Recent volatility has shown the risk of accepting crypto for small to medium-sized enterprises, but that hasn't slowed down efforts to embrace digital payments.
market witness an unparalleled amount of financial volatility, so much so that the total capitalization of this fast-maturing space has dropped from $3 trillion to approximately $1 trillion. This comes after the industry hit all-time highs across the board last November, with Bitcoin reaching a price point of $69,000.
“Bitcoin on Lightning is disintermediated, has finality built into it, faster, more secure and is many magnitudes cheaper in transaction cost than credit card’s ~3% fee. The payment does not necessarily need to be settled in BTC since the Bitcoin network can take dollars, convert them to BTC and transfer it across the network and convert it back to dollars upon arrival.”
“Current market conditions may be bearish but the overall adoption of Bitcoin and key crypto infrastructure including the development of the Metaverse as well as the integration with traditional financial markets continue to advance. For any businesses looking to plug into the crypto ecosystem and economy, this is a good time to pursue such endeavours in anticipation of the next phase of the adoption curve.
“Goods and services are generally priced in fiat, and when accepting crypto, merchants simply end up with the fiat value of the crypto at the exact time of purchase less the gateway’s fees. This can be a better deal than the fees charged by card networks or PayPal, so it makes sense for some merchants to add this option.”
In this regard, she noted that Shopify’s recent coming together with prominent cryptocurrency exchange Crypto.com was a big step in the right direction, however, owing to the fact that most jurisdictions around the world still do not recognize crypto as legal tender, bank account maintenance for SMEs can be a real nightmare.
Ezeji-Okoye believes that if a business owner is simply accepting BTC in order to “buy the dip,” they’re better off setting up calculated trades on an exchange rather than accepting exposure from random volumes of purchases at random price levels with money they need to buy supplies.
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