In 2018, Rob Eisenstein booked a table for his online store, CardboardandCoins.com, at a large national baseball card convention in New York. Just before the convention, Eisenstein had an unconventional idea — what if he allowed customers to pay in crypto?
Eisenstein was already investing in crypto, but now he wanted to take the leap with his business. He created placards with wallet addresses for cryptocurrencies that he would accept at the convention. Eisenstein was able to make a few sales with crypto — certainly enough that he decided to officially accept crypto payments at his online store for the long run.
More small businesses like online stores, feeder insect sellers and cosmetic surgeons are using crypto to accept payments. SMBs appreciate crypto for instant, borderless payments but its volatility makes them anxious. Experts believe that SMBs that incorporate crypto payments should use stablecoins that aren’t as volatile as Bitcoin. They also say more businesses should take the crypto leap as federal authorities prepare to take a more active role in regulating the cryptocurrency market.
Since that convention, Eisenstein has seen crypto payments grow. He believes the option to pay in cryptocurrencies is becoming more widely accepted by both buyers and sellers. This year, 10 percent of his customers so far have paid in crypto — up from five to seven percent last year, and three percent the year before. Most of Eisenstein’s crypto transactions are in Bitcoin, Ethereum, Litecoin and a few others.
This content is available exclusively to Tearsheet Outlier members.
Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account