Can I get a drumroll? I’m pleased to announce bitcoin will now be accepted as a payment option for my appraisals and consulting work. What is bitcoin? It’s a digital currency that can be used in various places online or exchanged for US dollars. From a business standpoint, I like the concept of being relevant to potential customers wanting to use newer technology, but I am also a fan of the lower 1% transaction fee through BitPay compared to PayPal’s 3% fee. There is definitely lots of hype and buzz about bitcoin right now, and some call it a fad, but at the same time I am all about wanting to meet customers where they are at and explore technology. You can check out my 3 steps to pay with bitcoin. And yes, I do still accept cash, checks and credit cards.
Questions: Would you ever use bitcoin? Do you think it’s something that will continue to grow in popularity or is it just a fad? Feel free to comment below.
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You are too funny Ryan! Make sure you let us know if you have any takers.
We shall see Michael. I’ve yet to see a local property advertised to receive payment in bitcoin. It could generate some buzz, though there are some issues to think through too. I’ll be curious to see when it first happens locally though as it has happened in other places.
Aren’t you worried at all about converting your bitcoins to actual currency; since some of the exchanges have shut down (leaving transactions in limbo) and botnets are out stealing the currency?
Jake, thanks for your comment. I’m not really concerned because I’ll be using a third-party called BitPay. I suppose there is risk in anything really, and something new especially feels that way to a certain extent. I don’t expect to be doing a high volume of transactions with bitcoin, so I’ll be able to test it out without exposing thousands of dollars at a time to risk. It seems like a relevant avenue to connect with potential clients, so the reward definitely outweighs the risk for me with how I plan to use it.
Good luck with it! I am certainly intrigued (and somewhat confounded) by how much bitcoin is catching on. I’ll be curious to hear if you have anyone actually take you up on it!
Thanks Jake. I hear you. It’s been really interesting to watch. I tweeted about accepting bitcoin yesterday and was contacted fairly quickly by SacBitcoin (http://sacbitcoin.org/). It’ll be fun to see more businesses added to a local bitcoin directory. We shall see…