Plenty of major companies like Subway, AT&T, Expedia, Dish Network, and Microsoft have recently decided to accept cryptocurrency. These are large corporations that have the resources to experiment with relatively new technology.
But should the average business, or small business, accept cryptocurrency?
A high population of the world has heard of or are familiar with Bitcoin. But that doesn’t mean they’re ready to use it. Only a few percentages own it. An even smaller number use cryptocurrency.
There are more than 40 million cryptocurrency wallets out there. Cryptocurrency usage has soared in places such as San Francisco, New York, and Tampa — and in places like Canada (the first country to regulate the digital currency), the Netherlands, Slovenia, Israel, Switzerland, and countries with volatile currencies, like Zimbabwe and Venezuela.
To give you a perspective, there are almost 300 million active users of PayPal worldwide and about 1 billion Visa and 900 million MasterCard credit cards in circulation. Cryptocurrency has to catch up when compared to these other digital ways to pay.
It is widely thought that if small businesses make the necessary investments in cryptocurrency infrastructure, then cryptocurrency usage will rise enormously. But there are plenty of pros and cons for businesses to consider before they take that leap.
