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Hurry and accept Crypto for your services!
by R. Kenner French and Kellen French
Cryptocurrency is one of the most popular topics in business today. It’s hard to go anywhere without hearing people talking about Bitcoin, Ethereum, or some other crypto-currency. With companies like Overstock and Expedia accepting cryptocurrency for goods/services, it would be a mistake not to do so as well! This article will explore why companies should (or should not) accept cryptocurrencies like bitcoin, etc for their services.
You may have heard of the virtual currency Bitcoin..
More and more companies now accept it as payment, and third-party payment processors — such as Stripe — are now offering bitcoin as a payment option.
We’ll tell you what bitcoin is, how the IRS looks at bitcoin transactions, and the pros and cons of bitcoin so that you can figure out if it is a good or bad idea for your business.
What Is Bitcoin?
Virtual currencies, such as bitcoin, are digital constructions that function as a way to both exchange and store economic value.
Virtual currencies aren’t officially legal tender in many countries yet, but you can use them in some countries as if they were legal tender.
You can buy and sell bitcoins digitally and also exchange them for actual currency, like U.S. dollars or euros. As such, bitcoin is a “convertible” virtual currency.
