Should Your Business Accept Bitcoins?

You’ve probably heard of bitcoins.  But what are they, really?  It’s hard to explain so let’s watch this video.

watch?v=Y-w7SnQWwVA

There’s an old saying that everything is worth what its purchaser will pay.  Bitcoins are a great example of that.  They first started trading a few cents apiece.  As of May 23rd, 2013 they are trading at $126 to one bitcoin.

So the real question is: should your business accept them?  In my personal opinion, I’m going to have to say no.  Recently in the news, bitcoin exchanges have been shut down .  Also, because the volatile nature of bitcoins, you may end up worrying about the market rate rather than running your business.

On the other hand, most businesses that accept bitcoin see such transactions as a very small percentage of their total revenue.   However, the fact that bitcoins are untraceable currency from the ether (most currencies are) attracts less than upstanding citizens.

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