What are the pros and cons of accepting Bitcoin for payment?

Mihai B.

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For those of us that do not offer Bitcoin as a method of payment for this segment of the hosting industry, have you considered implementing that in the future or have you completely ruled it out, and why? I'm curious how you proactively prevent Bitcoin fraud?
 

macklong

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Well, the bigger thread on Bitcoin is it's value it self. Wee seen in 2010, 2011 it's down fall. Yaa.. I accepted that it's more secure and effectively monitored but when we are talking about business here - most of hosting business depends on current day cost like electricity bills, facilities they are using for the servers and data centers - what if another down fall happen?

Second most of the time we face fraud from conversion process in bitcoin to Currency.

Third Bitcoin fraud - as you said! Almost no help there!

Well, there are the most reason we are not accepting bitcoins directly. We have OKPay who accept bitcoins happily and converts as current rate dollars. Well, there could me more reasons to not accepting it! But in future maybe.. we are trying for more flexible options.
 

nogics

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Well better to accept normal currencies rather then digital currency. I heard somewhere about bitcoin market crash because of bitcoin hack. I wonder why people take this currency seriously.
 

Anonymously

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Pros:

- No fees.
- Encrypted. Finally some privacy.
- Secure.
- Easy to use (I suggest using Bitcoin core guys)

Cons:

- Not as popular as PayPal.
- Not many people know how to acquire Bitcoin.
- Very unstable value. If you have $500 in Bitcoin, tomorrow you might only have $400 in Bitcoin. Also works the other way around ;) so for all you speculators, it might be a pro.
 

Marc A

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True no one uses BTC and I really mainly use it for gambling.
 

Luxin Host

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We deal with a lot of Bitcoin and even allow automatic bitcoin payments. While the value changes, we have a lot of use for BTC and selling it is no issue.
I have made more profit from selling BTC than losing it for accepting BTC.
It comes down to the host and how they want to operate.
 

LJSHost

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I don't like, I have looked into everything bitcoin related and to me ' It's just not money ' If it becomes more of a mainstream thing in the future I could see myself accepting it.
 

Marc A

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BTC is common but not everyone has it and usually they have PayPal or Credit Card.
 

sahildsouza007

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Pros to Receiving Bitcoin Payments

No credit card processing fees
Possible gain with the exchange
Offers another option of payment to your customers
Customers can buy product anonymously
Cons to Accepting Bitcoin Payments

Exchanges could experience a loss
You have to account for gain/loss to the IRS
It is not yet widely adopted
Bitcoin is not regulated and its future unknown
 

VeyraHost

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Bitcoin is awesome, but there's still a ton of people that aren't using it. I'd recommend adding it as payment option for the people that do have it. I'd keep a payment method like PayPal or your sales may slim down a lot.
 

CyberHour

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As an offshore anonymous hosting provider, we have a lot of orders paid with bitcoin on weekly basis. The bitcoin currency is stable those days and you can exchange for cash in your local currency with the cost of a mouse click :)
If you are afraid of bitcoin dropping value, you can exchange them directly once accepted.
For example, you can use BitPay for an easy legal exchanger directly in your bank account.
 

Cherin

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Advantages or pros of using bitcoin
- No taxes
- no or very negligent fees
- Security against frauds

Cons of bitcoin
- Not so popular and much in use payment system
- Every business activity affects the bitcoins, that is more currency fluctuation.
 

shilpa

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There can be many pros and cons of bitcoin.

The biggest advantage as well as disadvantage of the bitcoin is its value itself which constantly fluctuates. There was a time when it was as low as $100 for 1 bitcoin and now it's around $2740. So as you can see, the difference is slightly daunting. You may not be sure when its value fluctuates and the value of your currencies may fall. But if you're okay with the risks then it comes with manifolds of benefits as well. For some bitcoin that you collected 2 years ago the value today is exactly 2.5 times or even 3 times the original.

Now for the other benefit. I have also mentioned it in my other post and you may also know this: you're your own bank and own customer, there's no third party managing your finances. So that's already a benefit worth considering.
 

alexanderzx360

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I've been using both of them for a while now, so I'm going to tell you some things about my personal experience:

BTC is great if you're going to keep that money not too much time there, since bitcoin is a market that constantly goes up and down and you wouldn't want to lose some of your money (although you could also earn more by keeping it). So unless you're going to make some investment on the bitcoin market, don't use it for large sums

Paypal is the best choice if your plans include saving that money and not spending it immediately, you can access to your account at any time and the money will always stick there no matter what. Of course there are taxes everytime you receive and send money, but it's a "safer" choice than bitcoin.

Again, there are now plenty of options and many posibilities to exchange currencies, so if you have something like Payum or Payza, it's okay too! You can put it easily in your paypal account

Cheers!
 

UltratechHost

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Now a days BitCoin Payment (BTC) is more used by Hackers where as it is also used by others as gateway but the main issue is fluctuation in the conversation that affects the business.
 

fantaku292

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I really don't like bitcoin much as very few people use it. I accept it, but the constant fluctuations in the market really kill margins for the business.
 

alexanderzx360

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alexanderzx360
It's true that less people use it than other payment methods, but if you've been watching the bitcoin market since, let's say, three years ago, the amount of businesses and people that accept bitcoin today is astounding. And this number will keep increasing. I'd even say at least 50% of websites that accepted something like paypal in the past, will start accepting bitcoin by the end of the year. Is a very fluid market at the moment, although it's still a bit risky for the constant fluctuations you mentioned.

Cheers!
 

Gettingmile

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Well, Bitcoin has experienced a great increase in value over the past years.And I make use of it almost every day.Many companies have turned to it as a means of payment especially the investment & gambling sites. The volume of the hosting company that makes use of Bitcoin today is relatively low not up to 5% simply because of the rapid fluctuation of the value. They rather prefer popular e-currencies payment platform such as Paypal, Okpay, etc.
 

yemzy

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Bitcoin still makes a lot of people and investors skeptical,But truth be told,It is fast been accepted worldwide.Most Merchant sites are now adopting the use of Bitcoin on there sites which increases it's acceptance and legitimacy.I for one can testify that more and more people i know are now into Bitcoin.

The crypto-currency market has seen a surge of all sorts of coins but you only find one that leads and it's Bitcoin.
 

PrintFlavors

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I am not aware about Bitcoin, although I have seen it in Facebook advertisements. If your dealing with your online transactions, receiving money or payment services I strongly suggest that you really have to choose wisely on what kind of service provider that you're going to use.
 
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