Cryptocurrencies are becoming more accepted by businesses
Just a few years ago, cryptocurrencies like Bitcoin were largely unknown and even more easily misunderstood. Today, however, they are being taken seriously as a legitimate payment method by businesses around the world. By accepting cryptocurrencies like Bitcoin, your small business can join the ranks of big companies like Microsoft, Expedia, and Overstock.com, all of which have begun accepting this digital currency.
Since 2020, more and more businesses have started accepting cryptocurrencies as a payment method, and there are even Bitcoin ATMs in major cities. More and more brokers are offering crypto trading options on their platforms, providing legitimacy to the currency. More crypto wallets could also make payments easier, with popular payment apps like Google Pay or Apple Pay allowing you to pay for transactions using bitcoin.
10 Major Companies that Accept Bitcoin / Crypto
- Pizza Hut
- Burger King
Cryptocurrencies are not regulated and their value can change rapidly
Unregulated: Another well-known aspect of cryptocurrencies is that they are not regulated, safe or guaranteed. This means that if you get scammed or the exchange where you stored your keys goes down, you may not have a chance to get your money back.
Price Volatility: It’s no secret that cryptocurrency prices fluctuate. This means that the value of your cryptocurrency changes over time. The price of your cryptocurrency may drop between the moment you use it to buy an item and the time the network approves the transaction, causing you to not send enough funds to buy the item. Conversely, if the price rises during this period, you may oversend.
Cryptocurrencies are still new and some companies are wary of them
Cryptocurrency is still in its infancy, but the list of places you can use it to pay for goods and services is growing. Most businesses that accept cryptocurrency as a payment method do so through cryptocurrency payment gateways, and these payment service providers typically guarantee the conversion of cryptocurrency to fiat at the time of transaction, so there is no price erosion.
“Because cryptocurrencies are relatively new, there is a lot of uncertainty about how governments will address weaknesses in regulation,” Poelma said. “Indeed, as you read this, new regulations are likely to be passed. [Cryptocurrencies] won’t be widely accepted until companies are confident they know how to report profits and pay proper taxes on cryptocurrency transactions.”