Should entrepreneurs introduce cryptocurrency as a means of payment?

In about a year, the price of Bitcoin rose from 20 to 000 euros, and this is only one cryptocurrency, but there are other options. In the Netherlands, cryptocurrencies are an official means of payment: since the beginning of 71, the US Securities and Exchange Commission (SEC) has given permission to trade cryptocurrencies, which has increased interest in this financial instrument. Is it time for medium and small businesses to introduce cryptocurrencies into their business as one of the means of payment? 

Business experts offer 5 arguments in favor of a positive answer to this question:

1. The number of people who want to use cryptocurrency as a means of payment is growing every year. Those who start accepting such payments earlier will attract additional customers and gain a competitive advantage.
2. The use of cryptocurrency in settlements reduces transaction costs. The commission for transactions in cryptocurrency is lower than the standard bank commission for payments in regular currencies, and sometimes there is no commission at all.
3. A cutting-edge business image attracts new customers. People who own cryptocurrency are usually very sophisticated, wealthy consumers of goods and services.
4. Opportunity to sell goods and services around the world. To make purchases and make payments, the client only needs to have a crypto wallet and access to the Internet - and he can be located anywhere in the world.
5. Lower risks of fraud and chargebacks. Cryptocurrency transactions are irreversible, meaning you don't have to worry about chargebacks or fraud like you would with credit card payments. 

It should be understood that the use of cryptocurrencies in calculations also leads to the emergence of new risks. For example, this financial instrument is often used to launder dirty money. Therefore, the decision whether to use cryptocurrencies for payments or not remains with the business owner.

Nalog.nl reminds that savings in cryptocurrency are subject to taxation in Box 3 of the tax return. The amount of savings is fixed as of January 1 of the reporting year; further fluctuations in cryptocurrency rates are not taken into account when calculating taxes.

To correctly fill out the declaration and take advantage of all the discounts and deductions you are entitled to, entrust the filing of the declaration to our specialists!