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Ask HN: Why Don't You Accept Bitcoin

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Ask HN: Why Don't You Accept Bitcoin

#1

Post by alexvision »

I'm currently doing a thesis on why companies choose not to accept bitcoin. I'd love to chat about why you don't accept bitcoin or hear your comments below.

If you would be happy to participate in my study you can book a time here for a 15-20 minute chat: https://alexmanusu.youcanbook.me/

Re: Ask HN: Why Don't You Accept Bitcoin

#2

Post by jacquesm »

Because I invest my time there where it will generate a return. Accepting bitcoin from users that have other means of payment cuts into the bottom line directly (and I'd have to somehow integrate bitcoin into my administrative processes, good luck with that), and accepting bitcoin from users that don't have other means is going to add a very very small fraction of the income that's already there.

In short, I don't accept bitcoin because it is pointless and most companies that do accept bitcoin do so for the PR value, not because it benefits their bottom line.

Re: Ask HN: Why Don't You Accept Bitcoin

#3

Post by dlss »

jacquesm wrote: post #2

Because I invest my time there where it will generate a return. Accepting bitcoin from users that have other means of payment cuts into the bottom line directly (and I'd have to somehow integrate bitcoin into my administrative processes, good luck with that), and accepting bitcoin from users that don't have other means is going to add a very very small fraction of the income that's already there. In short, I don't ac…

I agree with this.

Two points though:

1. PR value does benefit your bottom line

2. Almost all serious web proxies accept Bitcoin. I believe they do this more for product reasons than PR reasons.

Which is to say your answer could be put more simply as "I don't think my customers would value my accepting Bitcoin as much as other features I could be adding."

Re: Ask HN: Why Don't You Accept Bitcoin

#5

Post by jacquesm »

dlss wrote: post #3
jacquesm wrote: post #2

Because I invest my time there where it will generate a return. Accepting bitcoin from users that have other means of payment cuts into the bottom line directly (and I'd have to somehow integrate bitcoin into my administrative processes, good luck with that), and accepting bitcoin from users that don't have other means is going to add a very very small fraction of the income that's already there. In short, I don't ac…

I agree with this. Two points though: 1. PR value does benefit your bottom line 2. Almost all serious web proxies accept Bitcoin. I believe they do this more for product reasons than PR reasons. Which is to say your answer could be put more simply as "I don't think my customers would value my accepting Bitcoin as much as other features I could be adding."

Bitcoin is a 'huge' thing in tech circles, but outside of that it's still tiny and since implementing bitcoin is non-trivial (especially from an administrative point of view) it's my time that I'm worried about, not what my customers would value (they've very likely heard about bitcoin but do not have any). I get an infinite amount more email about implementing paypal (3 per year) than about implementing bitcoin (0).

So I'd be wasting my time. As for PR value, I'd rather get that from unique content or a the quality of the service than from promoting still relatively obscure payment methods because the press is 'hot' on anything bitcoin. Besides, when Apple or Amazon do it it is noteworthy, when camarades.com does it nobody will care.

Re: Ask HN: Why Don't You Accept Bitcoin

#6

Post by gacba »

Simple. My customers aren't asking for it and really don't care. If I'm not focused on them, I'm missing the point of my business. The day they start banging on my door and telling me they'll leave because I don't have Bitcoin support, I'll happily add it. Until then, it's not on my radar.
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