Cryptocurrencies have become a big deal in 2017. From just around $1,000, Bitcoin was able to reach near $20K. And this isn’t something surprising considering the volatility of cryptocurrencies. In terms of its history, Bitcoin is known for its massive losses and massive gains. Now, the question is if it is going to be adopted by different businesses.
Today, there are banks that are using blockchain technology. In fact, even JP Morgan made use of a stablecoin to make transactions faster and more efficient. Now, there are a lot of issues out there that you will have to consider whether or not businesses are going to accept cryptos.
First, you need to consider the number of cryptocurrencies out there. Bitcoin and Ethereum are among the most popular ones that can be used for retail. However, there are also the other top cryptocurrencies out there such as Dash that is now being accepted in places like Venezuela. You also have to consider the volatility of cryptocurrencies. If you are going to accept a cryptocurrency, it means that you will never know when the cryptocurrency is going to lose its value. Therefore, it becomes a risk for businesses accepting cryptos as well.