If you own an online business, the chances are high that you have grappled with the decision to accept cryptocurrencies as a payment option. Despite its growing popularity, cryptocurrency is still far from being the mainstream currency that its founders envision.
Nevertheless, the benefits of accepting crypto are significant. As a savvy business owner, it is up to you to weigh the pros and cons and make the right decision for your business.
The promise of cryptocurrencies for businesses
Crypto enables cheap, borderless, and near-instantaneous transactions. Therefore, accepting cryptocurrencies gives you the chance to reach and sell to customers from around the world, even those that do not have access to traditional banks.
Furthermore, while remitting or receiving large payments takes a few days with current solutions, it is nearly instantaneous with crypto. Cryptocurrencies are also not bound by a country’s exchange rate. Instead, their value is universally recognized.
Another benefit is that crypto can make it easier for your customers to contribute openly to a single purchase. Transaction information is recorded on a smart public ledger, which can facilitate transparent crowdsourcing.
Transactions aside, accepting crypto can help you reach a younger, more tech-savvy demographic that prefers the simplicity and anonymity of cryptocurrencies to more mainstream solutions like PayPal.
The risks of accepting cryptocurrencies
The benefits of crypto for businesses are as publicized as their risks. According to experts, the primary risks of accepting crypto have to do with security, volatility, and regulation.
Volatility and lacklustre regulation in the crypto …