Why do so few businesses accept bitcoin as payment?

viagrandad
viagrandad

Why do so few businesses accept bitcoin as payment?

SomethingNew
SomethingNew

@viagrandad
1. No one knows what bitcoin is.
2. No one cares what bitcoin is.
3. Why not just dollars?
4. Can I use it to pay staff?
5. Can I use it to pay bills?
6. Is it faster & Easier than Credit cards?
7. Why should I accept bitcoin and not accept cool looking rocks & interesting bottle caps?

takes2long
takes2long

@SomethingNew
6. If it gets stolen can the banks reverse it?
7. Can I lose all my saved bitcoins from a virus?
8. Can I lose all my saved bitcoins from a hacker?
9. Can I lose all my saved bitcoins if I spell the address wrong?
10. How many different ways is there to irrecoverably lose my bitcoin?

11. Is it possible to charge back fraudulent customers, like with a credit card?

Bidwell
Bidwell

@SomethingNew
+5 shekels have been sent to your shill account, collaborating goyim

massdebater
massdebater

@takes2long
10. What happens If I have it on an exchange to sell for dollars and the exhchanhe gets hacked and decided to repay my with valueless tokens instead of my bitcoin?

11. Can I use bitcoin if I am without electricity?

12. Is bitcoin so simple that everyone no matter how blind deaf or dumb can use it?

13. Is it easy to calculate how much income tax and capital gains I will have to pay?

14. Do I open myself up to liability or ridicule by accepting a currency publicy known to be favoured by hackers and drug dealers?

Inmate
Inmate

@takes2long
+5
@massdebater
+5

likme
likme

@massdebater

Wtf i hate bitcoin now

kizzmybutt
kizzmybutt

@Bidwell
@Inmate
He can't respond to any of the points

nice cope, coincuck.

There is literally no reason to use bitcoin for business transactions unless you are committing crime. There just isn't, you CANNOT prove me wrong. All of the benefits of bitcoin would only come in handy when you want to transact in illegal goods, hide your money from the government

Gigastrength
Gigastrength

@SomethingNew
1. No one knows what bitcoin is.
Enough people do

2. No one cares what bitcoin is.
Flase

3. Why not just dollars?
Offering more forms of payment, opens you to more customers

4. Can I use it to pay staff?
Yes. convert it to cash in an exchange

5. Can I use it to pay bills?
Yes. convert it to cash in an exchange

6. Is it faster & Easier than Credit cards?
Yes

7. Why should I accept bitcoin and not accept cool looking rocks & interesting bottle caps?
Because bitcoin has real value

6. If it gets stolen can the banks reverse it?
It's encrypted. It's safer than cash

7. Can I lose all my saved bitcoins from a virus?
No

8. Can I lose all my saved bitcoins from a hacker?
No

9. Can I lose all my saved bitcoins if I spell the address wrong?
Copy and paste.

10. How many different ways is there to irrecoverably lose my bitcoin?
one

11. Is it possible to charge back fraudulent customers, like with a credit card?
Yes

Techpill
Techpill

@Gigastrength
I owned an entire chain of retail shops. I accepted bitcoin, the local newspapers wrote about the fact.

That week, 1 customer came and paid for him and his girlfriend. Never another bitcoin customer.

PackManBrainlure
PackManBrainlure

@Gigastrength
Enough people do

A tiny percentage of the average population does

Yes
But transaction times take ages now, and that will only increase dramatically as the blockchain grows due to more users. It would be a disaster

It's encrypted. It's safer than cash

Wat. if it's stolen you can't get it back

>>8. Can I lose all my saved bitcoins from a hacker?
No

like 10 exchanges have been hacked just in 2016

>>7. Can I lose all my saved bitcoins from a virus?
No

? You very easily can

>>11. Is it possible to charge back fraudulent customers, like with a credit card?
Yes

How would you charge back a fraudulent transaction done with bitcoin?

Skullbone
Skullbone

@viagrandad
I've wasted enough time on you.

Bitcoin is better than cash in certain situations.

For me. Those situations are
Buy weed, fast, easily & safely.
Buy vpn, fast, easily & safely.

When this list grows. So will bitcoin popularity.

/thread

Emberfire
Emberfire

@Skullbone

fuck off my thread

Firespawn
Firespawn

@Emberfire
not an argument, everything you've said was wrong

RavySnake
RavySnake

@Firespawn

That post wasn't an argument, it was an order.

Now fuck off.

LuckyDusty
LuckyDusty

@RavySnake
I'm not him, I responded to what you said and you ignored it

What is the point of making a thread asking a question when if someone says something that disagrees with you, you demand them to leave and disregard what they say?

Have you ever considered that you might be wrong and to re-consider your opinion on a subject as non-fact?

VisualMaster
VisualMaster

@LuckyDusty

You sound like a typical nocoiner with a case of sour grapes

Its ok kid, I understand.

JunkTop
JunkTop

Coincucks on suicide watch

No one uses your speculative meme coins for real business

BunnyJinx
BunnyJinx

@VisualMaster
Why does no one use bitcoin?
"Here are some reasons why"
NO STOP, GET OUT REEEEEEE

I don't get it, we just explained to you why bitcoin isn't used more for businesses in response to your question and you get mad.

The poster above even showed you that he has bitcoin, so he's not a "nocoiner with a case of sour grapes"

farquit
farquit

HJrQNn5e actually gave you a good run down of the problems facing bitcoin and the obstacles that need to be overcome for it to be a success and you snubbed him.

Why? You are shooting yourself in the foot ignoring constructive criticism.

If you want the remotest chance of becoming successful you need to be very rational and learn quickly. HJrQNn5e makes you mad by disagreeing with you, but logically getting mad doesn't accomplish anything.

viagrandad
viagrandad

@farquit
Why? You are shooting yourself in the foot ignoring constructive criticism.

He isn't interested in hearing anything else, just like all bitcoincucks

This is why having debates or arguments is a complete waste of time

Gigastrength
Gigastrength

I have a few hundred bitcoin, having begun purchase them in 2011. I've never sold any but I have been seriously considering selling the majority and moving the money into the stock market and/or perhaps starting a business. Having said that, these are my observations of the many years:

Bitcoin is never going to be used in a retail setting so while it's great for merchants, there is really no incentive for consumers to use it. Fuck, I've been a huge proponet for it for years and yet I will still pull out my credit card to make a purchase every single time for the simple fact that the merchant has all the risk and not me.

If I pay with my Visa and get frauded, I simply call the bank, they'll reverse the charge and take care of the rest. I don't have to give it a second thought.

If I pay with Bitcoin, well, I'm stuck chasing the merchant and hopefully getting a refund whenever he feels like getting around to it. I have no-one to call to lodge a complaint and even if I did, they can't get my money back same day like a credit card company can.

This goes for both online and offline transactions. Merchants would love bitcoin to save on transaction fees but it's of no use to them because their customers don't transact in it.

Bitcoin is useful for some tranactions - mainly drugs and other things you can't get a payment processor for including niche things like some types of porn (not CP but think shit like bdsm or other stuff cc companies won't touch).

Bitcoin is also useful as a hedge against the value of your local currency dropping. For example, I bought most of my bitcoin when the aussie dollar was much higher, even if the price of bitcoin had remained teh same, I would've done well for the simple fact the ass has dropped outta the AUD.

Methnerd
Methnerd

Bitcoin might also be useful as a settlement system, but raising for blocksize limit to cater to retail is a dumb idea because the demand for it as a retail payment channel simply isn't there and people are just too stupid and it'd be a huge headache to for businesses to deal with all the problems, so again, it will remain niche.

It's also useful to move money around the globe if you need to do so, I could see money transfer growing but again it'll probably remain niche as people are just too stupid to do it themselves and will use Western Union.

Bitcoin won't die (well, it might if they raise the blocksize limit, that'd be a huge sell indicator for me as it means everyone misunderstands the strengths of Bitcoin) but I'm not delusional anymore about it being $100,000 a coin or $1,000,000. I think the price will still go up but I am more and more sure I need to sell the majority of my holdings and put it to work in something else. I've done really well out of it to date and could live comfortably for many years to come and that is worth more to me now, it seems riskier than every to hold it and risk losing it all.

Burnblaze
Burnblaze

@PackManBrainlure

He's going to come out with some shit like

Those exchanges weren't hacked, someone on the inside just transfered them all to his own wallet and ran

Like that isn't more or less exactly the same thing and in no way better.

Evilember
Evilember

@Burnblaze
Like that isn't more or less exactly the same thing and in no way better.

Yup.

Look, I don't have anything against bitcoin, it's a useful thing and I'm glad it exists (my drug dealer offers a 15% discount if you pay with BTC) but there really is no future in it other than for drugs

BlogWobbles
BlogWobbles

Some other observations - I would speculate many of the exchanges are fractional reserve due to undisclosed hack attempts. Think about it.. these exchanges are open 24/7 and there is a huge incentive for hackers to attempt to steal the funds 24/7, this is just speculation though. I've never held coins in an exchange, but always in my cold storage and after mtgox that proved it was the right move.

There is also a huge incentive for the owners of exchanges like btc-e just to borrow coins from the exchange to live a lavish lifestyle and I am inclined to think many of the exchanges collude with one another, this is probably far more prevalent in the altcoin market (all altcoins are shitcoins and not worth investing in, sure, you can speculate but if you hold shit like Litecoin or Ethereum for the longterm, you are the sucker).

Plus the entire community in cryptocoins is stupid and it is full of fraudsters, it's always felt like the wild west to me where you can't trust another person at all, so how the fuck can you do business in an environment like that when it's rife with theft and fraud?

Look how many small businesses are always hit with malware and cc theft, same shit would happen with their bitcoin terminals, they'd be full of malware within weeks if it took off at am ainstream level too. The fact the money can be moved anywhere in the world and online businesses can be attacked from anywhere is a huge fucking incentive.

RumChicken
RumChicken

Other things Bitcoin is useful for:

Store of value obviously, but it's preddy gud for hiding wealth from say your wife. If you want to divorce her, start moving assets into Bitcoin where neither she nor the state can access them. If you do it right and purchase the Bitcoin with cash or via an exchange in someone elses name, you can funnel off your money without anyone knowing you still have it. So to that end, it'd be a good mechanism to avoid taxes too if you were smart about it.

But this Andreas Antonderpoulous bullshit about Bitcoin is banking for the third world, forget that shit, that will never happen. Bitcoin is an elite system for people with money, not poor people. You can bitch about how that is not right as much as you want but it's the cold hard truth and poor people have no business getting involved in Bitcoin at this point. That guy is a lefty cuck and delusional.

So yeah, that sums up what I think Bitcoin is good for and why it's next to useless for the majority types of businesses.

Supergrass
Supergrass

here's why i don't accept them:

-my target demographic is not 20something geeks so it doesn't seem worth the effort setting it up for maybe 1 transaction a year.
-it's not a real currency - it's more a form of voucher or token. there is no real bitcoin economy and given its concept there probably never will be. i'm talking: i put a price down in btc, i earn the btc, then i pay for my upstream bills in btc. it doesn't work like that at all. my upstream doesn't accept btc and
-it fluctuates so much that nobody in their right mind prices purely in btc. which means my btc prices change every minute which is super inconvenient for everyone involved (same reason i don't accept rubles or renmibi in my shop). also, since i then have to go and exchange the btc to real money to pay my bills, i'm shouldering the exchange risk. why the fuck would i do that? i provide my goods and services to the value of $100, i receive btc to the value of $100 and the next day my btc are worth $70, because some idiot with a fat wallet got hacked. fuck that shit.

the reversability, tracability and danger of loss seem less relevant to me. as a business owner you can always get defrauded, get paid in forged money, get hacked or broken into, have your building burn down with all your paper money in it - those are all common risks you have to live and work with anyway.

Need_TLC
Need_TLC

@Gigastrength
@Supergrass
These guys gave the only real answers in this thread. For consumers it's not friendly enough to use bitcoin and for retailers the value fluctuates too much/is too much of a hassle to cash in and out continuously.

If I'm selling goods on a narrow % profit margin, why the hell would I accept a form of payment that equals gambling-esque fluctuations in value?

And if there is no real demand for it, why volunteer for the privilege?

Firespawn
Firespawn

@RumChicken
Bitcoin can be used by anyone. Not just rich people.

JunkTop
JunkTop

@massdebater
What happens If I have it on an exchange to sell for dollars and the exhchanhe gets hacked and decided to repay my with valueless tokens instead of my bitcoin?
tfw you lose 36% of your acct value.
tfw you now have 380 tokens valued at 1.00
tfw they will be worth nothing when they crash at open

New_Cliche
New_Cliche

I like it better when it was used to buy drugs

Fuzzy_Logic
Fuzzy_Logic

@Firespawn
How many shitpoor people in brazil have a computer or have access to a computer with an internet connection?

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