Vincent ShoesA shoe store established in Alicante since 1929started accepting payments in bitcoin and others cryptocurrencies both in its physical store located at Plaza de España Nº2 and on its website.
“We understand that these forms of payment are becoming more and more popular with our customers, and we want to ensure that everyone can buy our products. quickly and safely. We are also proud to announce that we are the first shoe store in the municipality of Alicante to have a foot scanner from Aetrex, a cutting-edge technology that helps our customers find the best insole for their needs” , score Francisco Jose Vicente Navarro.
This shoe store merges so watchmaking cardAt the beginning of the year, it was the first business in the city to accept cryptocurrencies as a means of payment, but in its case only through websites.
Advantages of accepting crypto payments in traditional businesses
Accepting cryptocurrencies as a means of payment Advantages over traditional businessesbut also specific difficulties and thoughts. Useful aspects include:
- Access to new markets: By accepting cryptocurrencies, a business can attract a new segment of customers who prefer to use these payment instruments. This may include people in areas where access to traditional banking services is limited.
- faster transactions: Cryptocurrency transactions can be faster than traditional banking, especially for international payments. This can increase cash flow efficiency.
- lower transaction fees: Depending on the cryptocurrency and payment service provider, transaction fees may be lower than with credit cards or online payment services.
- Value increase potential: If a business decides to hold some of the cryptocurrencies it receives, it can benefit from the increase in its value. However, this also comes with significant risk due to the volatility of the cryptocurrency markets.
- more security: Cryptocurrencies use blockchain technology, which can provide a high level of security against fraud.
Risks associated with the crypto world
On the downside, these are some Potential inconveniences and associated risks:
- price fluctuation: Cryptocurrencies are volatile as everyone knows. If a business accepts cryptocurrency and does not immediately convert it to the local currency, it may face losses if the value of the cryptocurrency falls.
- regulations: regulations regarding cryptocurrencies they vary greatly from country to country and are constantly changing. It is important to understand and comply with all relevant regulations.
- technical difficulty: Integrating cryptocurrencies may require technical knowledge and may be more complex than accepting traditional payments.
- security risk: Despite the inherent security of blockchain, cryptocurrencies can be subject to theft if not managed and stored securely.
- customer perception: Some customers may negatively view businesses that accept cryptocurrency due to the popular association of cryptocurrency with illegal activities.
While there are benefits to accepting cryptocurrency, it is important to understand and mitigate the risks involved.