Re: Accepting Bitcoin As Mode of Payment As A Business Owner
If the owner afraid with volatile bitcoin price, they could use centralized payment processor/gateway to sell received bitcoin (or other cryptocurrency) after the transaction got confirmed by the cryptocurrency network.
If the owner sure many people would use bitcoin, they could set up their own payment gateway and sell the cryptocurrency every few days.
No, I don't think bitcoin makes sense given its volatilty and slow transaction times. That means potentially tax rates could change from hour to hour, I might be making a large profit when the transfer starts, and then by the time the confirmation goes through, it is another red sunday and now I'm losing money ont he sale, but I can't reverse it becuase the blockchain is immutable. However I think an alternative crypto (Most likely on ETH or NEO) could be the stable crypto coin that is viable for this use case.
There's no correlation between volatile price and tax rate if the owner set the price in fiat or know exactly the percentage/formula of the tax.
If the owner sure many people would use bitcoin, they could set up their own payment gateway and sell the cryptocurrency every few days.
Bitcoin is currently known for being unstable and unpredictable. In the viewpoint of a Business Owner, do you think you should accept Bitcoin as a mode of payment for the services or goods that you provide? Why or Why not?
I would really appreciate it if you can give me an informative answer.
Thank you very much for your time.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
I would really appreciate it if you can give me an informative answer.
Thank you very much for your time.
Do you like this topic? IF YES, then I would really appreciate it if can send me a Merit!
No, I don't think bitcoin makes sense given its volatilty and slow transaction times. That means potentially tax rates could change from hour to hour, I might be making a large profit when the transfer starts, and then by the time the confirmation goes through, it is another red sunday and now I'm losing money ont he sale, but I can't reverse it becuase the blockchain is immutable. However I think an alternative crypto (Most likely on ETH or NEO) could be the stable crypto coin that is viable for this use case.
There's no correlation between volatile price and tax rate if the owner set the price in fiat or know exactly the percentage/formula of the tax.