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It’s Neil Patel here for another Q and A Thursday video. I’m here with Adam LoDolce from https://viewership.com/.
And this weeks question is from Maxell Graves, and the question is basically, what are the steps in accepting Bitcoin for payment after service is rendered. Basically, should you accept Bitcoin as payment?
Here’s the thing, I do believe cryptocurrency is a large part of the future, of blockchain, is. But there’s a big problem right now with accepting Bitcoin as payment. You as a business have a specific profit margin. That profit margin could be five percent, 10 percent, 30 percent.
Although I do believe it is the future. But what I would do if I were you is, I would not take Bitcoin as payment right now. It’s risky because it fluctuates so much. And it was like the stock market. What most people don’t realize about the stock market, is if you think back into the 50’s, 60’s, or 70’s, or whenever the stock market was a lot newer, there wasn’t as many people trading.
Take cash payment and then if you want more Bitcoin, use the cash to buy it. But at least you know if something happens to Bitcoin in a day, and it drops 50 percent, I’m giving a crazy extreme, at least you’re not out 50 percent, and you lost money on a transaction. You don’t want to lose money because that could make your business go bankrupt.
You want to ideally take USD for now, unless you’re super cash rich and you don’t have to worry about that. Take the USD, then if you want Bitcoin, use the cash, use the profits to buy more Bitcoin. Because even if you take Bitcoin as payment, if you live in the U.S., what you’re supposed to do is, you’re still taking some currency.
As I mentioned what I would do is take USD and then if you believe in cryptocurrencies, in the long run, go and buy Bitcoin, hold onto it, but don’t take it as your main payment source because it’s too volatile when you have thin margins. If your margins are 500 percent, yeah, by all means you can take Bitcoin, you have very little to lose, and I think it’s an interesting bet right cause as a lot of successful people say, it’s the internet currency of the gold, or no it’s a gold equivalent for the internet.
Let’s hear from you guys in the comments. Have you ever accepted Bitcoin as payment? Leave a comment below. Or if you’ve ever considered doing that, we’d love to hear from you guys.
Thank you very much. And if you have any more questions, leave it below, we may answer that question on next weeks Q and A Thursday video. Appreciate you guys. Either way, I’ll respond to your question and answer it myself. Make sure you like, comment, share, subscribe. Appreciate you guys watching.