Why Accept Crypto?
Why Accept Cryptocurrency?
A bunch of businesses in the Monadnock region are accepting cryptocurrencies like Bitcoin (BTC), DASH, Bitcoin Cash (BCH) 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. That means you get to keep 100% of each sale.
- 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.
- Instant settlement. No need to wait on credit card gateways to settle your transactions the following day – cryptocurrency is sent directly to your crypto wallet and shows up right away and is confirmed within minutes.
- 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 increases 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.
Here’s a link to a current chart of the total value of all cryptocurrencies combined. 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. The amount of value flowing from government-and-banker-controlled fiat currencies like the US Dollar, has increased over time.
On the timeline of forms of money, cryptocurrency is brand new, having only been around since Bitcoin’s creation in 2009. Compared to government fiat, gold, silver, and other forms of money, crypto has barely begun. It’s here to stay. Right now, if you do begin accepting cryptocurrency, 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 their crypto – 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.