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I Reject Cryptocurrency as a Payment Method in My Business, as I Currently Believe the Hassle Outweighs the Benefits

As a business owner, I understand the appeal of accepting cryptocurrency as a form of payment. After all, it’s a digital currency that’s not tied to any government or central bank, and it’s becoming increasingly popular. However, at this point in time, I don’t accept crypto as a form of payment in my business.

The main reason I don’t accept crypto is because it’s still a relatively new technology, and there are a lot of risks associated with it. For example, the value of cryptocurrencies can be extremely volatile, and there’s no guarantee that the value of the currency won’t drop significantly in a short period of time. This means that if I accept crypto as payment, I could end up losing money if the value of the currency drops.

Another issue is that crypto transactions can be slow and expensive. This means that if I accept crypto as payment, I could end up waiting a long time for the transaction to be completed, and I could also end up paying high transaction fees.

Finally, there’s the issue of security. Cryptocurrencies are still vulnerable to hacking and other security threats, and this means that if I accept crypto as payment, I could end up losing money if my wallet is hacked.

For all these reasons, I believe that accepting crypto as a form of payment is more trouble than it’s worth at this point in time. I understand that the technology is still developing, and that it may become more secure and reliable in the future. But for now, I’m sticking to more traditional forms of payment.

33 thoughts on “I Reject Cryptocurrency as a Payment Method in My Business, as I Currently Believe the Hassle Outweighs the Benefits”

  1. >As a business owner I need to plan way ahead in order to keep money income and to have enough money to earn for myself, pay business expenses and to pay my workers salaries, bonuses etc. At this point crypto is too volatile for that.

    You can setup an XRPL gateway, accept XRP and have it be instantly converted into Any Fiat, you like. Have a supplier in thailand that wants thai baht? maybe you need the egyptian pound or brazilian Real. Or maybe you just want good old greenbacks, the XRPL doesnt care and can give it all to you. you can have 10% of all incomming payments be converted and settled live into thai Bhat. Want to keep 5% in Bitcoin for yourself? You can setup another conversion for all incoming payments to be exchanged in realtime into BTC. you can keep slicing the % up and pick any crypto/Fiat/Gold/Oil/Silver/stocks with the XRPL DEX atm.

    >There is also a high chance that I can lose money by crypto price going down, and you all tasted that and you know that it can happen in a matter of minutes..

    Then accept crypto payments use the XRPL to convert to Fiat live, its 3-5 seconds for the conversion, fees are roughly 10,0000 transactions for a penny.

    >- Complexity with customers and the state
    Lets say that after all I accept crypto in my business. It can be way too complicated for some people to use it, even if I think that people who want to use it will be familiar with it, there can always be downtime and we saw cryptos from top10 being down for some time.

    XRPL has never stopped in 11 years.

  2. You’r right.For the moment seems better to not do it but I hope there will be soon some sort of regulations and more assurances if someone get payed in crypto.But don’t forget fiat money is not secure too,and really don’t know if is better a big volatility or a continuing inflation steal us buying power in time.

  3. I don’t because I am worried it may push existing customers away if I did. It’s still a black sheep / my biz clientele is older/I would rather get btc vs fiat

  4. Yea, if I had a business (assuming it wasn’t in a field in which crypto would be the bulk of the payments), I’d probably just take the relatively small proportion of crypto compared to fiat and just consider that passive investment.

    I 100% agree that if I was in that situation and I had a relatively small profit margin &/or a high proportion of payments coming in in crypto, it would be extremely inconvenient to run a business like that.

  5. I agree. Imo businesses that accept crypto this early use it as marketing ploys (crypto people would share it for exposure etc.) or they plan to hold long term (wc means they have sufficient cash flow to begin with)

    And in the same way, I probably wont agree to get paid in crypto in my full time job

  6. Did you actually ever use crypto for your business, or did you just come to those conclusions before jumping in?

    I’m just wondering. Because I have several years of experience on the business side, and I always see these posts from people who turn out to have very little experience actually implementing crypto in their business, or never really gave it a chance and abandoned it too quickly.

    Once you actually have a couple years of implementation in your business, then you really start to see it from a more objective point of you.

    Using crypto does provide some better security, and guarantees your transaction, and more importantly guarantees you will get paid, and not get rugged by credit card disputes.

    Not to mention, it’s cheaper.

    I’ve actually had experience using it, and actually using it took a way a lot of misconceptions I had about volatility. In practice, you realize we kind of overblow the whole effect of volatility. And since the price is set at the current fiat equivalent, you get instantly the latest price, so the volatility effect is minimized in most POS systems.

    And plus, most people will use things like XLM, because it’s cheaper. And it tends to be fairly stable.

    From a business standpoint, you’ll make purchases and payroll, long before there’s any new cycle or before you go through an entire bear market.

    Over multi years, whatever you might lose during a brief dip or downturn, you’ll make up again in the next rally.

    Overtime, you end up winning more than you lose, since long term crypto has been in an upward trend.


    From a tax perspective, you still have to do your tax work either way, even if you use fiat. You have to enter do your sales taxes, inventory, W2s, supplies, expenses, health plan, etc…

    And you enter it in your account and tax software anyway. Your software does the calculation for crypto. I don’t think too many people are doing this manually.


    You’re saying it could be too complicated for some people to use.

    But crypto apps now are identical to Google/Apple pay, and Paypal. They’re no harder than any mobile payment.

  7. I have a business and accept crypto payments, most of the time ppl pay with stable coins 🤷🏻‍♂️

    They use primarily the BSC and TRON networks, which proves that regular ppl don’t want to struggle with l2s or mainnet, they just want an easy and cheap way to transfer value

  8. Agreed. As of rn, the only feasible way of paying with crypto is by using crypto visa cards or similiar products, which effectively do nothing else but convert your crypto to fiat. I think crypto still has a long way to go before it becomes convenient enough for daily use.

    As long as you can lose your whole balance because you forgot 1 out of 12 words, didnt double or triple check the random string of numbers and letters that make up an address, or just due to volatility, the everyday customer wont care for crypto.

  9. This is true. It is going to take years before crypto becomes an established payment form for businesses.

    I still remember in 2021, many coins (including shitcoins) were marketing payment methods as one of their utilities. I am glad we have moved on from that.

  10. I don’t even own a business but I completely agree. How can you run a business when you sell an item for $20. And then the crypto you collected can suddenly be worth $15 the next day.

  11. At this point, I think majority crypto holders just want to to be a volatile as hell asset. So many prefers building “value” via deflationary tokenomics, artificial scarcity, the Shiba Inu army’s burn shit, etc. They don’t care too much about building value by providing goods and services. Real and sustainable growth are just too slow for most the crowd. They want moon. People are wrong, a lot of tourists haven’t left. They just converted into degens.

  12. You’re spot on with your case here. The follow up question that I have for you is (And no pressure if you do not want to answer it);


    Would you consider purchasing Cryptocurrencies through your company’s account as part of your CAPEX? As in, to be in the position of a possible appreciating asset? Of course, this is only if you have surplus in the business.

  13. Don’t forget too that if you apply for a business loan and produce income statements that show crypto payments as a form of revenue , they MAY decline the application outright or downgrade your recorded revenue because it is considered risk on and not quantifiable in $$.

    $1 = $1.

    1BTC = $24000.

    Oh, hold on, now 1BTC = $18000.

    Wait….wait….1BTC = $27000….

    Oh fuck it……DECLINED.

  14. That’s a reasonable concern, but i’d like to address a few points:

    – Crypto is too volatile indeed and that’s why you should use a crypto gateway to instantly convert any crypto you received for FIAT so you don’t get exposed to the volatility of crypto.

    But that’s your call and if you think it’s more important to build a solid foundation for your business first then that’s okay.

  15. Finally someone posting with some rational sense …
    We need to look at the advantages of crypto and use and extend that. ‘Regular’ payments might follow from there, or not. There is plenty of opportunities ahead

  16. Do what you think is right for business – rule #1

    Playing devil’s advocate – do you think stating you’re crypto friendly or marketing that well, do you think that could get you a newer or loyal customer base and that’s worth in the long run (cost of expansion)?

  17. There’s no need to be exposed to the volatility, you can fully or even partially accept a payment in local fiat and partially in bitcoin. Look into [BTCPay Server](https://btcpayserver.org/) and [stablesats](https://stablesats.com/).

    All [these](https://btcmap.org/) thousands upon thousands of places accept bitcoin. [This](https://twitter.com/LightRider5/status/1634108114751332352) subway in Berlin offers 10% discount for payments in bitcoin because it saves them middleman card company fee and eliminates chargeback risk which is one of the biggest expenses for a lot of merchants.


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