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How many of you accept Bitcoin for payments?

Discussion in 'Payment Processing' started by Blue Star Ent., Nov 4, 2019.

  1. #1
    I have already decided to start taking Bitcoin for my work. How many of you currently accept Bitcoin?
    SEMrush
     
    Blue Star Ent., Nov 4, 2019 IP
    SEMrush
  2. JoeSpirit

    JoeSpirit Active Member

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    #2
    I'll accept bitcoin myself. The biggest problem I have is when it comes to taxes. Here in the US, the tax laws regarding crypto are complicated.
     
    JoeSpirit, Nov 5, 2019 IP
  3. Blue Star Ent.

    Blue Star Ent. Well-Known Member

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    #3
    Cool. There is a thing integrated into Bitcoin called the "halving". Some call it the "halvening". In the other halvenings the price of Bitcoin went up within a year afterwards.

    It will be similar to getting paid twice. The next halvening event is next May. I will be trying to make all the Bitcoin I can.
     
    Blue Star Ent., Nov 5, 2019 IP
  4. JoeSpirit

    JoeSpirit Active Member

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    #4
    Right now does look like a good time to accumulate.
     
    JoeSpirit, Nov 6, 2019 IP
  5. mike30

    mike30 Well-Known Member

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    #5
    I do as well. I always include the option of crypto in my services/products...
     
    mike30, Nov 6, 2019 IP
  6. NetStar

    NetStar Notable Member

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    #6
    Is there a need to accept bitcoin? I mean...do you have a LOT of customers who will ONLY pay with bitcoin and it would cost you the sale if you didn't support it? Are you willing to take the risk of accepting a purchase then having the value of the bitcoin drop?
     
    NetStar, Nov 6, 2019 IP
  7. JoeSpirit

    JoeSpirit Active Member

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    #7
    Merely an option on my part. There is certainly risk. I've seen it as high as $20k a coin. This morning it's $9300 and change. I suppose it depends on your tolerance level - and the amount of risk you're willing to face.
     
    JoeSpirit, Nov 7, 2019 IP
    JEET likes this.
  8. Blue Star Ent.

    Blue Star Ent. Well-Known Member

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    #8

    Is there a NEED? At the moment, no, but many do appreciate the ability to be able to pay in an alternate currency. The world's money systems have gone from using gold and silver, to fiat money, to "plastic" money such as credit cards. Now the next step is a more secure way called cryptocurrency.

    Even though Bitcoin has been around for around ten years, it is still in its infancy. That means the early adopters are the ones in control. Once the early majority kicks in, Bitcoin will be more of a household term and many more will want to be able to pay with Bitcoin or some other cryptocurrency.

    See the numbers here:

    At the moment I see people offering a discount for people who pay with Bitcoin. This is smart, because they can see what is coming up.

    The value of Bitcoin drops in relation to OTHER currencies. It is still a viable currency even if the price drops 50% this afternoon.
     
    Blue Star Ent., Nov 7, 2019 IP
  9. NetStar

    NetStar Notable Member

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    #9
    A credit card does not change the value of a dollar. It's a method to complete a monetary transaction of the dollar. A Bitcoin's value fluctuates by the minute (second?) and has to be converted to the dollar. The 1k US Dollars I put in to Bitcoin 2 years ago is worth $600 USD. If you accept bitcoin you have to accept that you will by selling your product at price AROUND your selling price. In my humble opinion, for 99% of purchases you are wasting your time supporting BTC as your customer most likely would have a different method of payment if BTC wasn't accepted. Some sort of digital currency is the future but it's certainly NOT Bitcoin. It's certainly not worth the time supporting it for sales when you already accept credit cards and paypal. This is my opinion. It won't bring in more sales or cost you sales.
     
    NetStar, Nov 7, 2019 IP
  10. Blue Star Ent.

    Blue Star Ent. Well-Known Member

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    #10
    Credit cards in the US banking system are based on the dollar. Bitcoin is based on...? >> Math.
    The value of USD also fluctuates by the minute. What is the dollar based on? :confused:

    Bitcoin is not yet well-known enough to replace the dollar or yen or deutschmarke or other world-renowned currencies, but it is getting there. Millenials are much more open to Bitcoin than their predecessors.

    Which cryptocurrency will be the future winner? Right now, the lineup has Bitcoin as the most popular and Ethereum second.
     
    Blue Star Ent., Nov 7, 2019 IP
  11. JoeSpirit

    JoeSpirit Active Member

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    #11
    I see crypto gaining in popularity in time. I'm not confident that crypto will replace fiat, at least in the near future.

    I believe the various governments will fight that and I think that will cause ongoing friction to the rise of crypto widespread usage.
     
    JoeSpirit, Nov 8, 2019 IP
  12. NetStar

    NetStar Notable Member

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    #12
    No. While inflation changes by the minute the US Dollar is the US Dollar. If you accept payment in USD you receive full USD payment. If you accept BTC the actual value when converting to USD changes every minute. If I give you $100 USD you have $100 USD regardless of inflation or the buying power. If I give you $100 USD in BTC when 1 BTC = $10k if you convert when BTC falls to $5k you are left with $50 USD. BTC's value changes rapidly by the minute. At one time 1 BTC was $19k. At one time 1 BTC was $300. $100 USD is $100 USD.
     
    NetStar, Nov 8, 2019 IP
  13. Blue Star Ent.

    Blue Star Ent. Well-Known Member

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    #13
    The value of the dollar has steadily gone down. The value of BTC has steadily gone up.

    Remember the five and ten stores? Now we have dollar stores.

    If I spend one BTC, the seller gets one BTC. It is the same with any currency.

    If a person had used $100 dollars to buy Bitcoin in 2009-2010, and kept the BTC, they would now be millionaires.
     
    Blue Star Ent., Nov 8, 2019 IP
  14. NetStar

    NetStar Notable Member

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    #14
    I don't think you understand. If i give you a $100 USD bill you have a $100 USD bill. Regardless of inflation you still have a hundred dollar american bill. If I buy $100 USD IN BTC then send it to you. Once you turn around to exchange your % of BTC in to USD you will NOT have $100 USD. The end.

    Your example of people becoming millionaires with BTC is irrelevant. We aren't talking about investing in BTC. We are talking about accepting BTC as form of payment for a service or product. If you still think Bitcoin is as profitable as it was back in 2009 and 2010 you have clearly missed the point. It is MORE likely that you will accept BTC as form of payment and LOSE money than gain money.
     
    NetStar, Nov 10, 2019 IP
  15. Blue Star Ent.

    Blue Star Ent. Well-Known Member

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    #15
    Actually I do understand.
    I was using BTC, not USD as the base currency. One BTC will always equal one BTC in the BTC economy.

    • For those who want to trade currency pairs, well, that would be trading.

    • To work for something in BTC, especially since this cryptocurrency is now stable, would not end up being a loss of money.

    • This is going to be especially true with the history of the "halving" effect:

    https://www.forbes.com/sites/billyb...litecoin-and-ripple-xrp-warning/#4834c2302e37

    For all of the last halvings (some call them halvenings) of Bitcoin, the price, as related to USD, went up↑. Sometimes it went waaaay up! Another halving is due in a few months, probably when a recession will hit the USA and USD.

    • Another rally in price will be the effect, because this is how Bitcoin was created to begin with. Halvings create scarcity and this makes the value go up.

    • I invite you to study more on Bitcoin.
     
    Blue Star Ent., Nov 12, 2019 IP
  16. Debby Tompkins

    Debby Tompkins Banned

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    #16
    There are many benefits of using BTC as a medium of exchange...

    • Eliminate chargeback fraud
    • Immediate availability
    • Lower transaction costs
    • Attract new customers
    • Gain experience with blockchain technology

    So it's good if you are accepting bitcoins.
     
    Debby Tompkins, Dec 26, 2019 IP
  17. Blue Star Ent.

    Blue Star Ent. Well-Known Member

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    #17

    All good points. [Thumbs up!]

    Plus, you get to have say in your own money system. I hope to be able to create a Bitcoin payment service soon.
     
    Blue Star Ent., Dec 28, 2019 IP
  18. mmerlinn

    mmerlinn Notable Member

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    #18
    The erosion of the dollar has been relatively steady over the years and can be compensated for with very little risk.

    BTC, on the other hand, though overall has gone up, it has near instantaneous MAJOR swings in value that can wipe out all value of a transaction.

    Until the wild swings of BTC are history, it is not a store of value for most transactions. And as long as the dollar et alia do not hyperinflate they will remain better ways to store value. In the long run, nothing short of hard assets will hold value. Unfortunately, hard assets (gold, silver, land, etc.) are cumbersome to use in daily transactions.
     
    mmerlinn, Dec 28, 2019 IP
  19. Blue Star Ent.

    Blue Star Ent. Well-Known Member

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    #19
    The wild swings seem to be over.



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    Blue Star Ent., Dec 29, 2019 IP
  20. jamsoft16

    jamsoft16 Peon

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    #20
    save a bitcoin is much important because of intruders who always looks to cheat and steal your money digitally in terms of bitcoin, learn more about bitcoin protection in Cybersecurity.
     
    jamsoft16, Jan 10, 2020 IP