Vendors that are accepting crypto?

We don’t use shopify but we do have one of the crypto payment gateways we could use but like @DerelictRobot said its just not viable yet (at least for us) we considered it in the past but quickly discounted it even though myself and @ducktaperules are into crypto ourselves! I can see the appeal and it’s something we will look at in the future but for now it’s not quite there yet.

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Exactly this.

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This is disgusting BTW, how can anyone do that?

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I do agree with you. Me personally would be totally ok if the vendors would charge a few % more for crypto option. I do understand the trouble of selling crypto if a vendor does need FIAT for the business.

But in the future I hope that for vendors it would be possible to pay for materials needed to produce stuff with crypto as well. Then everyone would accept crypto knowing that FIAT is not needed at all.

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This is key.

If we eventually reach a point where I could get paid for product in crypto then use that to pay bills without all the conversion fees I could see this being viable.

The problem right now is that our machine shop don’t take crypto. our accountant don’t take crypto. HMRC won’t let us pay our tax in crypto. Shipping company won’t ship parts for crypto. If we get premises our landlord won’t let us pay in crypto.

I’m sure that one day things will be different but for now holding crypto is not that useful for a buisness.

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On the other hand. If a business can hold crypto and remain operational without converting it to Fiat. It can be a good investment in future. Of course there is a risk as well.

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The problem is a buisness requires cash flow.

Money in from customers → money out to suppliers.

The more crypto you hold the less cash you have to increase your buying power.

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I understand that completely. I am running my own company for the last 15+ years.

But every healthy business should be making profit. What I am trying to say is that if you are willing to give up a part of that profit temporarily by staying in crypto, you or a business can benefit in more profit later if crypto value goes up (what I think will happen).

Of course it can go to 0, and then you are screwed :joy:

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But as a customer, If you want to pay in crypto why not get a crypto card like those from crypto.com?

Then you can buy from anywhere, pay in crypto and also benifit from the same protections you would when buying with any other visa card.

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Unfortunately none of the crypto cards are available in Serbia. I would like to use them.

Out of curiosity, how do you declare import duties when you’ve made a purchase with crypto? I know that Latvia’s tax system doesn’t allow you to input any purely digital currencies :laughing:

Usually you get an invoice in usd or eur. That’s what I present to the customs.

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Our business could just invest in cryptocurrencies of its choosing with amounts we are comfortable with if we wanted to do that. I do not believe there are any restrictions on companies investing profits in the UK.

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one thing with accepting crypto, businesses who do will want to choose carefully which cryptos they accept. there are so many good choices but also a lot of bad choices, and as previously discussed some (like ETH) have crazy high fees. IMHO crypto should be accepted by retailers and such but it’s nowhere near mature enough of a technology yet. maybe after ETH2 drops things will be different but for now there’s just no “best” way to do it.

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I totally agree with you, using crypto as a payment option is a game changer!