Even though it depends on the individuals and the kind of the business but in my opinion it's not good to accept crypto currency more especially when you are new to it.
Should a new business accept cryptocurrencies?
- Thread starter BrolySSJ
- Start date
Actually, there are so many crypto currency vendors in the crypto platform these days and the use of coins is growing daily. To me, Coin being volatile is not enough reason for a startup to accept crypto or not. I say this because coin will always remain volatile, so anytime is ok to accept the crypto. It is just my opinion though. Thanks for sharing.
- Thread starter
- #123
It can go either way and that is a major risk, however when it comes to a business and especially one that is just being developed, they will be unable to take this risk and manage the risk as well. That is why i think that the best way for them is to try and convert the crypto to stable coins immediately if they choose to actually accept cryptocurrency as a form of payment.
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A new business that intends to accept cryptocurrency should be one that has vastly experienced people in cryptocurrency handling their finances. As we know that the value fluctuates a lot, accepting crypto with no experienced folks to handle it may lead to huge losses and eventual collapse of the business.
Some online businesses have started accepting crypto payment as an option notably "Shopify. Which in turn bringing more customers to them.
- Thread starter
- #126
Has Shopify officially started to accept cryptocurrency as a form of payment? This is news to me and i have not seen this before, but i think that it is a very good development as many people tend to use that platform.
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Yeah of course it will go ahead in even promoting your business and Making sure it gets to a wide audience ,so making use of cryptocurrency in your business adds benefit too
I heard the information here through a member. I believe they are started using Binance Pay method to accept crypto. You can check it out on your own.
- Thread starter
- #129
I will be sure to check it out. If they are using the binance network then it may be a very good thing because it will allow for peopel to make transactions with them with very low transaction fees which is a great thing.
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If the crypto currency exchange market will be a good payment system for both the seller and the buyer I don't think there is anything wrong with it. The seller just need to understand the concept of the Volatility in it before accepting it
- Thread starter
- #131
I think that this is a risk that is very hard for a new business to take because if they are starting to see a cryptocurrency price drop, then it will surely result in a loss for the business and their sales.
Sure, if Shopify add the feature up it will definitely attract more people go to their platform, cos this days people are more into cryptocurrency trading.
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- Thread starter
- #133
I think that people are interested in cryptocurrency Trading because of how volatile the price has been recently. As a result they have managed to make a good profit from their ventures into cryptocurrency.
If the price isn't volatile their is no way profit could've been recorded at large. The volatile nature of the coins made it possible for people making profit through it.
- Thread starter
- #135
Exactly, and people think that this is a very bad point or something that is very negative, however with time you are able to see the volatility may actually work in your favour and that is what makes crypto so appealing.
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As a new business owner it will be a very wise idea to adopt cryptocurrencies but then it should not be as a sole currency but instead you should bring all the forms of amen
Cryptocurrency is very very lucrative.. But one must be able to understand the concept of crypto before one joins. Obviously, everything that has an advantage certainly has a disadvantage
- Thread starter
- #138
The more forms of payment that you have in any business the more that it will open up your customer base, however you have to remember that there is a major risk when you accept cryptocurrency as well as the price could fall at any time.
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Sure, that's what makes it appealing indeed cos the volatility doesn't turn back at us all the time. It once move up to a very high level and improve our coins too.
- Thread starter
- #140
I think that right now given how the market is declining quite considerably it was actually very good for entry for people to purchase cryptocurrency in order to try and build their cryptocurrency portfolio.
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