Best Discrimination Attorneys in Calgary, AB

Cryptocurrency in Canada: Considerations for a small business owner You may have heard a little (or a lot!) about cryptocurrency lately, and are wondering how it might affect you as a small business owner. Should your small business accept cryptocurrency? We’ve had clients ask about this. As a small business, you might choose to accept cryptocurrency for many reasons – competitive differentiator, lower processing fees, etc. But is it right for your situation? At this point, cryptocurrency is a store of value and not a functional currency that’s backed by the government. Because the price is so volatile, the value can change quickly, and accepting it would be too risky for most people’s appetite. For example, if you exchange $1,000 in cryptocurrency for products or services, you may wake up the next morning and find that it’s only worth $500 (thus, losing your profit). It’s also difficult to convert cryptocurrency back into fiat money or Canadian dollars without a lot of fees or time. You’d have to use one of the following: Bitcoin ATM Online crypto-asset exchange or over-the-counter markets Barter exchange with another individual Crypto-asset payment processor Crypto-assets are not as liquid as most business owners would want or need it to be. Until the coin that you're using gains momentum as a functional currency, it’s probably not worth it for you to accept it at your business.