Unless you have been living under a rock and thus have no access to the internet, you have heard of Dogecoin in recent months. Dogecoin and other cryptocurrencies like Bitcoin and Etherum have slowly and steadily been gaining momentum over the years. With thousands of cryptocurrencies now in exitance, crypto has reached the point that proves that it is not going away anytime soon, and is likely here to stay. Everyone including business owners must at the very least take the time to consider if accepting cryptocurrency is right for your business and financial future.
First, a quick overview of cryptocurrency.
Cryptocurrency touts itself as a medium of exchange that is not regulated or backed by a government. So, inflation is not a real issue because the government cannot simply print more money when it is needed and potentially oversaturate the market. Not being regulated by the government also means that if something does happen with your currency that it goes missing, there is no one including the government that can help you out. Each person with cryptocurrency is responsible for their security of their account and their bitcoins, etherum tokens or whichever you may have. Crypto also is not handled or stored in banks like traditional currency. This fact cuts out the middle man in most everyday transactions thus resulting in less fees and less of your money being taken by a third party. Cryptocurrency is a world currency with no geographical boundaries with no central bank or government and is all subject to independent protocols on the independent network of computers.
So why should a business consider taking it as a form of payment?
Accepting Bitcoin and Cryptocurrency is certainly risky. Ultimately if crypto truly does have a future it will take people and businesses putting their trust into it as a medium of exchange. It may not be the best idea to accept cryptocurrency primarily quite yet though. Crypto is still a very volatile market with huge swings in traditional currency value. If you accept the equivalent amount of $20 USD in crypto one day, the next day it may only be worth $10 but it may also go up to $30. It seems to make sense to limit the amount of crypto your business accepts each month based on your willingness to accept the risks of market fluctuation. If the Crypto currency becomes widely accepted for an exchange of goods and services the value of each cryptocurrency will most likely become more reliable much like the stock market. And like many other technologies that take off, it is the early adopters that typically reap the greatest rewards.
How to accept bitcoin and cryptocurrency.
As Cryptocurrency has developed so too has the methods of accepting them as a form of payment for goods or services. If you happen to run an online store you can use a platform like Coinbase Commerce to create your digital “Wallet” that can send, receive and store your cryptocurrency. If you have a brick-and-mortar location, like an axe throwing venue, there are Point of Sale Systems that have been created to accept Crypto as well as traditional forms of payment. Cycle POS is one company that accepts Crypto with a tap of phone or card. One of the best aspects of accepting crypto is that once the payment is made online at the POS it is then verified on the Blockchain, which typically happens within a few minutes, the currency is in your possession and you do not have to wait for the banks or the point-of-sale system to transfer the funds into your account in a few days.
Crypto and Axe throwing
It seems like most of the cryptocurrencies that exist have a very niche purpose and market. One has to wonder how niche of a market will support a cryptocurrency and if there will ever be an Axe and Axe Throwing related cryptocurrency. Perhaps, instead of paying for league or tournament fees with US dollars you pay with Axe Tokens. Or instead of buying a new axe with Canadian Dollars you use those same Axe Tokens. The Axe Token can then later on be redistributed into the axe community in a number of ways or converted into other crypto or even old-fashioned cash. The axe throwing community is a very close and tight knit group, so there is a fair amount of trust that exists within its members. It will simply take someone with the knowledge to set up a blockchain network to create this niche Axe Token market and get things moving.
There are a lot of uncertainties around cryptocurrencies and their future. With anything new it takes time for it to gain trust and widespread use by the people. Cryptocurrency certainly does have a lot of potential moving forward, so it must be considered and researched before any business decides to jump into this new currency.
Further Reading
