in your wallet for 10 years and having fiat for 10 years in your account. Both a entirely different things. In Bitcoin wallet, you stand a chance to makeore profit from volatility and you can still withdraw all at once without any maintenance, but if you have fiat in the bank for 10 years without withdrawing it, theyah even think you are dead and you will need a lot of documents to claim ot activate it. And meanwhile you might even do all that and still discover that you don't have enough money in your account anymore due to tax and maintenance fee or sms alert charges.biyh are entirely two separate world apart, that can't be compeard.

[Patikno]

I used to believe that Bitcoin was too volatile to use for accepting daily payments as a merchant or vendor. I even made points here on the forum stating how I understand people who don't accept it. But right now, I think my position on the matter has changed; I no longer buy the "too volatile excuse". Bitcoin is totally worth it, even though it is volatile.

Fundamentally, the money we keep in a bank doesn't have the same freedom as the Bitcoin we keep in a personal wallet. This is because banks regulations are under their (centralized) authority. In fact, keeping money in a bank without active status can cause account problems. For example; one of the state-owned banks I use in my area has a rule limiting inactive accounts. Whereas, this did not exist in the past, but in recent years this rule has existed.

So, I think this is the problem will arise; if I keep money in a centralized storage facility, and their rules may change over time, meaning they could make it difficult for us to withdraw our own money. Isn't it sad?

Personally, I consider Bitcoin volatility is worth it, because it gives anyone the freedom to hold money for the long term. There is no "dormant" label in Bitcoin, and it is easy to quickly withdraw our Bitcoin whenever we need it. In essence, Bitcoin offers practical convenience compared to banks, especially those with burdensome regulations. So, if we want to save our money, it is should be the best to do so in Bitcoin. Furthermore, Bitcoin has the potential to increase the value of our money, and I think this could be considered Bitcoin as a "preservation of value", or "store of value".

[Delaforetnoire]

But right now, I think my position on the matter has changed; I no longer buy the "too volatile excuse". Bitcoin is totally worth it, even though it is volatile.

You didn’t do anything wrong by keeping money in your account but the issue is that you left it inactive for a long time without any transactions. There have been reports of corruption in some banks in Nigeria, but it’s still important to stay active with your banking activities. In most countries, banking processes require patience to complete. Since you have already submitted all the necessary documents to reactivate your account, it should be restored and you will get your money back. Just follow the instructions given by the bank officials and you should be able to recover your funds.

You can clearly see that Bitcoin is more flexible and allows you to make transactions freely without much stress. Honestly, it’s fair to say Bitcoin feels like a blessing for us. It has given us a level of freedom and made transactions easier compared to many traditional systems. Even though we still need fiat money for daily use, it makes sense to keep only what you need in fiat and save the rest in Bitcoin.

[rodskee]

I used to believe that Bitcoin was too volatile to use for accepting daily payments as a merchant or vendor. I even made points here on the forum stating how I understand people who don't accept it. But right now, I think my position on the matter has changed; I no longer buy the "too volatile excuse". Bitcoin is totally worth it, even though it is volatile.

this volatility is what makes bitcoin an attractive investment anyway. obviously high returns equal high risks. we can’t just have it too easy. if it wasn’t volatile there would be little to no progress.

Edit: The reason I brought Volatility into this is that it is one of the main reasons businesses give for not accepting Bitcoin as payment. And the way I see it right now, I'd rather chose volatility than for someone else to hold and control my money for me, while giving me the illusion that I own and control the money when in reality, I've given then a no-interest loan.

bitcoin may not be perfect but it’s a lot better than the existing system we have got with fiat and banks. it’s not a flawless system but at least it continues to improve

[YellowSwap]

At first I thought this topic is about accepting Bitcoin as means of payment but after reading through it I understand that it's about using bank to keep your money Vs storing your money in Bitcoin.

Bitcoin volatility is not really a Volatility for people who aren't in haste to sell or take profits for other reasons, that's why bitcoin investment suits people who are long term holder than those who want to make quick money.

Even if you are running a store and accepting Bitcoin you must be ready to instantly swap the accepted Bitcoin into stable coin or prepare to hold for long term.

[AprilioMP]

We’ve also experienced the deactivation of accounts that haven’t had any transactions for a long time. If I recall correctly, bank accounts that haven’t had any withdrawals are deactivated by the bank based on government regulations.
The main point is that it’s a real shame if a customer opens an account at a bank solely for the purpose of saving—without ever making a withdrawal—only to find that when they actually need it, the account can no longer be used. How must that customer feel?

Bitcoin can be converted to USDT to mitigate concerns about price drops. Volatility isn’t necessarily a serious problem. It all depends on the user. We have full control over our own money because we are the owners.

[Maslate]

No one will argue with it, bitcoin is really worth holding than fiat. But using it as a daily currency for business owners and for consumers, I think that idea remains debatable seeing the volatility of bitcoin becomes a significant barrier towards global adoption in order to use bitcoin as a medium of exchange or unit of account. That's why we have fiat system backed up by the government to be accepted globally as a medium of exchange.

And on the case of your dormant account, banks will stick to their rules and policies whether we like it or not. So if you want your money back, you have to agree with the bank's conditions and strictly follow it.

[Marvelockg]

I used to believe that Bitcoin was too volatile to use for accepting daily payments as a merchant or vendor. I even made points here on the forum stating how I understand people who don't accept it. But right now, I think my position on the matter has changed; I no longer buy the "too volatile excuse". Bitcoin is totally worth it, even though it is volatile.

My stand on this is that even though bitcoin is volatile asset and that one can still be invested in it regardless of it volatility, you should also understand how the banking system works because you can't completely do without them at least for now.

If you just save your money in the bank with the intention of leaving it for years, you might follow same negligence and leave your asset in an exchange for years only to discover that at the time you're coming for it, it's half existing and half gone. There are different reasons why I will choose bitcoin over the fiat and banking system but at the same time, we have to also advocate for doing the right thing the right way knowing that your carelessness can lead to you loosing your asset in the most annoying way.

[KiaKia]

It's been a very long time since I kept a large amount of money in my bank account, I like having Bitcoin for all I care, even if it's dumping my mind is fixed on what the new all time high will be in few years time.

I only sell some coins when I want to settle bills at home or buy some foods and that's it, business owners should be wiser enough to know that accepting Bitcoin as payment and also holding some of that Bitcoin can make their business survives in future.

We can't tell if a business will do very well on the long term but having Bitcoin as your defence will work if the unexpected happens, many businesses around the world are doing the same right now

[Rockstarguy]

No amount of volatility that Bitcoin has is worth this stress. The money has been with them for over 2 years, so it has been part of what they have used to make more money. I'm not asking for part of the profit; I just want my money back, yet they won't give it to me even though I have provided all the documents they requested.

Volatility is never stress; the volatility that Bitcoin has is even what makes Bitcoin valuable. One of the mistakes people normally make is that when they hear about Bitcoin volatility, they only think about the fall in price, and this is the scariest part they focus on regarding Bitcoin.
They believe the increasing aspect of volatility is too difficult, and they don't deserve to see the fall in the price of Bitcoin, and this is wrong. Bitcoin is a volatile asset that people must understand, and they need to change their mindset. It is only patience that one needs to endure when the price of Bitcoin drops.

[purple_sparkles]

For me, periods when the price of bitcoin is low are essentially calm periods when it should be accumulated. I use DCA, and I’m actually happy when I can buy more of it for the same amount of money. I understand that during growth periods my profit will be higher, and high volatility is an advantage, since there is a certain cyclicality.

[bitcoindusts]

Anyone who doesn't want to adopt Bitcoin can come up with any excuse or story just to cover up. With the current state of developing that Bitcoin has experienced there is no longer, any good excuse that will be good for anyone not to adopt Bitcoin. Anytime I experience excuses such as volatility I just know that such persons are not ready to adopt Bitcoin, so is just trying to cover up with volatility.

As the saying goes, those who don't want has tons of excuses while those who are willing have tons of reasons.  High volatility is not an excuse for a merchant for not accepting Bitcoin because there are services where a real time conversion can be made.

I think it is just an excuse of a certain institution to downplay Bitcoin's efficiency as medium of exchange.  For merchants who have this reason, I believe they think it is not worth the time since they think there are only few people who are willing to pay in BTC.

[Dr.Bitcoin_Strange]

If you had used the money to purchase Bitcoin since that 2 years you kept the money in the bank, you would have made profit by now. I don't even know the need for banks to mark someone's account dormant/post no debit meanwhile there's money in the account. I had some money in one of my bank account and that money has sat there for 6 months without me transacting on the account, then one day I got a mail from the bank urging me to make sure I deposit some money into the account so that it will not be locked as dormant account, I was surprised because I don't know that they can also lock an account that has not made transaction after a long time. Bitcoin is really a better option if someone has the money they want to save for some period of time.

[mcdouglasx]

I'm not rich, nor is my financial situation the best, but I've read that money in the bank is useless, that it's better to have investments, since according to many wealthy people, they prefer to use banks as agents for loans without touching their money directly. And it's very rare for your bank account to be empty, because generally they could block it for security reasons and require reactivation, but to take away your positive balance is crazy, not to mention that the maintenance fees aren't that high.

[Oshosondy]

In January this year, I tried to withdraw part of the money, and it was marked for "no debit". I went to the bank this month to figure it out, and the process of reactivating this account has been one of the most frustrating banking experiences I've ever had, and I have had a few. Till now, that account is still marked for no debit despite the fact that I spent so many working hours last week in the bank. The funniest part is, I can receive money into the account, but I can't withdraw it because I received money last month and in December last year. 

This is very common to the banks. If you do not send or receive money on your bank account, they will deactivate it and you will first need to reactivate it. I have seen many people that said in my country that this happened to them, but the process of reactivating the inactive account is very simple.

The bank accounts that I have that I am no more using, they are two but. If I send money there now, I will be able to spend it, but this does not change the fact that they are centralized.

[r_victory]

However "practical" it may be, there are businesses that don't fit well with Bitcoin, and besides the volatility, there's the confirmation time, which at certain times can take 10 minutes or more. Imagine paying a bill at a fast-food restaurant, for example, with each customer waiting for their payment to be confirmed. Is it worth it? Instead of making things easier, it will cause friction, and the experience will be terrible for both parties.

[d5000]

I think volatility is still too high for what you @OP write to work massively for merchants at scale.

But I think most merchants could at least afford to accept Bitcoin for some products, for example for digital products without any production costs, like self-written ebooks, and speculate on a price increase.

Another idea is to accept Bitcoin when the BTC prices are quite low (in an advanced bear market or an early bull market). In late bulls/early bears, when Bitcoin is overvalued in comparison with its long term trend, you instead can either cease to accept BTC or convert it directly into fiat or stablecoins. You will then have still some counterparty risk with a bank or the stablecoin issuer (see below) but only for a part of your money. Think of it as a "layered" approach

Volatility should not be an issue because third parties can quickly convert your BTC to USDT if you are concerned about a price drop.

In theory, as early as you convert your BTC into USDT, you're customer of a bank again. Stablecoin issuers work very much like banks (some are even full fledged banks, like SG with their EURV). But in practice this isn't a bad idea, because your "stablecoin account" will likely not get blocked or only in extreme circunstances (when you're caught with stolen coins).

A "near-perfect" strategy may be to use any stablecoin which can be acquired with atomic swaps, so you wouldn't need any intermediaries. Fees might be higher though, above all if the coin you accept is Bitcoin and you don't use Lightning or other L2. Lightning to stablecoin can be performed with platforms like Boltz Exchange (https://boltz.exchange/).

[m2017]

That is an account I have with one of the biggest and most reputable banks in my country. I've had money in the account for a long time, but I stopped using it the account for like 3 years now. I decided to leave the money there just in case I might need it urgently any day. I stopped using the account about 2 years ago, and it has been inactive since then.
In January this year, I tried to withdraw part of the money, and it was marked for "no debit". I went to the bank this month to figure it out, and the process of reactivating this account has been one of the most frustrating banking experiences I've ever had, and I have had a few. Till now, that account is still marked for no debit despite the fact that I spent so many working hours last week in the bank.

Whoever has the money "in their hands" is the owner. That's why you prove to the banks your right to your property.

The funniest part is, I can receive money into the account, but I can't withdraw it because I received money last month and in December last year.  

That's how it should be: you can "enter" the bank with money, but you can't "leave" it with money.

No amount of volatility that Bitcoin has is worth this stress. The money has been with them for over 2 years, so it has been part of what they have used to make more money. I'm not asking for part of the profit; I just want my money back, yet they won't give it to me even though I have provided all the documents they requested.

How do they justify their refusal? Maybe it's time for banks to start saying directly, "We won't give you your money back because it's ours now"?

It's so sad that you can't live in this world (my country, at least), without the banks or the fiat system, because this system is not favourable at all. Trying to give the system the benefit of the doubt is like shooting yourself in the foot.
I wonder why more people, or businesses, are not trying to move away from this system. I made the mistake of leaving the money in that account; if I had converted it to Bitcoin, I wouldn't be in this mess, but it's a mistake I would never make again.

Because people find it difficult to change habits, and they're also not interested in alternatives like bitcoin.

If you converted your money into bitcoin, you'd already have a good profit within three years (certainly more than you could have in a bank).

Edit: The reason I brought Volatility into this is that it is one of the main reasons businesses give for not accepting Bitcoin as payment. And the way I see it right now, I'd rather chose volatility than for someone else to hold and control my money for me, while giving me the illusion that I own and control the money when in reality, I've given then a no-interest loan.

You could keep your money in fiat, like paper money under your mattress, but even then, you wouldn't have complete control, since its "value" is managed by the government, not you. In fact, even with physical access to money (the means of value conversion), we don't own it.

[Alpha Marine]

I think volatility is still too high for what you @OP write to work massively for merchants at scale.

Yeah, I agree. I guess I was too angry and frustrated at my situation when I made that post. I still stand by it, though, but now that I have thought about it, there are exceptions.

But I think most merchants could at least afford to accept Bitcoin for some products, for example for digital products without any production costs, like self-written ebooks, and speculate on a price increase.

This is in line with my expectations. People who need to remove their capital from the money they receive for production costs will find it hard to accept Bitcoin because volatility can reduce the value of their capital, which is not good for business. But for people like me who receive payments online for jobs, there is no better alternative than Bitcoin. I have tried the alternatives, and I have tried Bitcoin, and Bitcoin is miles ahead.

[Peanutswar]

This is the reason why people chosen the crypto or banks nowadays because of this kind of hassle when it comes with the use lf the banks imagine you don't have a full control with your money and banks seeking tons of verification, limit of transact and etc that you need to comply just to get your money and right now is Bitcoin are the opposite of these things, this aims to have a full access with your funds and you can transact and transfer anytime you want without waiting many business days. Bitcoin is the demand right now this is the reason why most of the banks do not support the crypto even the government because they don't have a rights to access and regulate.

There is a risk yes because you are the one who are responsible with the safety of your assets.