I don't think so, it will be too risky, imagine accepting payment in bitcoin and after some time the value of the bitcoin drops where are you going to get the money to balance it. It might be good for an established business not a new business.
Should a new business accept cryptocurrencies?
- Thread starter BrolySSJ
- Start date
This is a good topic because personally I think there will be businesses here that will be accepting crypto currency for payments aside from Paypal an other digital wallet, credit card and, of course, cash. I am not into crypto currency yet but I am being honest with my observation on the crypto currency's popularity. As they say it is hard to argue with popularity so I am predicting that even offline businesses will be accepting crypto sooner or later.
- Thread starter
- #63
This is the huge risk that is associated with any business that chooses to look into accepting cryptocurrencies as well. I think that the best case scenario to avoid these losses and unnecessary risks, whilst still being able to accept crypto as an old or a new business is that you should convert it directly to a stable coin to maintain its value. Or alternatively you could try and accept only stable coins.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
The question on whether to accept crypto currency as a new or old business can vary alot it all depends on the background of the business and their level of exposure. It depends on whether they really do understand the framework of the crypto market.
There is nothing wrong taking up Cryptos as a means of payment even in a new business. I would prefer to accept stable coins for transactions so to be able to beat the fluctuations common with other Cryptos.
Personally I will suggest a person who is well inclined with Crypto currency already to accept it as means of payment in his business because he will be able to manage it but if he is not he shouldn't accept it because there is opportunity in it.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
Benefits of accepting cryptocurrency Cryptocurrencies offer several primary benefits that small businesses may want to consider: Lower transaction fees. ... Small businesses accepting credit card payments often face fees of around 25 cents for each card swipe, plus 2 to 4 percent of the transaction total.
- Thread starter
- #68
Accepting stable coins is definitely a good way to go to ensure that you can open up your business to the large world of cryptocurrency user, at the same time not exposing yourself to any more financial risk than is entirely necessary as seen with high volatility of the other coins. The only concern that I have seen with stable coins is that they can sometimes have quite high fees that are associated with each transaction.
Well, I don't think that's a very good idea, considering the volatility and uncertainty of cryptocurrency just as mentioned. Although, if one is lucky, it can be a magnificent opportunity to double your fortune. Generally speaking, it is always advisable to invest in cryptocurrency with funds that you or the business can afford to lose.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
This question you have asked concerning wheteher a new business should accept cryptocurrency as a form of payment, it actually depends on firstly the size of this so called business. It also depends on if the market i.e the customers are cryptocurrency users and they are familiar with cryptocurrencies
- Thread starter
- #71
There are substantial risks that are involved in accepting cryptocurrencies, however I think that as you said holding it for a long period of time can be quite sustainable. So it may be a good idea if you have another source of fiat currency or another income source that could balance out the crypto earnings to try and still fund the business and maintain it. Or if you still have fiat transactions happening in your business as well.
Crypto currencies 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, crypto currencies are totally anonymous.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
As the owner of the new business, if you so desire to accept cryptocurrency as a payment means, by all means go ahead. A new business can accept payment via cryptocurrency. There is nothing special about it.
A new business may accept cryptocurrency if the whole business operations are run online. Meanwhile, it is not advisable for a new offline business to accept cryptocurrency. You're just starting up as a business and by introducing the acceptance of cryptocurrency as a mean of payment may spark up a controversy among your customers.
Some vendors are already accepting crypto currency as means of payment. It all depends on how advance a business is and with more people joining that trend now. I think in nearest future most payment will be made through crypto currency
Some vendors are already accepting crypto currency as means of payment. It all depends on how advance a business is and with more people joining that trend now. I think in nearest future most payment will be made through crypto currency
Post automatically merged:
Some vendors are already accepting crypto currency as means of payment. It all depends on how advance a business is and with more people joining that trend now. I think in nearest future most payment will be made through crypto currency
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
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.
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.
I think it depends on the type of business you want to operate if it's an online business and you have the technical know how of operating bitcoin transaction you can accept Bitcoin payments, but if you don't know how, then I think for now you should leave bitcoin payments.
Bizdustry Advertising
In-Conversation/Thread Advertising - Click Here to Advertise
This would depend on how technologically advanced the business is. Also we need to factor in how advanced the business proposed customers are. You can't offer a service that people are not aware of. So you have to be sure that people know about crypto and are ready to do business with it.
it will be very difficult for offline company to accept cryptocurrency as their mode of payment but a lot of online company do accept cryptocurrency as their mode of payment because they deal with the world and they can not deal directly at close range with people that is why they choose cryptocurrency.
it will be very difficult for offline company to accept cryptocurrency as their mode of payment but a lot of online company do accept cryptocurrency as their mode of payment because they deal with the world and they can not deal directly at close range with people that is why they choose cryptocurrency.
Post automatically merged:
it will be very difficult for offline company to accept cryptocurrency as their mode of payment but a lot of online company do accept cryptocurrency as their mode of payment because they deal with the world and they can not deal directly at close range with people that is why they choose cryptocurrency.
Newest Directory Listings
WWE Hub is a discussion forum for all things wrestling! Share and chat with other wrestling fans throughout the world!
ABCProxy is cost-effective, ethical residential proxies network!
Similar threads
