Although cryptocurrency has been around for awhile, there’s been more of a focus on it in the public sphere lately. Some brick-and-mortar businesses, even in Beaverton and Hillsboro, have decided to accept cryptocurrency as a valid payment option. Before this blossoming acceptance, digital currency was mostly used online.
You may have heard of Bitcoin. Although it wasn’t the forerunner, it was the first to really make cryptocurrency a valid thing. Others have followed in Bitcoin’s stead—Dogecoin and Litecoin, to name a couple. Cryptocurrency is interesting because it is capped, it has a limit. More cannot be created past that limit, like with the Federal Reserve System. The more that is created (“mined” by converting electricity into money) by users, the slower the creation becomes. This guarantees a stable value.
Many people do not trust cryptocurrency because too little is known about it—it’s not yet in the mainstream. There is also some concern about the fact that it can be used for black market purchases, although regular currency can, and has, been used for black market purchases for a very long time, so this worry is really not something the average user needs to dwell upon.
In fact, since there is no bank behind Bitcoin (although it is considered legal currency by the IRS), it might encourage more people to start using it. With more people using it, there will be more of a demand for businesses to accept it. For example, if a company only takes cash and debit, but not credit, they may miss out on some customers’ business. In the future, it could be the same regarding digital currency. If you think early adoption of cryptocurrency could be beneficial for your business, now is the time to start considering it.
So how do you transition to accepting crypto coins? This page explains how to set Bitcoin up for small businesses, even brick-and-mortar locations, and it’s easier than you might think. Of course, you must remember that you still need to pay taxes on any cryptocurrency you accept, so make sure to talk that out with your accountant.
Strike up a conversation with your customers and see what their thoughts are on the topic. You might be surprised by how many would be eager to start paying you in an alternative currency. Adopting it could be beneficial to you too. You can add yourself to online lists of companies which accept cryptocurrency, and perhaps gain customers you may not have attracted otherwise.
Cryptocurrency is a complicated topic at first glance, so here are a few links to get you started:
A layman’s explanation of how Bitcoin works, in a very convenient analogy form.
Cryptocurrency Wikipedia article
Active online discussions about cryptocurrency on Reddit, including resources and FAQs.