Is it safe to accept Bitcoin as a business?

Note: Since it offers fast, reliable, and low-fee global transactions, we recommend accepting Bitcoin Cash (BCH) payments over other digital currencies like Bitcoin Core (BTC). As such, our guides focus specifically on BCH payments for businesses.

Most businesses can legally accept Bitcoin Cash payments

  • One of the most commonly-asked questions for businesses is whether it’s legal to accept Bitcoin Cash payments from customers.

  • Typically, the answer is yes. For instance, the United States, Venezuela, Japan, countries within the European Union and several others have confirmed that it’s legal to trade digital currencies.

  • Some countries, such as India, China, and Russia, have legal restrictions or older laws which cause contention but do not implicity prohibit the trading of digital currencies.

  • Finally, a smaller number of countries, such as Bangladesh, Egypt, and Saudi Arabia, either fully or partially ban the trading of digital currencies.

  • The BCH payment gateway or point-of-sale app provider you use should be able to advise you on whether their service is legally available in your country.

What about price volatility?

  • As with all cryptocurrencies, since Bitcoin Cash (BCH) is a new type of digital currency, price volatility is normal.

  • If you’re concerned about this impacting your business profits, you can easily exchange the BCH payments you receive from customers into your local currency.

  • To do this, you can choose a payment gateway or point-of-sale app that automatically converts the BCH payments into your chosen currency before depositing it into your business bank account.

  • Alternatively, you can exchange the BCH yourself through a trading platform or cryptocurrency exchange.

Was this helpful?