Not even 24 hours after the launching of a billboard advertisement by the District regarding taking Bitcoin as payment, a new client came into the New Haven co-working space. He ended with the leasing of space but paid with a credit card. Erika Stine, the director of community and culture at the District, said about the billboard that they didn’t expect such a turnaround. Although the client paid in a much traditional manner, he told her that he was getting the attraction towards the idea of paying with bitcoin.
Stine said, “ He wanted to be at the forefront of where it’s happening – and that’s District.” With Bitcoin and other cryptocurrencies constantly coming up in the headlines, many small and medium-sized businesses are thinking of entering into the crypto space. The extreme volatility for many cryptos is making their use as currencies, which is the current topic for debate. Bitcoin itself has swung in so much value that many analysts are categorizing it as an investment as more than a means for exchange.
But accepting Bitcoin and other cryptos, along with safeguarding in place, can have more value than a simple exchange like District and others. Transactions in crypto make sense for Adam von Gootkin, the co-founder of Highclere Castle Spirits in Essex. His company is selling its British product, Highclere Castle Gin, all over the world.
XRP is currently the third-largest digital currency, which is especially drawing the interest of the company with its wide adoption in Europe. It is speeding up international transactions, according to Gootkin. He added, “Cryptocurrency is a big thing in the world right now in that it’s really changing the way we think about currency and transactions.”
Highclere Castle Spirits also recently announced that it had been the first liquor company in the US reckoned for conducting a transaction in bitcoin. Hence, it is exchanging about $2000 worth of currency, along with a distributor in New Jersey. The deal got arranged by Coinbase. The process is very simple, and Bitcoin Highclere Castle Spirits are receiving an appreciation value worth 5%.
The biggest challenge that comes with doing a business in cryptos is during tax time. The IRS considers cryptos as an asset that comes with a fluctuating value. Tracking the activity of cryptos is also a full-time job. But Coinbase comes with an evolved technology as the solution, which is making experimentation much easier.