Many people are wondering if they should start accepting Bitcoin on their site, but the answer is not that simple. It's been touted as "the future of money" and has some advantages over traditional currencies. You need to classify your crypto gains as gross income based on the fair market value at the time in which it was received.īitcoin is a digital currency that's been growing in popularity over the last few years - it dominates 60% of crypto shares and encounters 100,000 daily active users in the UK. Tax implications: Initially, it was thought that cryptocurrencies would mean less tax. You also might need extra hardware like wallets or QR codes in order for your customers to pay with their coins easily unless they have them stored on their own computers. Trust issues: Additionally, because the industry is so volatile people may not trust using them as currencies yet. Volatility: The major con is that there can be price volatility with cryptocurrencies - meaning your profits could go up one day only to come down the next because prices change quickly. What are the cons of accepting crypto payments? No excess fees: There are no chargebacks either - if someone sends you a payment in Bitcoin, they're usually not going to be able to take it back once it's sent, which means less fraud risk for merchants who choose this method of payment. It’s an effective way for many people around the world to send money without any high fees or international transaction costs. International customers: Cryptocurrency is an international currency, so it could lead to more customers in international markets who might not have been able to pay for your goods otherwise.įaster payment: You can also get paid faster with cryptocurrency than with other types of payment methods since transactions only take seconds or minutes rather than days. What are the pros of accepting crypto payments?
WHO ACCEPTS BITPAY HOW TO
This blog post will explain how to accept cryptocurrency, what some of the benefits are, as well as some of the pitfalls.
Should you accept crypto payments just because it’s the latest fad? Is crypto here to stay? And as a business owner, it’s always important to keep up with trends so that you can stay one foot ahead of the competitors.īut cryptocurrency is a tricky one. Cryptocurrencies are a hot topic in the world of business and finance.
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