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Is it a good idea to accept bitcoin as payment or not

by pheonix44
4 replies
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I'm not sure what to do. I've been thinking of accepting bitcoin as payment, but I don't know a lot about the service. The information I find seems to be too complex and it overwhelms me. Can anyone direct me to some information about it that's simple to understand? Also can people tell me if they've experienced increased conversions due to accepting bitcoin or some other form of crypto currency?
#accept #bitcoin #good #idea #payment
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  • Profile picture of the author OptedIn
    Originally Posted by pheonix44 View Post

    I'm not sure what to do. I've been thinking of accepting bitcoin as payment, but I don't know a lot about the service. The information I find seems to be too complex and it overwhelms me. Can anyone direct me to some information about it that's simple to understand? Also can people tell me if they've experienced increased conversions due to accepting bitcoin or some other form of crypto currency?
    Why would you want to get involved with something that you know absolutely nothing about? Seriously, do you think that complicating your life in this manner is going to lead to untold riches?

    Move, along. Nothing to see here.
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    "He not busy being born, is busy dying." - Bob Dylan • "I vibe with the light-dark point. Heavy." - Words that Bob Dylan wishes he had written.

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  • Profile picture of the author pheonix44
    Had a client offer to purchase a lot of work on more than one occasion, but said they wanted to pay using Bitcoin. I don't have Bitcoin and don't know much about it, but when a pattern starts to emerge like this I look into it. Adapt or die right?
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    • Profile picture of the author yukon
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      Originally Posted by pheonix44 View Post

      Had a client offer to purchase a lot of work on more than one occasion, but said they wanted to pay using Bitcoin. I don't have Bitcoin and don't know much about it, but when a pattern starts to emerge like this I look into it. Adapt or die right?

      You need to know, Bitcoin can have high transaction fees and be slow during the transaction, from the client to you and from you to Coinbase (like Mike mentioned).

      I'm not sure If it helps for the client to also have a Coinbase account as far as transaction speed and fees. Not sure on foreign country users either with Coinbase.

      If client is set on spending Bitcoin, personally, I'd figure it out on your end because it's still money in the end after you convert back to USD.

      You could always tell the client to cash it out first to save you the time of learning how to manage crypto. At least ask.

      ...or, keep the Bitcoin and ride it out for a while If it's extra money. Holding it is a 50/50 gamble on market swings (up vs down).

      Note: US Gov is looking at Coinbase user data.

      Also note: You don't need Coinbase If you want to hold the Bitcoin. In that case you'll need an offline wallet. Save it to an offline wallet (PC desktop software) that will let you print a backup of the crypto key, called a paper wallet. It's literally paper that you can put in a safe place offline.
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  • Profile picture of the author MikeFriedman
    So go to somewhere like Coinbase and setup a Bitcoin wallet. Then follow their instructions for how to receive payments into your Bitcoin wallet. They have plenty of other information there about using Bitcoin.

    To answer your question, no you will not see an increase in conversions by accepting Bitcoin unless you are selling something that is illegal or in a bit of a grey area like an online sportsbook or a website selling steroids.
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