Cryptocurrency is not a negative modern achievement and more and more people are involved in this sphere. This niche is growing fast and do new business owners need to implement cryptocurrency payments to get more customers and will it help at all?
Does a business need to accept payments in cryptocurrency?
- Thread starter deucher
- Start date
I wouldn't say that they need to accept payments in cryptocurrency as I understand that many people still do not trust cryptocurrency as much as others who have been using it and investing in cryptocurrency for a while.
I would say that businesses should consider crypto as being another option to be able to pay for goods or services though, especially since crypto is becoming more popular and we are seeing coins that are more reliable.
I would say that businesses should consider crypto as being another option to be able to pay for goods or services though, especially since crypto is becoming more popular and we are seeing coins that are more reliable.
For me this is optional, any business could decide to accept payment made in cryptocurrency or reject outrightly. This is only because it is not legislated by some government as a central tender..
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For my offline business of poultry and fish farming, it's going to be very difficult for me to accept cryptocurrency payments for now. It's not because I don't make use of cryptocurrency but because most of my customers don't use it, so it's not relevant for my business. But for my online business, I accept cryptocurrency payments.
The use of cryptocurrency as a medium of exchange could only be optional and not mandatory. It is not everyone that understand the use of cryptocurrency. I might accept cryptocurrency if someone decide to pay me with that..
Well, I think that the time when cryptocurrencies will be accepted is quite far away as of now. Cryptocurrencies are not popular in many places. However, cryptocurrencies are gradually gaining popularity ion many places. This may make cryptocurrencies a kind of asset that may be accepted in many areas.
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No matter what's going on now, it's not what can be possible for me to accept in my offline business of poultry and fish farming. It can't work because most of my customers don't use cryptocurrency. This is the biggest challenge now but when that changes and they now make use of cryptocurrency well, I will be very open to accepting it in my business.
Accepting crypto payments for business can be very risky. For instance, just in a couple of hours, the price of crypto can go up and down and you might make a huge loss. However, as a business, you also need to give multiple payment options for your customers.
I think the main reason why people do not trust cryptocurrency is due to the fact that no one knows who owns many of them. For example, many people do not trust bitcoin because the creator of the coin is anonymous. So, despite being decentralised asset, no one trusts it. This is also one of the main reason why many businesses do not trust neither accept cryptocurrency at all.
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It's not a force or a must businesses should accept cryptocurrency payments for transaction. If a business owner doesn't have any knowledge about cryptocurrency, you don't expect the owner to accept digital currency. PayPal is very popular and accepted in so many places but there are some businesses which still doesn't accept it.
Yeah, that's very correct. It's the reason why most people don't like accepting cryptocurrency in their businesses. Even in payment for my online jobs, there are days when I will receive payment and before I will move the cryptocurrency to USDT, it will lose small value.
If the businesses that accept crypto payments, continue to hold their crypto assets and sell only when the price is up, they might be able to profit through crypto payments. However, businesses cannot hold crypto for the long term as they are constantly in need of money for day to day operations. Converting to stable coin can help them but this will also incur then additional charges for currency conversion. Perhaps, they could stable coins instead of other coins.
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Definitely, it's only the use of stable coins that's going to make it possible to get coins and it doesn't fall for you to lose money. But I keep asking a question, why accept stable coins when you can just accept fiat currency payments only for your business because they are the same thing with stable coins.
I consider cryptocurrency as part of the payment options that I have in my business. It is one payment option that I believe that a lot of businesses should consider as long as you understand how crypto currency works because there are pros and cons involved.
When it comes to accepting it as a payment system, coins such as BCH, LTC and Doge should be on top of the list since they have lower processing fee.
It's definitely not a must for any business who doesn't want to accept cryptocurrency payment in his business to be forced into doing it. Everyone knows the payment system that's best for them in their business and they have the right to use it as they please.
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A business should never be forced to accept cryptocurrency. However, if a business is not accepting cryptocurrency, then this would never be considered a good thing for the business. This is because the world is evolving and things are changing. More and more businesses should accept cryptocurrency because it is the future.
There is no justification to say that for the fact that a business doesn't accept cryptocurrency payments that it is not a good thing for that business, because as long as they have other means of payment to receive for their product and services and it's something that their customers can always make use of, that is all the matters with how they run their business.
The main problem here is that the world is changing. many people predict that there will come a time when cryptocurrencies would not be ignored at all and I think that this is a really great thing from business point of view. Cryptocurrencies allow you to send payments everywhere without restriction. It is a great payment method that may allow any business to receive payments from anyone in the world.
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Even if cryptocurrency becomes accepted in most countries, a business may still refuse to accept it and it will not affect their business. It's when cryptocurrency is the only way to make payments in businesses, they will be forced to accept it or close up.
Well, there's no doubt about cryptocurrency being a great payment method that allows any business to send and receive payments from anyone and anywhere in the world. The problem is that there's never going to be a time when everyone is going to accept using cryptocurrency. We have had the blockchain technology for 15 years or more since Bitcoin came out. How long are we expected to stay before even 50% of the world's government accepts it?
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