Should You Accept Cryptocurrecy as Payment
- What is cryptocurrency? 01:45
- Essentially it is a digital currency that is not connected to any country or any centralized bank. It is completely decentralized, and it’s completely electronic.
- The most commonly known type of cryptocurrency is Bitcoin.
- For example, you can send payments through Bitcoin as its own currency. You can send Bitcoin or portions of Bitcoin to anybody anywhere in the world electronically.
- You have to do your own research 02:58
- Ultimately, you have to do your own research to find out if it’s a good fit for you because there are risks involved.
- Bitcoin’s value went up to $20,000 and in the last few days it dipped greatly in value, so it can be a risky investment.
- If you provide a service and accept Bitcoin, then you’re taking a risk that the value of Bitcoin will go down.
- It is a very secure form of currency 04:53
- It‘s kept on on millions of computers all around the world, so the ability to hack it is very difficult.
- There can be risks associated with the wallet where people hold their Bitcoins, but the actual Bitcoin blockchain technology itself does not have as high of a risk of being hacked.
- When should you accept it? 05:47
- You should accept it, depending on what stage your business is at.
- If you are an established business, then yes you should accept cryptocurrency because you can afford some risk.
- If you are a new business and you need a reliable source of income, then you might not want to accept it because it can be so volatile.
- You want to think of any cryptocurrency that you receive as an investment.
- Always make sure that you buy cash value 08:34
- Make sure that you’re not setting any prices in Bitcoin. Always set it in cash value that you then exchange for Bitcoin.
- Use Stripe as an in between option 09:17
- Stripe now allows payment through Bitcoin. You can turn this option on in your Stripe account. Then when customers on your site go to pay, they can pay in Bitcoin, but it will be automatically converted to cash in your Stripe account.
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