US real estate company WeWork, which provides office and workplace solutions, has announced that it now accepts Bitcoin, Ethereum, USD Coin, Paxos and other cryptocurrencies as payment for its services.
The CEO, Sandeep Matrani, said the strength of his company lies in adapting to the needs of its members. Matrani felt it was the right thing to do, given the growing number of fintechs.
WeWork has always been at the forefront of innovation and finding new ways to support its members. It makes sense for us to expand the options we offer by adding crypto-currencies as an accepted payment method for our members.
You can do this and pay your landlords and suppliers in crypto through BitPay, which offers Tier 2 or off-chain solutions.
Stephen Pair, CEO of BitPay, said his company plans to use cryptocurrencies to change the way businesses and individuals send, receive and store money.
With bitcoin as a payment method, the basic layer leaves a lot to be desired. However, pioneers like BitPay show that second-tier solutions can better leverage existing technologies for this purpose.
Has Tesla removed the payment option?
WeWork’s decision comes in the same vein as concerns that Tesla will temporarily remove its bitcoin payment option earlier today (at least for some users). Earlier this year, the automaker announced that it would accept bitcoin payments from its customers in the United States.
However, as Twitter user billcashidy noted today, Tesla seems to have temporarily removed the bitcoin payment option for a few hours today, which has raised concerns in the community that the volatility of bitcoin’s price makes it an unreliable payment method.
Hey @Tesla and @elonmusk why did you guys remove the #bitcoin options payment from the Tesla site? #btc #tesla #cryptocurrency pic.twitter.com/BmHaK7dRT5
– 8Ball Bill Cashidy – Binance Smart Chain (@billcashidy) April 19, 2021
Arguments against bitcoin as a payment method
Neither the company nor its CEO, Elon Musk, had commented on the situation at press time. But the shortcomings of bitcoin as a means of payment are open to speculation.
Tesla’s purchase of bitcoins has become a symbol of the transition to cryptocurrencies. The biggest problem with the setup, however, was the prices in dollars and the conversion to bitcoins. This gives rise to several contradictions, exacerbated by their volatility.
First, customers can pay very different bitcoin prices for the same product. In addition, there are problems with regard to repayments and repayments. Add to that the obligation to pay the capital gains tax that comes with buying bitcoins, and fiat currency offers a cleaner, more painless experience.
The solution to some problems is the price in bitcoins. But given global costs and a fully loaded supply chain, this option will not be possible for the foreseeable future.
Add to that the slow throughput of 5 transactions per second (TPS) at base level, and it’s clear that almost everything in this scheme is a better payment method.
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