If you want to run a business and attract new customers, receiving cryptocurrency as a means of payment can be a good way to expand new customers. The reason is that today’s interest in cryptocurrency is growing and will continue to grow.
In addition to the growing interest of people, cryptocurrency ATMs are also increasing significantly around the world. According to data from Coin ATM Radar, there are 6,899 cryptocurrency ATMs in 73 countries today.
To become a business that receives a cryptocurrency, customers must first know that they receive a crypto coin. One such way is to write it down in front of the store’s cash register. Payment through cryptocurrency can be received through hardware terminals, touchscreen apps and Wallet addresses recognized by QR codes.
Today, there are a number of ways in which cryptocurency available as a means of payment. For example, CoinPayments receive 75 encoded bills and a 0.5% transaction fee for each transaction. Other popular services include Cryptonator, CoinGate and BitPay. Among them, Bitpay only deals with bitcoin.
Cryptocurrency as payment method and its regulations
Bitcoin and other cryptocurrency in the U.S. have received recognitions as exchangeable virtual currencies. Meaning they are accepted as payment instruments in the same way as cash, gold and gift cards.
U.S.-based businesses need to record information such as details of transactions made with encryption money and when and how much they received. If the commodity tax required, they need to covert the tax amount according to the average exchange rate as of the transaction date.
Now, many countries have made their own regulations that manage the tax system of cryptocurrency in their countries. Even though some are still far from perfection.
Further, cryptocurrency has developed into many forms of crypto moneys. There are stable coins and digital currency. Currently, China is the closest one to launch its own Digital Yuan while other countries such as Swiss and other European countries are in the process.
These countries develop their digital currencies legally, through their own central bank. Therefore there’s another name for these currencies, the CDBC.
