The advantages of accepting cryptocurrencyAs we’ve just mentioned, two of the biggest benefits that you will enjoy are transactions that can be completed in minutes rather than days and transaction fees that are rarely higher than 1%, compared with the 3% to 5% that many credit and debit card transactions will cost you. Another consideration to be taken into account if you trade overseas is that by using a cryptocurrency, there will be no more exchange rate fees to pay. Then, once the transaction has been completed, the money can be quickly and easily converted to the fiat currency of your choice. And, as with all transactions made using the blockchain technology that underlies all cryptocurrencies, it is a very secure method of payment that, once made, is impossible to reverse.
Don’t go in blindHowever, there are some considerations to take into account too. Recent months have shown that volatility is something that affects all cryptocurrencies so there is a risk that you could suddenly see the value of your holdings drop. Then it would be a case of waiting for the value to climb back to the original level before you converted the currency. Obviously, it could also act in your favour should the value of your cryptocurrency grow. The other aspect to bear in mind is that as, cryptocurrencies become more widespread government and financial institutions are starting to take more of an interest, it’s not certain at the moment whether restrictions or legislation could be applied. But even if they are, some experts believe that this will be of long-term benefit by making cryptocurrencies as legitimate as all other standard currencies.
Weighing up your optionsSo, the answer to the questions is that, yes, your business can trust cryptocurrencies, and there are a number of benefits to using them both for you and your customers. And who knows? Perhaps in five years’ time you’ll be able to look back and see yourself as a trailblazer who was one of the first to welcome a method of payment that will be universally accepted by then.
Share this story