Waste Management Company BusinessWaste.co.uk Stops Accepting Bitcoin and Crypto for Payments
Cryptocurrency enthusiasts and investors will not be able to purchase BusinessWaste’s services using Bitcoin (BTC) and other virtual currencies anymore. Bitcoin and other digital assets fell more than 80% since December 2017, and many other projects in the crypto space have also been affected by this bear market.
The company BusinessWaste.co.uk is a British disposal firm that was one of the first refuse and recycling business to accept virtual currencies as a means of payment. The intention was to give flexibility to customers in an increasingly digital age. However, it seems that the support for virtual currencies did not last so long.
According to a recent report released by Forbes, the uncertainty in the market is making virtual currencies an unreliable source of payment.
Communications director, Mark Hall, commented about it:
“Cryptocurrencies have become much more mainstream in recent years, which is why we were happy to move with the times and accept these digital forms of money as payment. As a business, we are dedicated to being thought leaders and innovating to provide the best service to our clients, and accepted internationally recognized digital currencies was one way we could do that.”
Cryptocurrencies work in an independent way from companies, firms, and countries. Due to the fact that the market has not enough liquidity, they tend to be very volatile. In some cases, the price can fluctuate more than 20% in just a few hours.
Several cryptocurrencies, including Bitcoin, reached their highest price in December 2018. At that time, each Bitcoin was traded around $20,000. A few months ago, Bitcoin dropped down to $3,250.
BusinessWaste.co.uk says that the volatility in the crypto markets increased their risk of accepting digital currencies. At the same time, they are also concerned about a scam and fake virtual currencies. Between 2017 and 2018, several Initial Coin Offerings (ICOs) launched tokens to the market. Some of them were simply fake or exit scams.
At the moment, the company is making a pause from using virtual currencies until the crypto market grows.
Bitcoin is currently being traded around $3,413 and it has a market capitalization of $59.83 billion.