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Not accepting crypto will eventually translate into a huge mistake. Primarily because it’s denying another payment source for customers. That aside, there are more fundamental reasons why not accepting crypto as a form of payment will hinder business growth.
New Age, New Money
Economies have been evolving and shifting for centuries, and forms of payment are no exception. While most of us are accustomed to a centralized form of money in the hands of governments, businesses, and banks, we are now faced with a form of currency that is decentralized. That can be a bit overwhelming to understand, especially when we’ve never experienced it before.
Accepting crypto as a form of payment might seem far-fetched to some, but what really sets cryptocurrency apart from traditional currencies? Well, in reality, not much!
Crypto vs. Fiat: Similarities & Differences
Who has control?
So again, what really sets these two forms of currency apart is how they’re governed. The majority of crypto belongs in the category of decentralized finance (DeFi) and fiat belongs to government central banks, meaning it’s centralized finance (CeFi).
In short, CeFi is in the hands of people and institutions and DeFi is in the hands of perfectly calculated smart contracts and algorithms. Both have their advantages and disadvantages, but one thing is for sure – they both serve as adequate forms of money.
For a currency to be considered a currency it needs to abide by 6 main rules. It needs to be durable, portable, uniform, limited, divisible, and acceptable as a form of payment. Cryptocurrency is just that!
Value fluctuation
It’s normal to hear of the volatility surrounding crypto, but in reality, fiat currency is not exempt from those situations either.
Value fluctuation is just a part of circulating currency, no matter what kind it is. Markets go up and markets crash. Money value appreciates and money value depreciates. People commit crimes with money and some people do great things with it. It’s not new. It’s time to stop pointing fingers at the unknown and embrace it. New isn’t always bad, and with crypto people now have full visibility and control over how they participate as opposed to being completely out of the loop.
Payments
So why is accepting crypto payments so important moving forward?
Because cryptocurrency isn’t a game. It has changed so many people’s lives and shifted the dynamics of all we’ve known for a new world where everyone can actually have fair visibility of their money. It’s completely unbiased. Blockchain doesn’t care if you’re of an affluent background or throwing in your spare change each month – everyone has full visibility and control over how they manage their money… and people are catching on!
With over 3 trillion dollars invested in crypto so far, and only increasing, why would you deny that potential business?
ForumPay
ForumPay makes crypto payments as easy as accepting any other form of payment. With a fee notably lower than all the hidden and extra fees credit card payments require, you can accept crypto and get paid in fiat instantly without any risk.
By implementing ForumPay in your business, you’ll attract crypto-paying customers. Yes, crypto… not just Bitcoin. A customer can enter your store and pay from any digital wallet in any crypto of their choice. You show them the QR code, they scan it, and that same day you receive the equivalent in the currency of your choice. All conversions are instant at the best possible rate available the moment a purchase is made.
What are you waiting for? Get started today at www.forumpay.com and don’t forget to follow us on Instagram and Twitter for more!
