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.
It is a bit hard to give a general answer here without having more information about your business. What kind of products are you selling on Facebook/your own website and are selling only online or also in stores? In my opinion any online store should accept bitcoins these days to be more attractive for the consumers. Also if you are selling products globally you are probably involved in foreign currencies involved that also have a high volatility compared to your base fiat currency. Bitcoins would be a good alternative to all the other currencies that customers could pay in. It really depends on how your sales usually look like and in how many different currencies you deal. There are a few ways you could deal with the risk of losing money in bitcoins or other fiat currencies. The first one would be to exchange all the money back to your own fiat currency each week, like this you reduce the risk of making a loss on your sales. Another option would be if you have suppliers that you need to pay that you could pay them directly in bitcoins. Like that you would only move the bitcoins around and also don't have a lot of risks.