Would You Accept Payment in Bitcoin?

alternative currencies

Would you accept this alternative currency?

Bitcoin has been in the news at an ever-increasing rate, it would seem.  From something that was a wild, crazy, and little known concept to most people a few years ago, it has shown some staying power.  Perhaps more than I realized.

A recent article in the WSJ blog MoneyBeat shared survey results that indicated the positive sentiment that people in one profession have toward Bitcoin.  It revealed that many people working in IT would actually be fine with getting paid in Bitcoin!

Apparently, just over 50% of respondents indicated that yes, they would absolutely be interested in getting paid for their work in Bitcoin.  Actually, it noted cryptocurrencies like Bitcoin, but you get the idea.  Beyond that, just under 20% said maybe, depending on where Bitcoin is in a year or two.

Taken together, that’s around 70% of people that would at a minimum consider Bitcoin in a year or two or flat out accept it now.  Seems like positive sentiment to me, if I’m interpreting this right.

Personally, I do like to embrace newer technologies and look forward rather than backward.  Change is inevitable in many areas of life, including (and perhaps especially) business.  We might as well be ready and willing to adapt to big changes.

That being said, I’m not quite ready to embrace Bitcoin.   I’m not in the IT field, thus my perspective and outlook on new technologies might be a bit different than those surveyed.  Perhaps I’m a bit conservative on this.  Too conservative, maybe?

Admittedly, being an early adopter of products, technologies, and such can be a really good thing.  Particularly when it comes to entrepreneurial ventures that take advantage of changes.  Foresight and recognition can be valuable things to have.

I’m just not on board with Bitcoin yet, in terms of accepting any payment with it.  This falls under the “speculative” classification to me, at least for now. Actually, I don’t think I would even personally invest in it at this point, though I know many others might disagree.  Maybe a few years from now I could be looking back on this post and chuckling about how I didn’t accept the changes that were right there in front of us.  You never know, right?

For now,  I’ll take payment in my local currency: the U.S. dollar!  If I was a resident of Canada, I’m sure I’d say Canadian dollars would be my choice.  In the U.K., it would be the pound.  And so on.

What about you?

My Questions for You

Would you accept payment in Bitcoin? Or, do you take the approach that I have that this is speculative and not an established currency as of now?

Would you invest in Bitcoin?

Comments

    • Squirrelers says

      Interesting how the Bay Area seems to be at the forefront of so much these days, even in acceptance of new concepts. Like you, I’m curious to see how this plays out.

  1. says

    I will accept bitcoin any day its offered! I like technology, I love being at the very edge and Bitcoin offers just that. Chance to be part of history, or well, get doomed with it. I guess change starts with a few crazy enough individuals….hahaha.

    • Squirrelers says

      So true, change does start on the edge! Good that you’re seeing things from a balanced perspective, in that such new currency could be positive but could have downside too. We just don’t know yet :)

  2. Kathy says

    Have to admit that I know nothing about this since I’ve only heard of it within the last month or so. So, no, I wouldn’t accept it as payment and sure won’t invest in it until I learn a whole lot more about it and it has been around long enough to establish a track record for reliability.

    • Squirrelers says

      I’m with you in that I would want to see a longer track record. Plus, I think about the notion that other similar alternative currencies might come in as unforeseen “challengers” in the future. Who knows?

      Now, I’m definitely not opposed to change as history has seen big changes in many things. However, with currency, I’m not ready to do this just yet without much more compelling evidence and widespread acceptance.

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