About 2 months ago I made a video for my YouTube channel about crypto currencies.
It was around the time when Bitcoin was surging upwards and in the space of 2 weeks had climbed from $9000 to $19,000.
I was sceptical about it - and I remain so today about the potential for investment returns. But let's face facts, cryptos in some form are here to stay and will be for a long time. The question is which crypto currencies will be here in a year, 5 years and 10 years time.
I was so sceptical that the few times I had been asked by people if they could pay in Bitcoin for some hand poured silver I always replied, No. In fact it was more like, hell no.
I guess the major problem, for me at least, was ignorance of how everything worked and also fear stories about being able to get your cash out at the other end. For me as a small business cashflow is everything. I need the cash from every sale so that I can re-invest it into the business. Therefore the idea of taking payment in a crypto currency and not being able to spend that money was worrying.
It was the cool, calm and collected discussions with @welshsilverstacker that gave me the nudge to get on board.
In fact, one specific thing he said to me really hit home and it was this that made me think, maybe it is worth giving it a go. I asked him, "Why would you not just cash out yourself and then bank transfer me the cash?". Welshsilverstacker's answer was surprisingly simple, "When you go to the supermarket and buy your groceries you don't go to a cash point first and withdraw the exact amount you need for the weekly shop, you just pay by debit or credit card!". This got me thinking and by god he was right.
As a seller and small business owner it was all of a sudden apparent that I was missing out on a potential revenue stream and payment method that a lot of people have at the moment. And one that a lot of people are using to buy physical assets at the moment as well.
So I set up a Coinbase account and went through the week long process of getting my bank account verified and I did a few test runs. Welshsilverstacker sent me his first payment so I could get to grips with how it worked. It was really very simple indeed. I subsequently cashed out his payment and hey presto - it was done!
Overall I have to say I am still sceptical about investing in Crypto Currencies. They are just too volatile for me at the moment. I have had £25 in an Ethereum account for the last 2 weeks, it has gone as low as £18 and as high as £27. That is a huge swing and I just cannot see myself putting large sums or cash into these types of accounts.
However, my attitude has shifted considerably in the last few weeks. The fact I am willing to accept payment in cryptos is something I thought I would never do a few months ago.
To that end, if anyone would like some hand poured silver and would like to pay in Bitcoin, Ethereum or Litecoin then please get in touch!
Thanks for reading and don't forget to upvote, comment and share!
