2022 saw one of the most debilitating years for crypto investors and traders and to many, it seemed like much of the world was beginning to turn against cryptocurrency in general, causing prices to flunk week after week and posing a financial risk to all traders involved. But just like a good dog, you can’t keep crypto down, and as of 2023, currencies have been making a huge comeback as they fight off the attempts at their demise, raising the need for a guide discussing the relevancy of crypto for business payments in 2023.
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Is It Still Safe to Trade In Cryptocurrency?
Yes. In fact, it’s now safer than it has ever been, with new measures to protect traders and investors being implemented year after year. Although the nay-sayers will try to discredit crypto as a source for trading, the harsh reality that many establishments and authorities have to accept is that they can’t control the market because it controls itself.
From beginners keen to learn how to buy bitcoin to veterans looking for the optimum time to trade and cash in – we’ll be exploring whether businesses should still be accepting crypto payments below.
Are Businesses Still Taking Crypto Payments?
Certainly – or at least those that are keen to receive payment in one of the world’s leading digital currencies are. According to sites like https://www.etoro.com/en-us/crypto, their trading platform has never been more in demand, with hundreds of millions of dollars worth of cryptocurrency being traded each and every day.
Throw in the fact that more and more investors are signing up to platforms like this every week, and you’ll begin to see why there’s really no need to panic after the recent assault on Bitcoin.
Will 2023 Be Any Different?
Only in the sense that the demand for cryptocurrencies has seen a rapid increase in the past few months. Instead of the attempted plot to decrease the efficacy of crypto by global authorities and governments that were well-documented via media, it has only led to more people turning away from the establishment. Even the average Joe is now beginning to consider crypto a viable investment opportunity.
What About Payments?
Because of the increase in demand for crypto, there are entirely new industries opening up to the potential of receiving bitcoin as a payment. This means that more and more people will eventually find paying with bitcoin and other cryptocurrencies an option, which in turn will lead to further industries being willing to accept it as a form of payment.
Rather than cutting the nose off to spite the face, it makes far more sense for those businesses already accepting the currency to continue doing so, as well as newer enterprises that don’t yet accept payment in crypto to make the upgrade and begin accepting it. As new currencies are introduced into the market, all of which will boast their own values and demand – the more widely available crypto is to the general market, the better the potential could be for businesses.
And unlike other forms of payment that can decrease in value until they are worthless, crypto is and has always been in demand. Although the costs can fluctuate, there’s nothing to say that holding onto the currency until the price increases (be it substantially or otherwise) can be a great way to receive a higher return on investment (ROI) than when the payment was initially made.
If the price for trading isn’t appealing, so what? Hold onto the currency until things change, which they inevitably will. Experts anticipate growth in crypto over the coming years, so it really makes no sense to quit for the sake of stepping away.
Generally speaking, crypto isn’t suddenly something for businesses to stress themselves out about – even if it can be volatile in today’s market. Fortunately, the community is self-sustaining, allowing them to define the demand and value for cryptocurrencies without any external input.
Like gold, prices can fluctuate, so having a wallet filled with crypto waiting to be traded at a profit won’t just help a business financially; it could also be a goldmine waiting to be discovered in the near future. This is why making crypto payments an option is such a good solution, simply because the demand will always be there and if sold at the right time, the potential for profit could be very appealing indeed.