Should a new business accept cryptocurrencies?

[Akinwale701]

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?

Accepting or rejecting a particular payment method is something personal to every business. It will actually be good to accept Cryptocurrency as payment method because it will boost The attention of people towards Crypto especially bitcoin but there are a lot of lapses there.

 

[Patrik]

As a form of payment method that customers can use? Yes for sure, that will just give them the chance to gather clients that got no other way to pay but cryptocurrency, that also will help them earn some extra profit when the coin increases in price

 

[marky]

association may have just wrestled with whether to add PayPal, Square or Apple Pay to your installment alternatives, adding the capacity to acknowledge digital currency is somewhat extraordinary. Choosing to acknowledge digital currencies is more similar to the choice to acknowledge unfamiliar monetary standards than simply deciding to add another type of installment processor. There are huge advantages to tolerating crypto, however it isn't without certain disadvantages. Adroit entrepreneurs ought to gauge these advantages and disadvantages when settling on the choice for their organization.

 

[Mika]

A couple of years ago, when I was regularly receiving bitcoins from my clients, the only option for me to use my bitcoins was to convert to cash. I did not know about any vendors using bitcoins as a payment form, I was really pissed off., But these days there are a lot of venders accepting bitcoin payments, I think businesses should accept crypto payment because the traditional payment like paypal and credit cards may still not available to a lot of people

 

[Nathaniel]

Through DV Chain’s platform, clients can buy & sell a broad range of cryptocurrencies via phone, through IM or electronically. Clients can seamlessly settle those transactions in multiple currencies on the same day. DV Chain may also provide borrowing and lending to certain approved institutional counterparties.

 

[Obaterof]

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?

 

[Dubai]

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?

There is nothing bad for a new business to accept crypto currency as a medium of payment. It is a valid means of trade that could be converted to any other Fiat currency. If the owner of the business has the crypto knowledge, and had been trading and investing in it before, it becomes easier to accept it.

 

[chicnthin]

I don't think it is wise for a new businesses to accept cryptocurrency. There's too much risks into it, but perhaps once the business is able to afford this feature, they can proceed with it. Though I would suggest to only accept those stable ones.

 

[Hasan Raza]

Yeah! Of course business will accept cryptocurency because it has many advantages like, it will save your money. Second one the transaction will process quickly and the currency will work worldwide. The most important you will avoid fraud and chargebacks.

 

[btaliat]

Whether a business should accept a particular type of currency should be sole determined by the general acceptability of that currency. If a business owner accepts bitcoins for instance, there may lack of fiat currency in the economy and it may not lead to the economic growth because the economy has not accepted cryptocurrencies as a means of exchange.

 

[BrolySSJ]

Personally I feel it is not ideal for start up to accept cryptocurrency as a medium of payment considering the fact that he or she is new in the business. The person should use other accepted means of payment if the person wants the business to flourish.

I do agree with you on that, and it does make a lot of sense to not accept it in the beginning until they build up their reputation. If there is a change in the price and value of crypto after they accept it and the price had to go down, then the new business would be running at a loss meaning that it will not be sustainable for them.

 

[mubinadaddy]

Yes cause you have nothing to loose rather you are gaining in big time cause the cryptocurrency that you exchange in place of your goods can be traded in any of the exchangers platform and get in place your fiat which is paper money.

 

[Bookwormlux]

I wouldn't accept crypto currencies especially because I am just starting. If I have established my business and I no longer need some products, then I would accept crypto currencies for those products since they don't generate enough profit and crypto currencies could appreciate in the future.

 

[Abibatabosede]

It is not really advisable for a new business to make transactions with crypto currency because the price of Bitcoin is not stable it flunctuate . Also before the business owner make transactions with crypto currency he must be if the customer have a knowledge of crypto currency.

 

[Famok]

In most instances, it is an awesome idea to head ahead and be given cryptocurrency. purchasers are the use of it more and more. The blessings, which includes decrease fees than credit score and debit playing cards, the lack of ability to reverse transactions, and real-time bank balances make the acceptance a very good concept

 

[Smithkid]

I do not subscribe to that philosophy of moving with the bandwagon or the crowd, before accepting cryptocurrency in your everyday business, make sure you understand what the concept of decentration of money of money is all about how it could positively affects the growth of your be business.

 

[Ehtisham memon]

Online business create a shopping mall delivery product sales and purchase marketing I think online Bussiness in the network marketing and digital marketing and crypto currency is real and good way to the earning point many people using this for the business

 

[Sake]

If im going to put myself into the small business owners shoes i wouldn't accept Cryptocurrency payments because it's still unstable i know i can end up with having more profit if the price increased but it can also result in a huge loss because as a small business owner. You only have a limited budget for everything so the money from the sold items needs to go back ASAP on the store to Keep the business going. We can't wait till the price go up again before you trade everything. It can take up to months.

 

[Sammyesx]

Accepting Crypto currencies might be ideal for an established but personally I don't think it is ideal for a new business, what if the price the price of a coin drops and the business owner needs certain for the continuation of the business? Then the business might crash.

 

[mcjerry]

If a new business does not implement crypto currency as a payment options. Then it is not ready to grow big or compete with the big business. Almost everybody are now having crypto currency. If for example I want to pay for a product and they don't support coin. Because I don't have any money on other payment processor other than coin, I will want to leave the product and look for the one that support coin