Suppose I am doing business through an online Facebook page and website and want to accept Bitcoin. But now if I look at cryptocurrencies it comes with high volatility, and I have doubts whether accepting Bitcoin will be profitable for my business.
I really want to know your opinion on this and what are the initial steps I should take if I adopt cryptocurrency for my business? Because I see many people on the forum are taking steps to accept Bitcoin for businesses and that's why these questions araised in my mind.
Profit will depend on how many customers you have and when you are going to do business and buy and sell something you must use the money regularly as there is no chance to hold your money for a long time so Bitcoin will be very profitable for you. It has no guarantee. To get profit from Bitcoin you must hold it for some time so it is not possible to tell how much profit Bitcoin will give you in this business if you accept btc for payment.because you have not given any indication of what kind of business you are going to do.
I think this depends on the duration in which the business owner is ready to reuse the money. If one is running a business and decide to accept bitcoin along the line, one needs to be prepared for liquidity and extra cash somewhere, you don't have to depend on the bitcoin for short term to reuse the money, there should be extra money somewhere for the emergency and keep the bitcoin you are receiving from customers and I believe you will enjoy it more when the price is low if you sell more to customers in that period, you will not only gain from the profit of the business if you accept bitcoin, you will also earn in triple when the price hit a new time but only if hold for some time.