What is bitcoin?
Bitcoin is a cryptocurrency, a peer-to-peer digital cash that’s not issued by any central authority.
The currency’s digital format makes for faster, cheaper, easier exchanges of cash, from which Chiropractic businesses may benefit.
The value is based on supply and demand, so the more demand the higher its price, and accordingly, if there is no demand the price falls.
One thing to understand about Bitcoins for a small business is, the volatility in its value will not affect your bottom line. Only if you are using Bitcoins as an investment vehicle will you be subject to the ups and downs.
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In 2014 Dr. Steven Shoshany began accepting Bitcoin digital currency, a secure mobile peer-to-peer payment system
Dr. Shoshany’s desire was to keep forging ahead on the leading edge of providing access and results for his patients has led him to become the first Chiropractor in NYC to accept payments via Bitcoin, offering enhanced convenience to his patients.
“When it comes down to it, it’s about the patient’s convenience. If a patient needs something to make their recovery process easier, I want to do my best to be able to provide it.” Dr Shoshany adds, “I’m also aware that it is the cool new thing, and New York City is the place where things like this tend to take hold. I also commend the added ability for patients to control their privacy. When using Bitcoin at our practice, their personal financial information remains private.” Dr. Shoshany and source
3 reasons Chiropractors might consider Bitcoin:
- No Fees or Very Low Fees
- Faster payment receiving options
- No payment dispute issues or chargebacks
3 reasons Chiropractors might ignore Bitcoin
- It’s unregulated
- It’s unstable
- Small percentage of users
The risks for a small business are equal or greater than whatever benefits you could get out of using and accepting bitcoin. The major thing you need to think about is liquidity and whether you want to have your business tied up in bitcoin currency. It is extremely risky, which could be part of its appeal, but think about what the consequences are for you and your business. Remember to not get so tied up in the volatility of bitcoin that you forget to run your small business.
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