Post
Topic
Board Bitcoin Discussion
Re: Will accepting cryptocurrency as a payment be profitable for business?
by
Flydolphine
on 09/03/2023, 11:31:45 UTC
Bitcoin opens opportunities for greater business scalability, because it is a more acceptable type of currency without unnecessary conversion processes (time efficiency).
But not transaction fees is the main reason. Bitcoin actually has a built-in fee (tx fee) which throughout history has been a source of skepticism in retail business use cases. Because of course more influential on the consumer side. The L2 (lightning network) solution still seems to have some complexity in its implementation for the average merchant. If bitcoin is going to be implemented in business, it should remain an alternative for now.

As a business owner you must be aware that your customers are subject to Capital gain taxes on any cryptocurrency used to pay you.it is also worthy of note that you as the business owner is not directly involved in this process as this will opens up varieties of options to the customers when they decide to pay you.if you have to restock your supermarket for instance,at the point where you need to buy,will the seller accept cryptocurrency from you? if yes,what if there is sudden high price volatility just between the time difference from when you sold and when you want to buy.these are factors to consider.