These days, the rise and rise of Bitcoin and other cryptocurrencies is all the market is talking about. In the past month, the world has become even more alerted to the enigma that is cryptocurrency. Suddenly you friends, neighbors and mailmen are all getting involved. The communal participation is great and probably one of the fundamental values upon which the currencies were founded. That though raises the question, should you be accepting cryptocurrency as payment in your business and if so, how do you go about it?
The Intentions of Cryptocurrency
Although it has become convoluted and confusing over the recent times, with vast numbers of new currencies, hard forks and ICOs coming into the market. The core value of Bitcoin upon its original emergence into the marketplace was to provide a transparent currency which could be traded and created without interference from outside sources, including government regulation. This would allow for a society to operate with total financial autonomy in the marketplace. This core value lends to the notion that businesses should adopt cryptocurrency as forms of payment for goods and services. Over time, this would see a rise in accessibility and ease of use for daily transactions. Many have followed this path, though the majority remain uncertain.
Why Hasn’t Business Adoption Been More Widespread
The main reason for this, may well be that people do not understand how to implement the systems. In actual fact, it is really simple. You can purchase Bitcoin from any of the now global exchanges, such as Coinbase. From here, you can create a secure virtual wallet with the likes of Jaxx or MyEtherWallet. This acts as a type of safe storage facility for your currency balance. From there, sending and receiving payments is as simple as exchanging wallet addresses with your payee or even QR codes.
Benefits of Accepting Cryptocurrency
There are some major benefits, including the very low transaction costs compared to banks. Transfers are also anonymous and trustworthy. Secondly, these days, values are soaring. This can only be of benefit to the businesses which are accepting the currencies as payment. The caveat here of course is that values can also fall. This will invariably lead to many price changes on your services and items in the cryptocurrency format.
Lastly, with the widespread boom in the industry, especially in the last few months, all of the currencies are gaining huge brand recognition. This can make your business or service stand out from the crowd among your competitors and position you as a progressive competitor within the market.
Like any new advancements is technology, there is bound to be fear and resistance. However, quite often, the early adopters can be rewarded handsomely, at least in reputation terms for their brave harnessing of new ideas. Given the huge increase of late in the number of cryptocurrency holders, it feels like the time is arriving where it may bear fruit to accept this form of payment for your products and services.