If that’s the case then it seems like it makes more sense to not accept the bitcoin and just accept cash
What’s the incentive for accepting bitcoin?
Discussion
You can keep it.
Are you saying you dodge your taxes with crypto?
That’s not what I’m saying. If you run a business you report it as cash equivalent, but use the bitcoin as a savings asset.
Oh I thought something automatically converted the bitcoin to cash.
Yeah, if your goal is to accumulate bitcoin it makes sense to take payments in bitcoin.
I’m not sure exactly how it works, but I presume they accept the bitcoin on their wallet and then transfer the cash to your bank account. I don’t think most businesses want the volatility and uncertainty, esp since you can’t play suppliers with bitcoin.
Yeah. The part that you keep in bitcoin would not be able to be part of your operating budget.
Some people will only pay/pay more in bitcoin, so it makes sense to offer them the option.
Also true
There are a lot of evangelists too, but I doubt businesses that accept it see many bitcoin transactions. Even in El Salvador, only about 10% of businesses have ever had a single bitcoin transaction.
Ironically the evangelists are probably part of what makes it such a bad currency. Treating it like a stock and constantly shilling/over-hyping it makes it's price fluctuate wildly, which makes it bad for businesses and individuals looking to use it as a currency. But since the hype drives up demand for it as an investment, the price gets big spikes now and then (which nosedive once people start cashing out lol).
This then becomes a cycle where most of the market wants bitcoin so they can later trade it for more $ than they bought it for, while its actual use as a currency is limited due to the volatility.