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Anything related to bitcoin, crypto, blockchain

Lex DeVille

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Wanted to start a discussion to find out who is accepting crypto for payment, and how you've gone about integrating it into your business.

Right now, I don't accept crypto as payment for anything. I'm not against it. It's just that my main checkout system (ThriveCart) hasn't integrated an option for it yet.

Have you started accepting crypto for payment? If so, how has this turned out for you? What systems have you used to make it happen? Any downsides?

I love the idea of crypto for payment since it mentally disconnects the customer from the pain of purchasing with "their own" cash. I'd like to accept it for all of my products going forward.

What has your experience with this been like?
 
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Antifragile

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We don’t.
But frankly, I can’t wait to get to the point when we could.
Main issue isn’t even the price volatility, that could be overcome with immediate exchange to fiat or various hedges.
The main issue is for us (real estate) is that conveyance occurs with lawyers. This means deposits made by purchasers a year before closing (pre-sales)! Then same purchasers go for financing. No bank at this time would want to be helpful with anything crypto.
Between lawyers in-Trust accounts and purchasers’ need for financing - we are just not there yet.
But maybe soon… with DeFi, DAO exchanges…

The big shift will happen when online retailers start accepting payment.

PS. I’ll accept crypto on Craiglist ;)
 

Lex DeVille

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We don’t.
But frankly, I can’t wait to get to the point when we could.
Main issue isn’t even the price volatility, that could be overcome with immediate exchange to fiat or various hedges.
The main issue is for us (real estate) is that conveyance occurs with lawyers. This means deposits made by purchasers a year before closing (pre-sales)! Then same purchasers go for financing. No bank at this time would want to be helpful with anything crypto.
Between lawyers in-Trust accounts and purchasers’ need for financing - we are just not there yet.
But maybe soon… with DeFi, DAO exchanges…

The big shift will happen when online retailers start accepting payment.

PS. I’ll accept crypto on Craiglist ;)

So it seems like the simpler the system, and the fewer middlemen, the better when it comes to accepting crypto.
 

Ing

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I think accepting Cryptos is most profitable, if you offer anything, what s regarding the Crypto community.
As Lex said, Cryptos will sit lighter in the wallets that Fiat. Above all, when folks just made a fortune with a bullrun.
Beginning now with integration will bring a big advantage for a while. As long as the others follow.
Than not to have it, its a disadvantage.
 
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MA81

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Has a lot of great features including automatically converting any coins received to stable coins to avoid price volatility.

Sorry don't see ThriveCart as an available plugin option yet, but you can make a request. @Lex DeVille

I know some individuals that use it exclusively for selling books, courses, and newsletters so if you need any help getting it setup or other questions just reach out.
 

mr4ffe

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If I understand correctly, the reasons people don't accept cryptocurrency payments include:
  1. Disapproval - they personally lack faith in cryptocurrencies.
  2. Nonnecessity - they personally lack use for cryptocurrencies.
  3. Vigilance - they personally want to avoid price volatility.
  4. Irrelevance - they see no customer demand for it.
  5. Prohibition - they are hindered by laws that discourage them from accepting cryptocurrencies.
For number one and two, there are services that allow your store to accept cryptocurrencies, which are then automatically converted to your currency of choice, like USD. Thinking about your own needs before the needs of the market kind of violates the need commandment, though.

For number three, there are services that automatically convert your received payments to stablecoins, like Dai or xUSD.

For number four, you might consider that you don't know what you're missing out on; you don't know why all your potential customers chose not to fully commit. Furthermore, you can gain a competitive edge by having a first-mover advantage. Imagine if a tiny Amazon or eBay competitor started allowing cryptocurrencies! It might not be a big deal right now, but it could be in the future. Perhaps that tiny competitor would have grown immensely five years down the line, simply by allowing customers to pay with cryptocurrencies, thus becoming a go-to store for cryptocurrency investors and techies?

For number five, you could try to find a loophole, but that might be hard, if not impossible.

Personally, I try to buy from stores that accept XMR or xUSD. I hate that credit card companies and banks (as well as potential hackers) know where/when/what I buy.
 

BAUCE

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I've had the option for my customers to pay with crypto via Coinbase commerce for a few months now but not one person has used it. A lot of this is because I don't advertise it as an option but Im thinking about doing so in the very near future. Im considering offering a discount to anyone that's willing to give it a shot but I don't want to upset my customer base which is pretty blue collar. I run a Shopify store with products I have custom made. (not dropshipping)
 
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Ing

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Would it be a unique selling point to accept Cryptos?
I think about accepting Cryptos, but to exclude the volatility, I would only accept stablecoins. Usdt or busd.
When s.o. Wants to pay with cryptos, he allways easily can change in stablecoins.
Than the ordernumber as the memo and the walletadress. (Bthw is a Memo possible at these stablecoins?)
As long as the sales volume isnt too high, it should be possible doing that one by one.

What you think?
 

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