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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
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