The arrival of cryptocurrencies has totally transformed the world we live in, opening unsuspected possibilities thanks to the use of Blockchain technology. Therefore, we continue with our series dedicated to explaining how you can accept cryptocurrencies in your business. So you don’t miss out on the great opportunity that crypto assets represent for you.
Aren’t cryptocurrencies unstable?
This is one of the main doubts that those who are approaching the crypto world for the first time have. After all, most of the news that reaches the population about Blockchain technology, has to do with the abrupt changes in the price of cryptocurrencies like Bitcoin. Which can go from spectacular rises to sharp falls in a matter of hours.
However, the story is not as black and white as it might seem when looking at the fluctuations in the price of BTC. Firstly, because the volatility itself in the price of the cryptocurrency offers an opportunity to the trader interested in the financial world.
Well, you could use the Bitcoins you receive as payment for your products to make investments in the crypto market, making a profit through trading. Or simply waiting for one of these abrupt changes in the price of BTC, to bring the value of the cryptocurrency much higher than the price at which it was obtained. Receiving a significant profit with little effort.
Secondly, we must remember that the crypto world is not only made up of Bitcoin. On the contrary, there are dozens of cryptocurrencies with more or less stability, which we can accept in our business.
Not to mention stablecoins, virtual currencies whose value remains stable over time, since they are anchored to a less volatile asset than cryptocurrencies such as US dollars.
So … What virtual currency should I accept in my business?
Of course, the decision of which cryptocurrency to accept in your business is a personal choice, for which we recommend you inform yourself by visiting our series of cryptocurrency reviews.
However, we can identify two great strategies that you can follow in your approach to virtual currencies. So that you understand how to accept cryptocurrencies in your business and benefit from it.
First of all, as we already explained, you can take advantage of the volatility of cryptocurrencies in your favor. Using the changes in your quote to generate profits in the crypto market. In that case, we suggest that you bet on one or more of the world’s major cryptocurrencies, such as Bitcoin, Bitcoin Cash, or Ethereum. All recognized and used by multiple companies across the planet.
For its part, the second strategy you can follow is to trust stablecoins. Thus, as soon as you receive a payment in cryptocurrencies, you will simply change the amounts that have been sent to you for a much more stable currency, as is the case with Tether.
And thanks to the fact that the value of Tether and other stable virtual currencies never varies, you can rest easy knowing that your money has not lost a penny of its value.