I'm considering to possibly add Bitcoin and other altcoins as a way to pay for goods purchased on my online store.
Is this a good idea? Are there any risks (other than the volatility)?
Is anyone really going to use this?
I'm afraid that my customers may not be much into cryptos, but I guess that it's hard to tell until you try ...
I also have some doubts on the technical side.
Thoughts?
Thanks in advance
Hmm it depends but I would definitely consider BTCs as a payment if I were to own a business.
The problem, though, would be the transaction fees as this might either make or break this payment method. In addition, the prices of your products would very much fluctuate due to the volatile nature of bitcoin as a decentralized currency. But like what others mentioned, the more you add alternative methods for your business, the better it is in the consumer's perspective.
We are not living in a society where cryptocurrency is widely used to pay the bills. If anyone wants to use cash and anyone wants to use cryptocurrency as cashless then both will be considered for me as a customer and I have to give them my service with utmost priority. If the store owner is me, then I must set using both methods to pay. But I can't assure others thinking in this type of perspective.
You do have a point. Though other countries may prohibit bitcoin as a payment method, some other countries lax their rules into cryptocurrencies as a whole creating a division among these countries. But a decentralized currency cannot be detected, thus having to purchase via bitcoin in a country which prohibits such may be difficult to trace.