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Old 10-31-2022, 10:51 PM  
LaSexorcisto
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Quote:
Originally Posted by ATLOS View Post
What you are asking requires exchanging crypto into fiat. For legal reasons in the US (and most other countries), this action requires KYC and the many restrictions on the types of businesses that can be accepted. It's way easier to just get a crypto wallet and receive funds there instead. Takes just a couple of minutes.

If you do need to exchange some of that crypto into fiat, you can open a separate exchange account or do an OTC trade.
To pay for hosting costs, pay employees, pay the mortgage, taxes, etc requires fiat. You can't operate and grow a real business without fiat. So by your solution means the business owner would need to have a crypto exchange account (KYC) and manually settle thousands of transactions to fiat currency hopefully before the crypto swings and dips another 10% within 24 hours. Sounds like a daily headache for any business owner.

For crypto to be accepted in any useful way, a business would need to settle funds automatically to hedge against the high volatility. Even stablecoins would need to be converted to fiat for it to be useful in handling your business operations.

So to accept crypto to run a business requires a ton of paperwork.
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