Should you be accepting Bitcoin or other crypto-currency as payment?
Cryptocurrencies, blockchains and smart contracts are going to have a massive impact on many businesses. So should you be accepting it as payment?
Cryptocurrencies had a great year in 2017, with many of the most popular currencies growing by over 1000%.
Despite people calling cryptocurrencies a bubble know one can ignore that it has the potential to completely change industries, economies and so much more.
Cryptocurrencies, blockchains and smart contracts are not just revolutionising the financial world they will change the world.
The question for anyone who works inside the adult industry is should they start accepting crypto as a form of payment.
How would the transaction work?
You download one of the cryptocurrency wallets onto your phone. You can then create an address or QR code inside the wallet.
Your client will then scan your QR code on their phone and the payment will then appear in your wallet. It is as simple and easy as that.
Let’s break down the positives and negatives of accepting crypto as payment…
Means you don’t have to keep cash on your premises
Clients don’t have to walk around with big wads of cash their pocket
Anonymous (although so is cash)
Cheaper than accepting card payments
Pay for your marketing in it
Can sometimes be slow to receive, especially Bitcoin
You will have to exchange it for fiat currency if you want to go and buy your groceries with it
Sometimes clients are not technically minded, and might send the payment to the wrong address
Cryptocurrencies to research if you are thinking about accepting it as payment…
Bitcoin – the biggest and most popular but can also be slow and expensive to send
Ethereum – quick and cheap to send, and easy to set up
Monero – one of the few currencies that is anonymous (This currency is used a lot on the darknet because of this factor).