When waste companies won’t accept cryptocurrency, does that mean we’ve really hit the bottom? BusinessWaste, a UK-based collection and disposal firm has said that it is “reluctantly” no longer accepting Bitcoin and other cryptocurrencies as payment. The company proudly states that “no matter what your business waste management’s needs are or where in the UK you’re based, we’ve got you covered” – but you can no longer use virtual currencies to pay the bill.
The company claimed that it was the first refuse and recycling business to accept crypto as payment, saying in 2017 that it wanted to “give flexibility to customers in an increasingly digital age”.
Spokesman Mark Hall said at the time that with Bitcoin becoming mainstream, British companies should move into the twenty first century and process payments in whatever form offered.
“Individuals and companies are trading in Bitcoin and other virtual currencies all over the world, so of course we’re going to accept it from our customers,” said Hall. “It’s not a publicity stunt, and it’s not taking advantage of the current surge in Bitcoin value, it’s a logical business decision.To us, it’s just another way to pay for our services. It’s just money. We’re also accepting Litecoin and Ethereum”.
Volatility To Blame For Lack Of Cryptocurrency Adoption
BusinessWaste now thinks that the uncertainty of the market is making digital currencies an unreliable source of payment. The volatility of crypto versus the relative stability of fiat has caused them to rethink their position
“We’re reluctant to pull the plug on cryptocurrencies for now – but we have to think about the implications for the business,” says Hall.
They are concerned about scams and fake cryptocurrencies, especially since white papers verifying their legitimacy are increasingly falling victim to forgeries and fraud.
“Market fluctuations and scams surrounding cryptocurrencies are, unfortunately, part of the current environment surrounding these digital forms of payment,” said Hall. “Until this is no longer the case we will stick to fiat currency.”