Are Farmers Accepting Bitcoin?
With Bitcoin all over the news, I wondered: are farmers using it?
Well, yes they are! Though, I can’t tell you how widespread the use. NPR’s The Salt published a story about the relationship between farmers and the cryptocurrency, which includes a video clip from the forthcoming documentary Life on Bitcoin, in which farmers at a Salt Lake City, Utah market seem keen on the nascent transactional approach.
Why would farmers consider using Bitcoin? Credit card and Bitcoin transactions alike are cashless. But accepting credit cards also means accepting a transaction fee, which some small business owners may find prohibitive. With Bitcoin, that fee can be avoided.
However, there may be some drawbacks to using Bitcoin: it has proven volatile, swinging wildly up and down. Moreover, it cannot be immediately used to purchase things in U.S. dollars or other currencies, though it is convertible.