We already know of at least one business in Barbados that accepts cryptocurrency, and we are sure that there may be a few more. This little cafe and coffee shop took one of the more robust initiatives to allow their customers which included both local and tourist to make a purchase using cryptocurrency. A quick chat with the staff initially showed that they were unaware of anything of this nature.
We then realised that across other businesses, the thought of cryptocurrency is either far fetched or just not known.
Money is known as a medium of exchange, and that is what basic economics teaches. What we used to know about money generally in the 1970’s and 1980’s has changed. This instrument used to be known as a physical thing that can be handled, but technology, as its custom, is changing all of that. As some of us know, no longer is money just a physical device.
Twenty first century is witnessing a significant change in economy and every aspect of human living. Such is the case of the development of virtual money. Here enter’s cryptocurrency.
Cryptocurrency is a virtual or digital form of money that is becoming widely acceptable by different organizations and individuals. The unique thing about it – is that it is not native to any particular nation, yet it is a symbol for all. Even though our coffee shop accepts bit-coin, there are still a majority of business persons who are skeptical about the acceptability of cryptocurrency, and many other accompanying issues in the business world.
Some of the issues? Should I accept cryptocurrency?
Fees. Now let’s look at some benefits of cryptocurrency and make an informed judgement on its acceptability in business. Cutting off unnecessary fees. Exactly when you make a payment in a bank, there are often transaction fees. In contrast, you don’t have to pay any charge on cryptocurrency’s payment. The money goes directly to where you want it. Maybe into your own business’s cryptocurrency account…
Lower or no risk of fraud. Cryptocurrency is digital, it is difficult or most impossible to make a counterfeit or reverse a payment, once done. Think about those credit card transactions that some customers after making a purchase – then resorts to reversing or disputing a transaction. Also think about those checks which we may be unable to verify until they are deposited. Not so with cryptocurrency. This is a clear difference from fiat currencies, where you have to be certain of the genuineness of a check or even cash.
Everyone can own it. As long as the usage of mobile phones continue to increase, then the potential number of cryptocurrency owners will grow. All one needs to transact with cryptocurrency is a mobile phone, not bank, no intermediary and no restrictions. Once these devices connect via the Internet onto the respective platform, it is quite wide spread.
Presently, the estimated number of cryptocurrency holders in between 9 and 10 million. That’s massive and considering the fact that it is global.
No governmental influence. There is no exchange rate for cryptocurrency. There is no governmental influence. It runs on a decentralized server.
With those benefits of cryptocurrency, it is no wonder that some major companies are now accepting cryptocurrency. A report published by NASDAQ in 2018, listed some major companies like: Overstock, Expedia, Subway and PayPal (to mention few), joining the league of those accepting cryptocurrency. Could this be the beginning of a change in global monetary system, as it always occur in history?
How to accept cryptocurrency
With your decision made to play safe by accepting cryptocurrency, here are few tips for you on how to start accepting it. Accepting cryptocurrency is easy. One of the easiest ways is to integrate it as a payment option on your business site. The latest trend among business owners, as a solution to accepting cryptocurrency, is Coin-Payment or similar Bitt-Coin portal.
The first you need to do is to create an account with them on their website. Once completed, then integrate the links into your point of sales and make it accounting friendly. With the advent of “soft” terminals for the cashier as they take payments as well, then it enhances convenience.
Now, you’ve also becoming a player in the digital money world, you and your business.