hello Bitcoiners, I'm happy today because today marked one month since I started accepting Bitcoin payments in my company. I decided to accept Bitcoin as a means of payment because it is fast and secure, unlike the frequent delays and errors with fiat and banks. Few of my customers were really impressed with the new development when I first started last month, but since then I have had more than 13 customers paying me with Bitcoin and stable coins ( USDT ). I feel more safe using Bitcoin in my business because it eases the stress of holding a lot more cash, there is no more SMS notification and charge from the bank for payment, and no one has to know about my bank balance by spying on my phone. There is no monthly charge of any kind for Bitcoin transactions, unlike with the banks.
Knowing that the Bitcoin payment I receive from customers is not an investment but rather my business capital, what I do after receiving payment in bitcoin is convert my capital to a stable coin USDT and leave my profit in bitcoin. I do this to avoid running a loss in my business. If I decide to hold the whole bitcoin and, peradventure, the Bitcoin price drops, I might not have my exact capital any time I want to buy more goods. I wish to ask if this is the right approach I should take given that we are still in a bear market.
Each single btc transaction requires a transaction fee, your clients are paying it, this may make a competitor cheaper for your clients if they take cash.
How do you deal with the time required to get at least 1 confirmation, 10 minutes or more?
Do you both just sit there and drink a beer while you wait?
Anyone that sends you btc , can monitor your btc address and know exactly how much you have, until you convert to USDT.
So any btc left in that account, is known.
Exchanges charge fees for conversion, so you are still losing small % during the conversion.
Exchanges and your personal devices wallets are not insured, if the exchange crashes or your device fails without a backup, kiss your coins goodbye.
Dangers , only converting the capital, you need to include any taxes also, so you don't get caught offguard.
Inflation , that goods price may increase, so you need the additional profit to buy more next time, so a big drop in BTC will hurt your bottom line.
Personal opinion, run your business for it's sake, not for speculation.
Immediately convert all variable priced currency to a fixed price currency so the market can't harm your business.
Any money not needed for the business or for reserves, use that to speculate on the variable priced crypto, that way you can hold through downturns without constantly having to worry about btc price speculation effects on your business.