It seems like daily; a new form of currency is emerging. Bitcoin, Litecoin, and Ethereum are a few examples of cryptocurrencies. While some businesses have begun to accept crypto as payment, wedding photographers have been slow to adopt this new technology. We will discuss the pros and cons of crypto as payment for wedding photography services.
On the pro side, there are a few reasons why wedding photographers should accept crypto:
First, it is a fast and easy way to receive payment: Transactions are complete in just a few minutes, and there is no need to wait for a check to clear or for money to be transferred between bank accounts. Photographers would benefit from this as they would receive payment more quickly.
Second, crypto is global
: Payments go through from anywhere in the world, and there are no currency conversion fees. It could be especially beneficial for photographers who have clients from different countries. It makes it easier for them to pay for services without worrying about exchanging money or paying additional fees.
Third, crypto is secure: It is virtually impossible to hack or steal. It could be an advantage for wedding photographers concerned about the security of their payments. Transactions go through a public ledger, so there is no chance of fraud. It could be especially appealing to wedding photographers concerned about the safety of their payment information.
Lastly, crypto is growing in popularity: As the popularity of cryptocurrencies continues to grow, this form of payment will likely become more common. Photographers who start to accept crypto now may be ahead of the curve and more likely to attract clients who want to use this form of payment.
On the con side, there are a few reasons why wedding photographers might not want to accept crypto payments:
First, the value of cryptocurrencies can be very volatile
: The value of a Bitcoin, for example, could go up or down significantly in just a few hours. It would greatly affect photographers as they would need to update their prices to reflect the current exchange rate.
Second, there is a learning curve associated with using cryptocurrencies: Photographers need to be familiar with crypto wallets and understand the ins and outs of blockchain technology. Such information is crucial as photographers reassure clients that their transactions are safe and secure.
Third, limited businesses currently accept crypto as payment: making it difficult for photographers to find clients willing to pay in crypto. In terms of business, photographers would need to weigh the pros and cons of accepting crypto before deciding whether or not to add this payment option.
Lastly, some clients may be hesitant to use crypto, as they may not be familiar with this new technology: Photographers need to educate their clients about crypto and how it works. It could take some time to get used to paying for services with crypto. Photographers, therefore, need to be aware that there may be a transition period as they begin to accept crypto payments.
Ultimately, whether or not wedding photographers should accept crypto as payment is a decision that each photographer will have to make based on their circumstances. However, given the pros and cons that we have outlined, we believe that there are some situations where accepting crypto could be advantageous.