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Why do people ask for Bitcoin payments for their web services ?

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maidenphoenix

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I am not very familiar with crypto currency. Is it a better solution to receive money this way ? How fast can you convert BTC into your local coin ?
 
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The best thing with accepting Bitcoin is that the value of Bitcoin keeps fluctuating and hence people like to accept BTC.

Let us take USD and BTC as examples:

You pay a merchant 10 USD to buy a domain today via PayPal - even after a year the value of 10 USD will not change for the accepting merchant (we are not talking about inflation / deflation here, only holding value)

If you had paid via Bitcoin for the same transaction, the value of merchant's holding might go up or down depending on market rates. 10$ can become 20$ or 5$ too, Bitcoin generally goes up in price and hence people like to accept Bitcoin as payment.

Another advantage with Bitcoin is irreversible transactions - once a transaction is confirmed, you cannot dispute that transaction like PayPal allows you to. What is done is done!

Regards to fee, Bitcoin is current not the very best way to pay - the network is experiencing very high fees due to some miners moving onto Bitchcash mining. The fees are generally low and transaction confirmation times are expected to be faster once the network upgrades are done.
 
Rox said:
The best thing with accepting Bitcoin is that the value of Bitcoin keeps fluctuating and hence people like to accept BTC.

Let us take USD and BTC as examples:

You pay a merchant 10 USD to buy a domain today via PayPal - even after a year the value of 10 USD will not change for the accepting merchant (we are not talking about inflation / deflation here, only holding value)

If you had paid via Bitcoin for the same transaction, the value of merchant's holding might go up or down depending on market rates. 10$ can become 20$ or 5$ too, Bitcoin generally goes up in price and hence people like to accept Bitcoin as payment.

Another advantage with Bitcoin is irreversible transactions - once a transaction is confirmed, you cannot dispute that transaction like PayPal allows you to. What is done is done!

Regards to fee, Bitcoin is current not the very best way to pay - the network is experiencing very high fees due to some miners moving onto Bitchcash mining. The fees are generally low and transaction confirmation times are expected to be faster once the network upgrades are done.
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Great reply Rox ! From your experience, is it to late to start mining or it would be more profitable to trade on the market and gather some BTC this way?
 
Mining BTC will only be possible with some high investment. If your budget is less, better start trading.

Btw, there are lot of coins like Bitcoin. They are called Altcoins (Alternative Coins) and some of them are very positive.

We have a section for discussion around these topics, please create any further queries there.

Crypto-currency
 
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