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Posted by ABC Legal Docs, LLC - Jerry Lucas on 6/21/18 12:45pm
1. I use solid state drives. I have not used a hard disk drive in many years. I have multiple file backups. Bitcoin wallets have backup procedures. Instead of using a free software wallet on your computer, you can buy a USB hardware wallet such as Ledger Nano S or Trezor. They also have backup procedures.
2. The popular Coinbase exchange holds less than 2% of customer funds online. All digital currency held online is insured against any losses resulting from a breach of physical security, cyber security, or by employee theft. Customers can exchange digital currency for US dollars. US dollars are kept in FDIC insured accounts.
3. There are over 1500 cryptocurrencies. I am supporting the top 10 by market capitalization, not obscure irrelevant ones. WordPress plugins and wallets do not support obscure currencies.
4. Cryptocurrency values go up and down like the stock market. You don't need to invest long term if you don't want to. You can accept the Bitcoin as payment and then exchange it for dollars. There are technical analysis rules to follow on when to buy and sell. Knowledgeable traders can make money. Trading requires training and discipline.
5. Blockchain transaction consensus can be slow at times for some digital currencies. You can pay a higher fee for faster service or you can use a currency with faster confirmation such as Litecoin. A business can ask for prepayment and confirmation before delivering goods or services.
You can look at the current price chart for Bitcoin or alternative coin. If the price is in an uptrend, there is no rush to convert to dollars because the value of the Bitcoins is increasing.
A business can establish a refund policy. If it makes a mistake and the customer wants a refund, it can issue a refund. The business does not have the risk of a dishonest customer doing a chargeback or bad check. To protect the customer from a dishonest business, a Bitcoin escrow service may be used.
It cost me nothing to set up Bitcoin payments except for some time reading and installing the WordPress plugin and wallet. Cybersecurity and backup is in place. I now have first-mover advantage over my competition and can market to the Bitcoin community. There are also online Bitcoin income opportunities not tied to my local market. |
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