Doing business with bitcoin.

[Joy- maker]

I came to understand somethings about bitcoin if you are running business with it. Bitcoin can offer you numerous benefits, including global reach, increase in security and lower transaction fees. However bitcoin also present someone unique challenges which can be tackled if you implement best practices. Those unique challenges which bitcoin present are security risks, regulatory uncertainty and volatility, but if you can understand this factors I just listed as the challenges which bitcoin present and implement best practices, businesses men and women can successfully make bitcoin as a payment method in other for them to capitalize on bitcoin potential.

-best practices like using a secure payment processors, like partner with reputable payment processors that support bitcoin, such as coinbase and bitpay commerce.

-and Secondly By Displaying your prices both in fiat currency and in bitcoin to avoid confusion.

- and thirdly By informing your customers about bitcoin payment processing, including exchange rates, fees and refund policies.
Note this are just the general best practices I can mention now, though there are other best practices which business owners can apply, but I want to make this thread breaf for easy reading.
So carry out your own research and see more of the best practices.

Though this is just my own opinion but I don't know how others we see it.

[Davidvictorson]

It is undisputable that there are many benefits to using bitcoin. There are also some downsides. If you live in a country where bitcoin is accepted you have overcome the first big hurdle. However, in a country where bitcoin and crypto transactions are already banned, there is a slim chance that implementing bitcoin as a payment method will be profitable for your business. However, peer to peer transactions for business such as payment for a house, a car can be done in secret.

[Odusko]

One of the challenges of doing business with Bitcoin is the issue of high fees, I decided to mention that since in your message you mentioned Bitcoin usage for business advantage as low fees, no mate that is not true and blockchain fees have been one of the constraints of Bitcoin payments adoptions by businesses, every other advantage you mentioned are right and even the risks too, volatilities is another big challenge for Bitcoin payments on goods, but along the line, we can still meet at a balanced ground where Bitcoin could become the mode of payment for cross borders businesses.

[Joy- maker]

One of the challenges of doing business with Bitcoin is the issue of high fees, I decided to mention that since in your message you mentioned Bitcoin usage for business advantage as low fees, no mate that is not true and blockchain fees have been one of the constraints of Bitcoin payments adoptions by businesses, every other advantage you mentioned are right and even the risks too, volatilities is another big challenge for Bitcoin payments on goods, but along the line, we can still meet at a balanced ground where Bitcoin could become the mode of payment for cross borders businesses.

no I disagree with you on this one, because you can't compare our traditional transaction fees to the one of bitcoin transaction fees, because bitcoin transaction fees are lower than the traditional transaction fees.
And I have seeing many business men and women who consider bitcoin transaction fees to be more cheaper than the traditional transaction fees.

[Yaunfitda]

I came to understand somethings about bitcoin if you are running business with it. Bitcoin can offer you numerous benefits, including global reach, increase in security and lower transaction fees. However bitcoin also present someone unique challenges which can be tackled if you implement best practices. Those unique challenges which bitcoin present are security risks, regulatory uncertainty and volatility, but if you can understand this factors I just listed as the challenges which bitcoin present and implement best practices, businesses men and women can successfully make bitcoin as a payment method in other for them to capitalize on bitcoin potential.
Though this is just my own opinion but I don't know how others we see it.

One reason is it's volatility, although we wanted online stores to accept it as a payment scheme, it might not be a good choice though as the price fluctuates and in worst cases if it goes down, then obviously your profit is down as well or you won't have any. And it's one of the downside though of it, but if business owners can accept that risk so why not? I think there are still a lot of online stores though that readily accept Bitcoin or any other crypto currency for that matter. Specially if business owners would just hold on them and that they have deep pockets or at capitalist it might be good them in the end. And then as far as the fees goes, well there is LN as sidechain, for transactions that are not that big and fees are just minimal and it's fast.

[casey15]

I think one of the major issue with this will be the volatility... Bitcoin will always be compared with something in order to estimate it's value and in this case it's USD/USDT. The change in the price of bitcoin over time will tend to bring about problems as products or services may necessarily not be at a fixed price because it will vary due to it's value when compared to the USD... The constant need to adjust pricing may be a big issue

[Negotiation]

Bitcoin is a great currency for long term investment but can be a bit challenging to do business with because the price of bitcoin is very volatile which can create uncertainty for businesses. Also bitcoin is not accepted everywhere yet which will create difficulties for customers. Different countries around the world have specific regulations on the use of cryptocurrencies and business transactions. If bitcoin is not legal in the country you live in it will create legal complications for doing business and due to lack of legality many businesses are not accepting bitcoin which may not be easy to pay with bitcoin.

[Powerjumboo]

I came to understand somethings about bitcoin if you are running business with it. Bitcoin can offer you numerous benefits, including global reach, increase in security and lower transaction fees. However bitcoin also present someone unique challenges which can be tackled if you implement best practices. Those unique challenges which bitcoin present are security risks, regulatory uncertainty and volatility, but if you can understand this factors I just listed as the challenges which bitcoin present and implement best practices, businesses men and women can successfully make bitcoin as a payment method in other for them to capitalize on bitcoin potential.
Though this is just my own opinion but I don't know how others we see it.

Apart from all the advantages and disadvantages that you have mentioned in doing business with Bitcoin, there are some challenges that can be a big obstacle for you and me. First of all, when you do business with Bitcoin, you need to see if Bitcoin is directly legal in your country, or if the government has given you legality for Bitcoin transactions. If Bitcoin transactions are legal in your country, then of course you can do business with Bitcoin. In that case, you have to accept the volatility and security risks of Bitcoin. Moreover, if Bitcoin is not legal in your country, then you will not be able to make any profit by doing business with Bitcoin because when you go to do business with Bitcoin, you will have to face many problems. Moreover, Bitcoin investment is a very profitable investment, but it is better for the long term.

[Bd officer]

I came to understand somethings about bitcoin if you are running business with it. Bitcoin can offer you numerous benefits, including global reach, increase in security and lower transaction fees. However bitcoin also present someone unique challenges which can be tackled if you implement best practices. Those unique challenges which bitcoin present are security risks, regulatory uncertainty and volatility, but if you can understand this factors I just listed as the challenges which bitcoin present and implement best practices, businesses men and women can successfully make bitcoin as a payment method in other for them to capitalize on bitcoin potential.
Though this is just my own opinion but I don't know how others we see it.

I think there are many problems with paying businesses with Bitcoin. Many reasons have been mentioned above. However, firstly the transaction fee, if you need to pay 2 dollars, then your transaction fee will be higher. But if you pay a large amount like $100-$1000, then the fee will not seem high. Also not everyone knows about Bitcoin, not everyone is willing to pay through Bitcoin. Now bitcoin goes up and down, if you accept bitcoin as payment, maybe you can't hold for long, you must sell bitcoin, you will have a chance of loss. Also, Bitcoin is not legalized in all countries, so it cannot be accepted as payment in all countries.

[TastyChillySauce00]

plenty of small business accepted bitcoin these days whether through payment gateway or directly and so far it's been doing so well and it's true that you will have wider audience for your business if you accept BTC.
the fact that it's just a lot more convenient than credit card and safer (no need to worry about your credit card credentials being stolen) is such a huge advantage.
unfortunately though, world still trapped in traditional finance.

[peter0425]

I think there are many problems with paying businesses with Bitcoin. Many reasons have been mentioned above. However, firstly the transaction fee, if you need to pay 2 dollars, then your transaction fee will be higher. But if you pay a large amount like $100-$1000, then the fee will not seem high.

Using bitcoin for big transactions is helpful especially if the person you are transacting with is in another country. Sending money from a different country to another will not only be expensive but will also be really slow. So if your business includes transacting with foreign countries, then it is best you consider using bitcoin.

For small businesses, it might be a hardship to implement bitcoin just yet.

Also not everyone knows about Bitcoin, not everyone is willing to pay through Bitcoin.

On the other side though, using bitcoin in your business can serve as a marketing tactic on its own since bitcoin enthusiasts will surely consider your business if you seem progressive enough.

[AmaGold70]

I came to understand somethings about bitcoin if you are running business with it. Bitcoin can offer you numerous benefits, including global reach, increase in security and lower transaction fees. However bitcoin also present someone unique challenges which can be tackled if you implement best practices. Those unique challenges which bitcoin present are security risks, regulatory uncertainty and volatility, but if you can understand this factors I just listed as the challenges which bitcoin present and implement best practices, businesses men and women can successfully make bitcoin as a payment method in other for them to capitalize on bitcoin potential.
Though this is just my own opinion but I don't know how others we see it.

Using Bitcoin to run a business isn't a good idea if you ask me, it will be very challenging especially if your customers and partners are not familiar with cryptocurrency, unless you are using Bitcoin to make payments with a fellow bitcoiner. It would be successful if your business associates are all in the line of Bitcoin, Bitcoin is still gaining grounds, yeah? It isn't accepted everywhere yet and we both know that most people view Bitcoin as scam and it might ruin the reputation of your business if you use it as payment method for a non bitcoiner.

[Despairo]

It's only profitable if the market of your business are mostly foreign people.

If most of the clients are local people, using Bitcoin would be more expensive than cash/banks. Currently the Bitcoin fees $0.35 which is cheap, but if I use fiat or same banks with my clients, the fees would be $0.

If you don't believe with what I'm saying, then you can try to add Bitcoin in your business and compare which payment method of your consumers prefer.

[SuperBitMan]

Bitcoin is a great currency for long term investment but can be a bit challenging to do business with because the price of bitcoin is very volatile which can create uncertainty for businesses. Also bitcoin is not accepted everywhere yet which will create difficulties for customers. Different countries around the world have specific regulations on the use of cryptocurrencies and business transactions. If bitcoin is not legal in the country you live in it will create legal complications for doing business and due to lack of legality many businesses are not accepting bitcoin which may not be easy to pay with bitcoin.

I don't think there's a challenge in using Bitcoin for business and I don't believe Bitcoin volatility will affect business transactions, there are some supermarket that accept Bitcoin as a means of payment when you go there after picking all the items you need they tell you how much you will pay in Bitcoin and when you make the payment you can go with your items and if before sending the Bitcoin there was a dip it won't affect the owner of the business because it will still rise, now as someone who is using Bitcoin for business or is accepting Bitcoin as a means of payment for his or her business you need to have a reserved funds so that when there's a dip and all the money you received from customer has reduce due to the dip and you need to restock your business then you can just take from your reserve funds while waiting for Bitcoin to rise and if Bitcoin rise after your customers finished payment it means the money will add and this will be a good profit for your business so I really don't see anything bad in using Bitcoin for your business transaction.
Yeah using Bitcoin for business can only be done in a country that accept Bitcoin not a country that there government is against Bitcoin.

[Gozie51]

Fees are not advantage of bitcoin over fiat transaction. It could look lesser now around $0.40/50 which is still high per transaction for an exchange of goods or services. Take for instance you bought something at the mall costing $5 and you use fee of $0.50 to send out btc in payment of $5, that is 10% of the cost price. It is quite high and you can't use $0.50 as bank charge for such payment. What your online banking charge will be on that transaction will be such a low amount.

What about during the rise of btc or when blockchain is congested? Last time transaction got to about $10 to $20 per transaction if I'm not mistaken.

So except miners will agree to unify transaction no matter the congestion and that won't be possible to achieve.

[Lida93]

Though this is just my own opinion but I don't know how others we see it.

Reading the op in the middle I was expecting to see some of those best practices so that some persons who are bereaved of them could have a direct idea of them without having to ponder what those best practices could be.

Lower transaction fees, is quite a challenging key aspect with doing business with bitcoin and a lot of businessmen who have tried it would agree with me on this. Especially those that doesn't deal in bulk-sells the transaction fees is in a way not really helpful in streamlining operational cost. And this could get worse at periods when there's a mempool congestion. However, I do align with some of the advantages you talked about with using bitcoin in business.

[Joy- maker]

Though this is just my own opinion but I don't know how others we see it.

Reading the op in the middle I was expecting to see some of those best practices so that some persons who are bereaved of them could have a direct idea of them without having to ponder what those best practices could be.

Lower transaction fees, is quite a challenging key aspect with doing business with bitcoin and a lot of businessmen who have tried it would agree with me on this. Especially those that doesn't deal in bulk-sells the transaction fees is in a way not really helpful in streamlining operational cost. And this could get worse at periods when there's a mempool congestion. However, I do align with some of the advantages you talked about with using bitcoin in business.

I have attached some of the best practices in which business owner can apply in other to tackle those challenges in which bitcoin present, when use for payment method.

And Secondly thanks for raising that observation, because those best practices to tackle the challenges in which bitcoin present when use for payment method where supposed to be attached but I ulmited it because I was trying to make my thread breaf and readable.

[Zanab247]

Sometimes you have to look at the advantage of doing business with BTC and also look at the disadvantage of doing business with BTC in the country that is not legal before going into such business. Like those that are living in the country that BTC and Cryptocurrency are legal tender in the country, I guess it will develop their business because BTC have good network that is attracting people to prefer BTC transaction than fiat money transaction.

Yes, it will connect you to international investors that will be buying goods from you and pay you with BTC, and it will boost your business to start earning what you have never earn before since you created the business.

[batang_bitcoin]

There is no benefit for the merchant to accept Bitcoin if he has no idea of what he's doing. But if that merchant is also a bitcoin enthusiast, he knows that accepting payment in BTC isn't just all about those benefits that OP has mentioned. There's more to it and one is by helping to keep up with the demand and increase it through acceptance of it. The help that is being done in the ecosystem of Bitcoin might that be small but there is an impact to it not just to the market but also to the people that does the transactions on it. There is a different feeling by paying valuables in Bitcoin.

[Dunamisx]

I came to understand somethings about bitcoin if you are running business with it. Bitcoin can offer you numerous benefits, including global reach, increase in security and lower transaction fees. However bitcoin also present someone unique challenges which can be tackled if you implement best practices.

Perfect, you have said it all, anything that has an advantage also have its own disadvantage, but the benefits overweighs the disadvantages in using bitcoin for a payment medium, as we already know, we should first study the kind of environment we are, the caliber of those that patronize us, how we can introduce Bitcoin payment system to them, provided that they will be willing and eager to pay in bitcoin, with other benefits doing this could serve our business on our target customers.