Do you accept or want to accept cryptocurrencies as payment and why?
We're putting on a blockchain and cryptocurrency conference in October and I wanted to see how many of my connections are currently involved or are thinking about it and what it is that interests them. Is it disruption? Decentralization? Investment? An additional revenue stream? Some other reasons I haven't thought of?
Your input is greatly appreciated.
Your input is greatly appreciated.
7 Comments
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Answers (1-7)
Yes we will do that, accept crypto for payment of goods and services, and encourage our members to do the same. The death of fiat currencies is coming sooner every day. The sooner we get the power of government out of the monetary system the better off we all will be.
We currently don't. A recent Planet Money episode highlighted a survey they did with only 3 percent of American respondents saying they'd used Bitcoin in the last year. And some of that was false data (someone replied they'd used it at a company that does not accept Bitcoin, for example).
Add in the extreme market fluctuations and the nefarious uses of cryptocurrency (Bitcoin is a popular method of payment required by computer and data hostage takers) and no regulation prohibiting that and I've chosen to not accept it.
I have used it, though.
Not at this time. The reason is that I am really not familiar enough with them and how they work. I am not saying I will never accept them but I feel that at this point in my business I have other things that are more important for me to use my time in to learn than cryptocurrencies.
Thanks for the question. Gives me more to ponder.
I don't like to politicize reasons for acceptance. It really should be for business reasons, does it work for you. We don't accept crypto as payment right now. The volatility of value is scary. You can either lose or gain value in almost a heart beat. Once the cryptocurrencies stablize a bit, we may reconsider.
I think that access to a Paypal-type clearinghouse for cryptocurrency, where the clearinghouse accepts and processes the payments would be an interesting option as long as the clearinghouse immediately issued funds in USD to the bank or credit union of my choice. Once full payment in USD clears in my account, I would be willing to fulfill the customer's order. Because cryptocurrency varies in value, and keys can get lost, I would want conversion to USD and deposit to my account to take place before I would be willing to write any copy or take any other actions on behalf of that customer.
No, I don't. Getting involved with things not involving your basic business skills. Not wise. If you can't ask most customers for cash.... Check out your offer. In fact every once in a while. Refuse to take credit cards. As a test.
The first is for international payments for large corporate clients, which now typically happens using wire transfers between financial institutions on decades-old networks like Swift. Instead of sometimes taking more than a day to settle because institutions have cut-off times for transactions and countries operate on different systems, the payments will settle in real time, and at any time of day, he said.
The second is for securities transactions. In April, J.P. Morgan tested a debt issuance on the blockchain, creating a virtual simulation of a $150 million certificate of deposit for a Canadian bank. Rather than relying on wires to buy the issuance — resulting in a time gap between settling the transaction and being paid for it — institutional investors can use the J.P. Morgan token, resulting in instant settlements.
The final use would be for huge corporations that use J.P Morgan's treasury services business to replace the dollars they hold in subsidiaries across the world. Unseen by retail customers, the business handles a significant chunk of the world's regulated money flows for companies from Honeywell International to Facebook, moving dollars for activities like employee and supplier payments. It generated $9 billion in revenue last year for the bank.
if this can be shown as viable in the real world of small, independent, business, then I might enter into the conversation. For now, accepting payment for services rendered...in the traditional...cash, check, c.c., seems to be fine for me.