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               •  Customers might not be ready for it. Since            against price volatility by immediately exchang-
                  this type of currency is still relatively new,        ing digital currency for its current cash value. Be
                  many people still don’t understand or trust it.       sure to do your homework, carefully research-
                  Crypto might not be appealing to tech-averse          ing cryptocurrency to decide if it’s right for your
                  or risk-adverse customers. Using crypto also          business (and your personality type!).
                  requires some effort, as customers would need
                  to set up their own digital wallet and learn how   •  It’s not completely safe from cybersecurity
                  to buy with this type of currency.                    threats. Crypto reduces the risks associated
                                                                        with credit card fraud, but it’s not completely
               •  There may be technical barriers for business          safe from cybersecurity threats or breaches.
                  owners. While Shopify and Square make it easy         There’s no proven way to completely prevent
                  to add a crypto purchasing option, if a small         cybercriminals from accessing users’ crypto
                  business doesn’t use those platforms, it might        wallets, and crypto isn’t backed or insured.
                  be a bit trickier. Businesses need to set up a        Some cryptocurrency companies are working
                  digital wallet on a digital currency exchange to      to reduce the risks of security breaches by fully
                  accept crypto, which some people find difficult,      insuring losses, but insurance doesn’t currently
                  especially if they aren’t particularly tech-savvy.    cover personal accounts, so you’re still respon-
                  Also, since cryptocurrency is an ever-evolving,       sible for securing your personal wallet. But if a
                  information-dense space with a steep learning         crypto company like Coinbase is breached, your
                  curve, it can be an overwhelming option for           funds would be protected.
                  some business owners. It is volatile and unpre-
                  dictable.                                         •  There’s uncertainty around crypto regulations.
                                                                        The regulations around cryptocurrency will
               •  Digital currency is volatile and unpredictable,       likely continue to change and evolve over time,
                  so if you’re a risk-adverse business owner, this      which means business owners will have to fol-
                  might be too much drama for you. Keep in              low – and adapt to – these changing rules. Since
                  mind that Bitcoin was first valued in pennies in      cryptocurrencies are relatively new, the gov-
                  2009 but rose to more than $65,000 per coin in        ernment is still looking at regulations and rules
                  February 2021. That’s obviously a huge range!         about things like reporting gains and paying
                  Using a merchant service company, like BitPay         proper taxes on crypto transactions.
                  or Coinbase, helps protect small businesses

               6      April - May  2022     BEVERAGE MASTER





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