Quote from: Hewlet on Today at 05:47:39 AM

Quote from: Barikui1 on September 28, 2024, 07:16:49 AM

In a situation whereby you accept it as a means of payment while selling off your goods, then when you are out of stock, so you decide to restock your shop, so by then price of Bitcoin has dip so much that you can't buy all the goods needed in your shop, due to the fact that your money has depreciate in value because of the dip, what is the way forward in such a situation if your emergency funds can't cover up for the shortage?

this is one factor you have to consider while trying to use Bitcoin as a medium of payment in your business because it must certainly play out since Bitcoin is a volatile asset. I would rather have Bitcoin as one of my payment option and not the only payment option due to it volatility and the fact that transaction fee can possibly go high at the point I might be in need of the funds for possible restocking. Two scenarios can possibly happen. It's iether the volatility goes in my favour or goes against my favour.

Can we say that as it stands now, Bitcoin can be used as a payment option for the short term? I doubt it will work well. Though with the expectation that Bitcoin will surge up comes to need to accept as much as one can get but that's only best if you're accepting it for the long term. Business need cash that's floating so when you're in need of cash immediately, you wouldn't sell in loss just because you're in a DIP at the time. My conclusion is that bitcon might not necessarily be the best option to be considered when you're intention is to do regular buys and sells since it's possibly it can DIP at any time.

You have actually pointed out another major obstacle that I think is definitely going to be a problem in using it for your day to day running of your business, which is his transaction fee, just as you rightfully pointed out, business needs cash that is floating, and the volatility of it can really be unpredictable, though it might go in your favor, but when the dip comes, the dip will be too heavy for you to carry, mostly when it's not what you planned.

Then as for the transaction fee, it's actually another problem when doing business with it, especially when it has gone high, because you will be asking yourself how much you want to gain that you will be paying such a huge amount as transaction fee when it transaction fee has gone high, so in essence of what am trying to say is that it's really not ideal to use in running a business daily, because the way Bitcoin is structured, it's more favourable to long term holder than those that are trading it daily.