Have you considered using a Cryptocurrency now or in the future for construction payments?

Question

Edinburgh-based fit-out specialist Orocco recently became the first construction company in the UK to accept cryptocurrency as payment for projects.

Andrew Crawford · Answer

Tom hi

Personally I would not pay for services or products in the construction industry using specific forms of cryptocurrencies but I would accept payment for our services in non-stable coins such as Bitcoin as this is a digital asset with a store of value.

I can see that stable coins will be used like USDT and USDC which are backed to some extent by the US dollar as payment for construction products and services. In addition, once the Central Banks issue their CBDC this will also be used by some for payment of products and services. This then provides certainty of price, whereas other non-stable coins fluctuate depending upon market conditions.

Using the digital asset space for transactions is much more faster and cheaper than traditional fiat payments and there is a permanent public record of that transaction stored in the smart contract on the blockchain.

Its a matter of time when adoption accelerates throughout the world, rather than if. Once people understand the full potential of this technology many people will see the opportunity to reduce poverty and create opportunities for themselves.

We are seeing good progress with VISA, Mastercard, Paypal and many others already in the space, its only going to continue, so construction will adopt at some point in the next 10 years, I would say.

Have you considered using a Cryptocurrency now or in the future for construction payments?

construction

The-future

blockchain

cryptocurrency

Tom Spilsted

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