CE Pro May 2022 - 4

From the Editor
by Jason Knott
Are You Ready to Accept
Crypto Payments?
" It's only
a matter
of time before
your clients start
asking to pay
you in Bitcoin,
Dogecoin,
Ethereum or
one of the
other popular
cryptocurrencies
on the market. "
GET READY FOR THE NEW REALITY of
having to accept cryptocurrency payments
from your customers, especially affluent
Millennials who made a mint speculating in
the decentralized blockchain network money.
It's already here - according to recent study
by Digital.com, 29% of U.S. businesses will be
accepting cryptocurrency payments by the
end of this year.
It seems like a scary proposition, especially
since the media is flooded with details about
the outrageous investment speculation in
cryptocurrencies that cause its value to rise
and fall dramatically. Since " crypto " literally
means " deceiver, " there is an inherent fear
that must be overcome by educating yourself
on the topic. Integrators should seek out advice
on the subject from their broker, banker
or other trusted source.
Remember about a decade ago when
most custom integrators did not accept
credit card payments? Today, it's commonplace
to accept credit card payments and
absorb the processing fees. Likewise, it's
only a matter of time before your clients
start asking to pay you in Bitcoin, Dogecoin,
Ethereum or one of the other popular cryptocurrencies
on the market.
It already happened to Randy Massey,
owner of Electronic Home in Atlanta, and
the transaction proved quite lucrative but
risky. Last year, one of Massey's previous
customers asked if he would accept the
payment in cryptocurrency.
" He basically had been speculating in the
Jason Knott is editor
of CE Pro. He can be
reached at jason.knott@
emeraldx.com and
@JasonWKnott
crypto market and wanted to hide it from his
wife, " chuckles Massey. " At first, I was against
doing it because you lose a percentage on
the transaction, but we take credit cards and
lose a percentage every time we do that. I
also thought about asking him, 'Why don't
you just go cash it in and bring me the money?'
But then I saw that Bitcoin was on its
way up, so I decided to gamble. So, I let him
4 | CE Pro May 2022
pay me $400,000 in 10 Bitcoins. "
To handle the transaction, Massey set up
a Coinbase account, which can take several
weeks. Numerous notarized affidavits are
required since cryptocurrencies have been
known to be used by nefarious individuals to
launder money. Coinbase, along with BitPay
and others, work like credit card fees in
that it takes a percentage when you sell the
crypto. When you receive the payment, it can
be converted to U.S. dollars at the current
exchange rate at the time of the transaction.
At the time of Electronic Home's transaction,
each Bitcoin was valued just below $40,000.
" I purposely went into it knowing I was
going to sell it. I had no intention of holding
onto it long term. I was looking at a shortterm
hold, but still it was a gamble. In about
one month, it went up to $56,000 and I sold
nine of the 10, " says Massey.
The result is that he made an additional
$104,000 on the project! Pretty sweet, but
pretty risky. " It could have gone down just
as easily as it went up. It went up so quickly
that I was scared it was going to go down just
as fast, so I sold it. I did not hit the high, but
I hit it close to the high. It was pure luck, " he
recalls. " It was not based on knowledge; it
was not based on being an expert in crypto.
When the client first approached me, I didn't
know anything about crypto. I had to go find
out how you even accept crypto. "
For most integrators, the idea of holding
on to a cryptocurrency payment for a
prolonged period is not feasible, especially
since that money is likely needed to purchase
the equipment for the project and maintain
cashflow.
" I don't have any other words of advice for
integrators other than 'Be careful,' " concludes
Massey.
As crypto takes hold, you don't want to
be that person in the market still asking the
client for a handwritten check.
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CE Pro May 2022

Table of Contents for the Digital Edition of CE Pro May 2022

CE Pro May 2022 - PresentationPage
CE Pro May 2022 - Cover1
CE Pro May 2022 - Cover2
CE Pro May 2022 - 1
CE Pro May 2022 - 2
CE Pro May 2022 - 3
CE Pro May 2022 - 4
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CE Pro May 2022 - Cover3
CE Pro May 2022 - Cover4
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