Should Your Business Accept Cryptocurrencies as a Payment Method?

Cryptocurrency has taken off. The amount of money in Bitcoin alone is in the billions. Celebrities approve of it, the CEO’s and tech giants approve of it, and even world leaders approve of it.

So why are so many industries slow on the uptake? There are few industries that accept outright cryptocurrency as a form of payment, and instead digital currency has to be converted into the national currency before it is of any use to the average consumer.

Except in gambling. Online casinos are so far quite welcoming of crypto. Why is that? And should your business perhaps follow suit? Read on to find out all the details.

What is crypto?

Cryptocurrency is also called digital currency: a form of money that is entirely online with no physical alternative.

It has been called the People’s Money due to its self-validating technology allowing it to bypass the need for a bank. This has allowed investors from all backgrounds to get involved with cryptocurrency, with no elite few controlling the market.

What are the benefits of crypto?

Crypto is famously very secure. It uses encryption to verify transactions, which means there is a lot less time spend on validating transactions, so it’s faster. In turn, this means that, for businesses, there is less of a chance of friendly fraud, in which the cardholder reverses payment by contacting the bank. Crypto doesn’t go through a bank and therefore there is no way of cancelling or reversing a transaction once it is made.

Online gambling sites, in particular, are a fan of cryptocurrency. It isn’t uncommon to see Bitcoin amongst their list of accepted payment methods. However, other cryptocurrencies are far rarer to find listed. It seems, in particular, the lack of red tape around digital currency allows for faster withdrawal rates, pleasing gamblers waiting for their payout. Online casino gamers are keen users of alternative payment methods. Online casino NetBet, for instance, have PayPal, Euteller, and EcoPayz among their accepted options.

Some providers don’t accept cryptocurrency as a payment option, though. They might just be more hesitant to embrace the digital currency, or there might be more to the decision.

What are the cons of using crypto?

Well, the main con of using crypto in your business is exactly why we’re here asking this question: not many people are using it. It’s still a new concept to a lot of people, especially anyone outside the finance and banking industries, and therefore hasn’t been picked up by uninterested parties.

Crypto is also highly volatile in comparison to stocks, for example. It waves, like stocks, but unlike stocks it has very high highs and very low lows. Unlike stocks, cryptocurrencies rely on hype, so a Tweet has been known to send currencies crashing.

Migration is also a possibility with crypto. Where, if you were in Europe, you couldn’t choose to start using Rubles because it is doing better, a crypto buyer could switch from Bitcoin to Dogecoin in an instant. If enough users decide that’s a good idea, the value of Bitcoin drops. If you have been using Bitcoin all this time, you’re out of pocket.