Now that cryptocurrency is generating more buzz than ever before, the question that often pops up is – is it a smart move for a business to accept cryptocurrency as a form of payment? There are several reasons why people are jumping on the cryptocurrency bandwagon, but it is yet to penetrate deep enough into our everyday lives like regular currency.
Experts believe that the more people show interest in cryptocurrency, the more businesses will be willing to accept it as a payment method. However, major companies are leading the conversation about businesses and cryptocurrency.
Companies like Microsoft, Virgin Galactic, and Amazon are some of the global companies accepting cryptocurrency in 2020. But, on the flip side, if more major companies begin to offer the option of cryptocurrency payment, customers may be interested in using them in the future for the payment of goods and services. The bottom line is that cryptocurrency will become more acceptable once companies, retailers, vendors, and firms accept the currency.
Many financial experts believe that we may be closer to a crypto world than we think. And this is hinged on when smaller businesses start accepting cryptocurrency. For instance, satoshipoint.io Bitcoin ATMs are a great solution to bringing cryptocurrency closer to everyone. Businesses can now install Bitcoin ATMs in their premises and make extra income from them. Also, this will help to bring in new users who want to associate with the technology.
While cryptocurrency is not without its downside (price volatility), it offers many advantages to businesses who accept it as a payment method. However, it depends largely on the demography you are targeting. For instance, you are more likely to attract a younger demographic of new customers if you accept cryptocurrency payments at your business. The reason for this is that young people are more tech-savvy than older people, and are more likely to associate with crypto.
Coinbase reported that Bitcoin users grew by one million by June 2017. While this is a decent figure to make projections with, it may or may not be necessary for your restaurant to accept Bitcoin at this point.
If you are passionate about cryptocurrency, accepting it as a payment method can boost your business by attracting clients who share in your passion for cryptocurrency. Another thing to note is that it gives your customers more payment options. For some customers, even though they may not own Bitcoin or ever heard of it, they may appreciate the fact that you offered them options.
If your business is located in an area with a lot of tech startups, then it does make a lot of sense to accept Bitcoin. Such an area will have customers who appreciate businesses that offer Bitcoin as a payment option.