Yesterday the UK Treasury announced it will regulate stablecoins, which is arguably a major milestone on the road to the acceptance of digital currencies. The Treasury will even mint its own NFT this year. Newspage asked small businesses one simple question: “Would you accept Bitcoin or any other digital or crypto currencies as payment for your products or services?” 56% said they would, 44% said they wouldn't. We also invited them to explain their reasons, with 24 select responses below.
24 responses from the Newspage community
"As an artist and fashion retailer, I think it’s essential to explore the potential of all digital currencies from Bitcoin to NFTs. I do worry about the impact on the environment given the vast amounts of electricity needed to mine for Bitcoin. But if I can find a sustainable way to use crypto currency, why wouldn’t I?"
"I'd accept Bitcoin as payment. Like the internet in the 1990s there will be many false starts and the main players will change considerably, but once technology like this is released and grows through the network effect, there is no going back."
"Bitcoin and other cryptocurrencies are far too volatile to be an acceptable method of payment for us. By accepting Bitcoin as payment, businesses risk losing all of their profit on that sale simply due to any fall in the Bitcoin price that happens before they can convert the Bitcoin into Sterling. That's an additional risk most businesses don't need, especially in the current climate."
"I am an avid 'Bitcoiner', having dabbled in digital currencies since 2013. In those days, it was very hard to buy Bitcoins, harder still to sell them and the options for using them were very limited. Nowadays however, with services such as Coinbase so easy to use and access, there's no practical reason why businesses should not accept Bitcoin as a method of payment given it can be quickly and efficiently converted into any major currency."
"I wouldn't accept Bitcoin as payment. It's a huge threat environmentally and I'd prefer global warming didn't boil me to death."
"We wouldn't accept Bitcoin for our domestic marketplace because of its volatility, however when we trade internationally we would definitely consider it. It feels established and liquid enough to trust."
"With the global crypto market cap reported at over $2 trillion, it's clear digital currencies are here to stay. As more of our world moves online, cryptocurrencies and tokens will be used more and more. I believe businesses need to embrace the change or get left behind. Some business and finance Luddites are in for a rude awakening in the next 5-10 years."
"I'd accept payment in Green Shield stamps if it was the difference between securing a sale or losing it. On a serious note, given the exceptional growth of Bitcoin and other cryptocurrencies, it's only a matter of time before they become a recognised currency that retailers should accept. So long as the necessary due diligence has been carried out, then bring it on I say."
"Absolutely no way would I accept payment by Bitcoin, just like I wouldn't accept payment in the form of bottle tops, gym membership or an IOU."
"Absolutely not. While I understand crypto to a point, I wouldn't expose my business to a payment method that has zero regulation and is a favourite of criminals the world over. If it was regulated and more widely understood I would consider it but until that point you are opening yourself up to an unhappy ending."
"No way would I accept Bitcoin as payment. I have a number of payment options for my clients and if they cannot afford to pay for my services using one of those, they can't afford me at all. I cannot walk into my local butchers or greengrocers to buy food using Bitcoin, a taxi driver isn't going take me far, if anywhere, if I offer him or her Bitcoin, and how the hell will my kids play on the 2p machines at the seaside using Bitcoin?"
"Whether we like it or not, cryptocurrencies like Bitcoin are undoubtedly the future. However the unpredictability of the price, shifting tens of percentage points in a single day, is just too volatile for us to accept or hold as a business."
"I would happily accept it, at least whilst it's going up 200% on average every year. But only a fool or a money launderer would use Bitcoin to buy a product or service when it's increasing in value that much. Anyway, as a heavily regulated mortgage broker, I don't see the FCA allowing crypto payments any time soon."
"I don't have a strong enough understanding of Bitcoin so wouldn't accept it yet. It just seems to be the currency of scammers in my experience. I offer lots of other options that are regulated so I'm in the 'No' camp at least for now."
"How much is that? Oh that'll be 0.000124547392923 BTC please. You better buy right now or it could be 20% different in 30 minutes! Who could get their head around that? I think Bitcoin is interesting as an alternative asset to Gold. But it doesn't really work as a currency. That said, some of the other 'stable coins' that are pegged to a regular currency could make more sense for day to day transactions."
"I wouldn't currently be happy to accept Bitcoin payments primarily because I don't understand enough about it. If mortgage lenders and supermarkets started accepting crypto currencies, they may feel more tangible and less terrifying. I'm not saying never, I'm saying not right now."
"I would accept Bitcoin as payment for my services. Sure, there is volatility in the value of Bitcoin, but look at the underlying value of it. Where else are you going to receive payment from a client that could actually have the opportunity to go up considerably in value? You can always use a peer-to-peer exchange to convert your Bitcoins to real-world cash."
"I would avoid Bitcoin as the carbon footprint of mining them is huge, but brikcoins - a system of sequestering plastic - and the associated carbon - out of the biosphere, yes I would and already do. All of the courses I run people can choose to pay with money or with brikcoins." https://www.ecobricks.org/brikcoins/
"I definitely wouldn't accept payment in Bitcoin. It's far too volatile and, working in financial services, we have to be very careful about money laundering laws. Moreover, given that one fundamental aspect of cryptocurrencies is their anonymity, it is impossible to prove the funds aren't the result of money laundering or criminal activity. Which, incidentally, is the reason it'll never be a valid currency."
"Due to the amount of scam emails I receive, I avoid all things Bitcoin."
“At this moment we wouldn’t accept any crypto currency that is not regulated by a central bank, which in effect means all of them. The value fluctuates wildly and has all the hallmarks of a bubble. A few people will win and if history tells us anything, many will lose. Furthermore, it is the favoured currency of criminals and there is a greater danger of people unwittingly being part of a money laundering enterprise. We wouldn’t want to risk our reputation for that."
"I would not because of the volatility and transactional costs. Taking card payments is costly enough without the added extras associated with cryptocurrencies. Our industry often has low margin and rapid price changes so offering payment by cryptocurrency is simply not viable for us at this time."
"I've recently been trying to research Bitcoin and find reputable resources. It's a minefield and no-one seems to be able to give any definitive and clear explanation of what it's all about. As a business, and personally, I think I'll be leaving it alone for a while longer."
"Yes, I would accept payment by Bitcoin in the future. But at the moment I have no idea what I would spend it on if I had any to spend."