Why Accept Crypto?
Why Accept Cryptocurrency?
A bunch of businesses in the Monadnock region are accepting cryptocurrencies like Bitcoin Core (BTC), DASH, and more! Why?
- Keep more profit per sale. With cryptocurrency, the sender pays the network fee to send their payment. This is the reverse of credit cards where you, the merchant, pay out of your profit. So you get to keep up to 100% of your profit.
- No chargebacks. The dreaded chargebacks are gone with cryptocurrency. Once the customer sends the funds, there is no one except you who can decide to refund the money.
- No more making change. Cashiers can no longer accidentally shortchange or give back too much change to customers anymore. There is no change to give. The customer pays the exact amount of the bill. No need to handle dirty money. Who knows where that stuff’s been!
- More money stays local. Local’s a big deal in the Monadnock region. Eliminating fees being paid to mega credit card companies and banks means more value from each sale staying right here in the area.
- Customer requested. You want to be on the cutting edge where some of your customers are? This is the place.
- Turns operating revenue into an investment. This is a big one. We’re all used to the value of the US Dollar going down over time as the government arbitrarily inflates the supply of USD (inflation). Many cryptocurrencies like bitcoin have inflation, but it is predictable and programmed in as part of the “mining” process. It’s not subject to political whims. As more people adopt and use cryptocurrency, its value tends to grow over time, unlike dollars and other “fiat” currency.
Above is a chart of 2017’s amazing growth in the total value of all the world’s cryptocurrencies combined. Here’s a link to a current chart. Keep in mind, the price of any individual cryptocurrency can go up and down 24/7, and there could always be some catastrophic reason why overall the total global value could go down. That said, there’s a clear trend here. The amount of value flowing from fiat currencies to cryptocurrencies is stunning and as of the end of 2017 is accelerating. It took five months to go from $100 billion in value to $200. It then took three weeks to go from $200 to $300, then ten days to go from $300 to $400 billion!
On the timeline of forms of money, cryptocurrency is brand new, having only been around since Bitcoin’s creation in 2009. Compared to fiat, gold, silver, and other forms of money, it has barely begun. It’s here to stay. Right now, if you do begin accepting it, it will likely only be used by a very small number of appreciative customers. There is a learning curve and staff will need to be trained. However, since it will start small, it’s easy to hold on to the cryptocurrency you receive rather than being tempted to cash it out. Historically, “holding” crypto has always been the best bet. Many have been spooked by large swings in price and sold – frequently regretting it later.
Got questions? We can help. You can connect with local cryptocurrency users and fans in our real life meetups, our chat room, the NH crypto forums, or just send us an email to keenecrypto at gmail.com.
Ready to take the next step and start accepting cryptocurrency at your Point-of-Sale? Get more information on that here.