Should a new business accept cryptocurrencies?

[Kehinde]

The use of cryptocurrencies carries a reduced risk of fraud for both customer and business. Unlike using credit cards, where a plethora of personal customer data is transferred to the business after a purchase, cryptocurrencies are totally anonymous and no personal information is transferred.

 

[Judee201]

It will take like forever for Nigerian businesses to accept cryptocurrencies.

But it is not proper for small business to accept cryptocurrency because they will be dealing with small funds, so cash payment and bank payment should be first sort for.

 

[Ralphjoe]

Cryptocurrencies is a developing digital assets that are growing at an alarming rate, so accepting cryptocurrencies as a payment gateway for a new business will be a good initiative for a business, yes there is risk of the value of the cryptocurrencies depreciating, that's why stable coins was invented, so as to remain stable for payment.

 

[Taimoor Jutt]

Yes business is tougher than investing in Crypto currencies. If you know how to invest or how much to invest and learnt the crypto currency world and tips to invest then you will surely go far Crypto Currency investment , we will be avoided by toughness of business and physically appearance there. So try to invest long term .

 

[Ridorz]

For now if I have a new business in my country I will not accept it because it's still a illegal currency, crypto currency is not yet accepted by government of my country. And the other reason is that the crypto currency transaction may take long time before it can be receive.

 

[Adebayonle7]

I will not advise that a business accept crypto currencies as a mode of payment for goods, products, and services when there are not generally accepted yet for business transactions and other type of trading activities in many countries. It is still a little bit reasonable to accept like 20% payments with trusted cryptos only and even with that, it is highly risky. Originators of these coins aren't known and they are still anonymous. If a day comes and everything disappears, imagine the disaster. Also imagine a business which been accepting payments that way.

 

[Nicklas22]

I don't advice a new business owner to receive payment through Bitcoin because the rate of Bitcoin can drop and can lead to loss of money
I will advise a new business owner to receive pay through direct payment or through check
Receiving payments through Bitcoin will definitely lead to short down in business.

 

[Kayzzy3]

The number of vendors that are accepting cryptocurrency has continued to grow over the last few years, however there are still quite a few that do not accept cryptocurrencies and many more that have not even considered it in the first place. When someone opens a new business there is capital that is needed and then need to try and establish themselves within the community. By accepting cryptocurrencies you are generally opening up your customer base to a whole new group of people who are solely relying on cryptocurrency. And if you are a vendor that is able to expand globally you'll find the cryptocurrency reach globally is much preferred as well as a form of payment.

Do you think that it is advisable however for a new business to accept cryptocurrency given the volatility of it and the risk that comes to them as well having not been established within their field or community? Would you accept cryptocurrency if you just have to start off a business right now?

Immediately! Cryptos are becoming legal than legal tenders, and more profitable than fiat money exchanges,

If I have a business outlet and you patronize me and present BTC or ETH, I will gladly receive it. If a few shops takes this initiative, more will join in no time.

 

[EMMANUEL]

Almost all the offline are now accepting crypto currency as payment now, even here at my local area, actually most of the see this as a great opportunity for themselves, a business man said he accepted crypto currency as payment for services rendered, that one of the benefits is that crypto currency is far much better than bank deposit through POS machine or transfer because bank can never increase your saving fund.

 

[kayode10]

Why not? Your customers are ready to pay you in Bitcoin then you should go ahead and accept it now. If you are accept bitcoins on your website you make it easy for a lot of people to send bitcoin to you in exchange for the services or goods you are selling on your website. This give you the chance to have more cash to invest in Bitcoin in order to make more.

 

[Folaham]

Change is the only constant thing in life and with the pace and level of acceptance of crypto currency across the globe it is only wise for business owners to start thinking of how to integrate their system to accept crypto but they must do it in accordance to they will not breach or violate the law of the country where they domicile

 

[Chibson]

The reason many businesses are afraid to accept cryptocurrency is due to its volatility. The volatile nature of cryptocurrency can bring a huge loss a business.
Even at that, some businesses are adapting to the new trend. It is just a matter of time cryptocurrency will be the major means of payment and it is just a matter of time every business will accept the fact that cryptocurrency has come to stay.

 

[Lagazine]

The number of vendors that are accepting cryptocurrency has continued to grow over the last few years, however there are still quite a few that do not accept cryptocurrencies and many more that have not even considered it in the first place. When someone opens a new business there is capital that is needed and then need to try and establish themselves within the community. By accepting cryptocurrencies you are generally opening up your customer base to a whole new group of people who are solely relying on cryptocurrency. And if you are a vendor that is able to expand globally you'll find the cryptocurrency reach globally is much preferred as well as a form of payment.

Do you think that it is advisable however for a new business to accept cryptocurrency given the volatility of it and the risk that comes to them as well having not been established within their field or community? Would you accept cryptocurrency if you just have to start off a business right now?

Sure, businesses can accept cryptocurrency as the mode of payment. I tried to investigate this for quite sometimes now, if it's going to work if every business accepts cryptocurrency. Well, it's going to be a great development if things can move on digital currency. But a lots of people don't still know how to make payments or receive payments on crypto wallets.

Post automatically merged: Jan 29, 2021

The number of vendors that are accepting cryptocurrency has continued to grow over the last few years, however there are still quite a few that do not accept cryptocurrencies and many more that have not even considered it in the first place. When someone opens a new business there is capital that is needed and then need to try and establish themselves within the community. By accepting cryptocurrencies you are generally opening up your customer base to a whole new group of people who are solely relying on cryptocurrency. And if you are a vendor that is able to expand globally you'll find the cryptocurrency reach globally is much preferred as well as a form of payment.

Do you think that it is advisable however for a new business to accept cryptocurrency given the volatility of it and the risk that comes to them as well having not been established within their field or community? Would you accept cryptocurrency if you just have to start off a business right now?

Sure, businesses can accept cryptocurrency as the mode of payment. I tried to investigate this for quite sometimes now, if it's going to work if every business accepts cryptocurrency. Well, it's going to be a great development if things can move on digital currency. But a lots of people don't still know how to make payments or receive payments on crypto wallets.

 

[Dorcey]

The use of cryptocurrencies carries a reduced risk of fraud for both customer and business. Unlike using credit cards, where a plethora of personal customer data is transferred to the business after a purchase,cryptocurrencies are totally anonymous and no personal information is transferred.

 

[WhiteHouse]

It's up to them and their choice, but getting paid in Bitcoin is a wise decision, even though we talk about the volatility of Bitcoin and crytpocurrencies in general but they are still very valuable and useful.

 

[Zamaney]

Lower risk of fraud
The use of cryptocurrencies carries a reduced risk of fraud for both customer and business. Unlike using credit cards, where a plethora of personal customer data is transferred to the business after a purchase, cryptocurrencies are totally anonymous and no personal information is transferred.

 

[Chumzy]

A while ago that could have been a kind of delima or an issue for the business to decide to accept it. Today we have exhcnages as easy a using out bank app and without stress we can easily make and trade crypto currencies. A business accepting crypto is like a business accepting bank tranfer and that is probably the best and easiest way of doing business if you ask me.

 

[Richmond funke abosede]

The use of cryptocurrencies carries a reduced risk of fraud for both customer and business. Unlike using credit cards, where a plethora of personal customer data is transferred to the business after a purchase, cryptocurrencies are totally anonymous and no personal information is transferred,Using cryptocurrency as payment is also a good choice for high-risk businesses, since traditional payment gateways might not support them. ... In addition, some customers feel safer paying with crypto as compared to PayPal or credit cards.

 

[GoldenLady]

Starting a new business is already a source of challenges. Adding cryptocurrency as an accepted means of payment might be too much, especially if you sell products.

With it's volatile and unpredictable nature, you might get lower sum.tgan was agreed upon when the transaction was carried out.

 

[Damscooguns73]

Concerning if new business should accept cryptocurrency. Well, I believe they can accept cryptocurrency has a form of payment or any transaction needed to be done but they have to come up with some terms and conditions with their customers or client because we know how volatile the cryptocurrency world is, so to avoid any of misunderstandings among the business and it customers