Should You Accept Bitcoin As Payment?

February 11, 2014 by Camille Brenkwitz

You probably have heard of Bitcoin before, but you may be reluctant to accept them as a method of payment. The crypto-currency, actually little more than bytes of information traded for goods and services, has a dubious reputation thanks to its early exploitation by criminal elements.

However, the popular perception of Bitcoin is changing, and soon many more online retailers will be accepting Bitcoin as a valid method of payment. Retailers are still proceeding cautiously, converting Bitcoin into USD almost instantly after the transaction, but it is still a big win for proponents of the new currency.

The decision to Accept Bitcoin in your online store can be an extremely profitable one, but it may be risky. Bitcoin units are difficult to come by, and those who are accepting them often find that they are a good investment to hold. Early in its iteration Bitcoin was worth as little as $13 dollars, but now its value stands at over $800. This volatility and high demand is attracting investors even as it gives some doubt as to the stability of the currency.

There are signs that the volatility in the Bitcoin market will stabilize soon, but even in the event that it doesn't some retailers are preparing for its inevitable inclusion by displaying self-updating electronic price tags to capture the currency's value in real time.

As with any new technology, there is a level of anxiety when deciding whether or not to adopt it. When it comes to money, that decision can be even more difficult. Bitcoin is not backed by any government, which its proponents actually consider to be one of its great advantages. The truth is that Bitcoin is no more risky to accept than any other currency. All currencies in the world, including the almighty Dollar, are at the mercy of global economic forces ranging from inflation to outright devaluation.

When it comes to accepting Bitcoin, the decision is yours, but keep in mind that accepting Bitcoin through a dependable payment service would allow you to keep money that normally would end up in the pockets of the credit card company.

If you are curious how you can integrate your Bitcoin wallet with a dependable payment service contact us for more information.

Tags:   Bitcoin, Payments