Would you consider accepting Bitcoin as a form of payment for your business?
Would love to get your thoughts about Bitcoin, whether or not you like it, whether you think it has real potential or if it's just a gimmick.
Do you have any experience with Bitcoin? Have you bought any for yourself or considered accepting it as a form of payment for your business? What problems have you had with it, and what worries you about it?
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Jul 27, 2015
I wouldn't. But that is just a personal thing with me. Heck l barely trust money! No longer do we carry cash. It's all electronic and I don't care what you "think:" you're money isn't really your money until some machine lets you have it.
Ever read the document you signed when you opened a bank account??
mass
Jul 25, 2015
I gave up the idea once I realized the legal status of Bitcoin is not certain in India at this point.
Jul 23, 2015
Since having a Bitcoin account doesn't cost you, I would tell you to have it as a backup plan. Unfortunately, this mode of payment hasn't taken off, and it is very volatile in the market at the moment making it difficult to point of reference as value. Also take into consideration that if you do accept it, how can you exchange the currency to something more world wide utilized.
So, in a business perspective it doesn't make sense to publicly accept Bitcoins, unless asked for.
Jul 23, 2015
Granted I do not know enough about it but I would not. I rather take PayPal, bank check, postal money order.
Jul 23, 2015
I am very old school. I have not heard enough news stories that would give me a reason to get involved with it. Electronic media is in our daily uses, but with all the hacker activity, I would not trust it.
Jul 23, 2015
No, unless a truly amazing reason were given for its use like a consulting contract with a company in Greece.
Jul 23, 2015
I would like to better understand it. I have heard a great many things about how volatile the currency value is. As is understandable, considering there is no regulation, but how exactly can anyone count on the validity of it? I'm stumped.
Jul 23, 2015
I have a very deep background in bitcoin, from blockchain development, to payment intigration, to articles I have published and mining. There is nothing gimmicky about bitcoin (http://www.disclose.tv/action/viewvideo/198650/Morgan_Spurlock__Living_On_Bitcoin__The_Inside_Man_Bitcoin_CNN_Full_Documentary/) here is an episode of Inside Man with Morgan Spurlock, filmed last year around this time. it does a good job of introducing bitcoin and its use as a currency. This was filmed 1 yr ago so times have changed, the price has declined to a more non volitle range and the investment dollars into the space over the past 3 years is about to break $1,000,000,000 - a majority of this coming from the top silicon valley VCs - can you say internet part 2?
As a merchat accepting bitcoin will give you a great opportunity to attract the advocates to your place of business. I know for myself if I have a urge for a tasty burrito and there are two near me, 1 is 2 miles and takes bitcoin, the other one is right in front of me but does not. Im heading to spend my bitcoin.
Personally I have purchased or paid for travel, food, drink, rental paid bills, salaries, contractors - all with bitcoin. The lower fees and no chargeback risks are a huge bonus, and the current systems like coinbase and bitpay provide a very easy to use and set up wallet that can provide liquidity minus the volitility risk. Bitcoin is a win win! Go for it, feel free to reach out via linkedin if you have any needs on intigration or consultaion further.
Jul 24, 2015
In addition, from a high-level perspective, US/World governments likely want to do whatever they can to slow down the growth of bitcoins as one of their biggest uses right now is for illegal activity. This feels like it makes bitcoins inherently riskier.
Jul 24, 2015
And I find your burrito analogy interesting. I get that you'd support the bitcoin merchant for ideological reasons. But for others that have no vested stake in the game, what's the benefit of paying with bitcoin vs. traditional means? I don't care if Amex or the NSA tracks my burrito purchase as long as it's the best possible option. And to clarify... I'm not against bitcoins. I just think every debate has shades of grey.
Jul 23, 2015
Only if I knew that my suppliers/vendors would accept it as payment for goods and services. I certainly would limit my exposure to using it as pay-roll, rent and income taxes have to be paid in US tender or cash.
I'll have to watch that documentary and learn more about bitcoins. And from a merchant perspective, the idea of a lower fee system sounds awesome. But you also have to see the other side of things. First off, the bitcoin market is still wildly volatile. In 2 years it's gone from a min value of $94 to a max value of $1,151: https://blockchain.info/charts/market-price?timespan=2year&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=