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Bitcoin Touches $14,000 in Value
By Hema Dey, President, Iffel International Inc.
While there are many skeptics out there and a lot of speculation, the world is riding the wave on Bitcoin, which at this time is trading at $14,325 (Dec 6th, 2.59pm). I am not here to provide you with any form of guidance on investment or to convert you to believe in it. I am here to give you a heads up that more and more businesses are embracing Bitcoin and other forms of Cryptocurrency as a form of payment under my passion for eCommerce. I am talking about payment just like you would use cash, credit card or TT Wire. Bitcoin is an acceptable form of payment.
Some questions which have risen from business executives and owner over the past few weeks which seem to remain consistent include the following:
Q: Can a business have a Crypto trading account?
A: Absolutely yes!
Q: Can a business sell products and or services using Cryptocurrency?
A: Yes they do just like any other forms of payment is used. Overstock.com is selling home goods accepting Bitcoin as payment. Expedia is accepting Bitcoin payments for hotel bookings. Our agency accepts Bitcoin payment for website design and development. So yes you have to think of it as another acceptable form of payment.
Q: Will this raise issues with the IRS?
A: You have to report the income and be clear with your CPA who knows how the IRS works with Cryptocurrency transactions. If your CPA does not know I can refer you to CPA’s who can consult on this matter. I am not a tax expert but I know some who have now got the mandate and rule book from the IRS on how to report this level of information.
Q: How does one pay using Cryptocurrency?
A: We can help you open a digital wallet. In doing so, you will have an address for your client to pay you – just like a deposit slip you would get from the bank. Or you can set it up on your website as a payment option. If you don’t know how to do this, our team of experts can assist in this process.
Q: Can I withdraw monies from a digital wallet into my bank account?
A: Yes you can!
It is MONEY!
At the end of the day, this is all about an accepted form of payment. Based on the theory of scarcity, demand and supply, Bitcoin along with other currencies like Ethereum, Litecoin and Dash are all forms of payment. There are very easy ways to open your digital wallet, for example through Coinbase. Coinbase is located in the USA and you can buy Bitcoin, Ethereum and Litecoin. If you are nervous about doing it all, we can guide you through the process. The key is to understand the fundamentals and why things are being done. Understand what the risks are.
We are also seeing some people get burnt badly, investing money blindly into exchange houses and mining facilities without doing their due diligence on credibility and stability of the website or exchange platform. Just today, we had an inquiry where a man invested $250,000 and is now panic stricken because he has lost all of his investments. Websites have shut down, digital addresses wiped out – all of which raises a lot of risk! In this digital age, it is easy to get swayed and the excitement of creating wealth under the Cryptocurrency umbrella is an adrenalin rush. The key is not to let the adrenalin rush lead you down to making foolish decisions. Don’t be easily fooled or fall for scams. There are solid trading houses which will give you a good ROI, you have to gather the facts, consider the risk and implement the right strategies.
So to get started and be informed about what your options are, engage with our team of Cryptocurrency experts. Start your journey for yourself and also your business so you aren’t ill informed. The sector is volatile and there are many changes that take place on a daily if not hourly basis. The bigger question is how can your business use Cryptocurrency to make gains, capture a different target market both domestically and internationally? And if you don’t embrace Cryptocurrency, what are you missing out on in terms of revenues from potential clients under the notion of eCommerce!. I say this because some societies are now headed towards being cashless or bypassing the middle man, i.e. banks and merchant services. Yes it is mind numbing but it is happening right here right now….
For more information on our Bitcoin and Cryptocurrency Consulting services, please contact us HERE
Hema Dey, President, Iffel International Inc.