What are the pros and cons of this ? Can this increase sales in the physical store because some would like to spend crypto in bulk which they are getting from some source ?
The idea of accepting Bitcoin and other cryptocurrencies in physical stores has both advantages and disadvantages.
Pros: It attracts tech-savvy customers and crypto enthusiasts who actively look for places to spend their digital assets. It positions your business as innovative and forward-thinking. For customers holding large amounts of crypto, your store becomes a convenient spending option without the hassle of converting to fiat first.
Cons: Volatility remains a significant challenge - today's $100 payment might be worth significantly less tomorrow. There's a learning curve for staff, potential tax reporting complexities, and transaction fees to consider.
offering crypto payment options could potentially increase sales, especially from customers with substantial crypto holdings looking for places to spend them directly. Some crypto user and investors specifically seek out businesses that accept digital currencies.