A roofer says more and more customers, including retirees, are paying for repairs in cryptocurrency.
Kaeleb Mckay’s company is one of a growing group of companies that are now accepting digital money as an alternative
to cold money.
Most are large companies with a view to developing technology.
But a large number of small businesses have turned to the cash substitute, which has soared in value over the past decade.
And Kaeleb, 20, said he has been surprised by the people using cryptocurrency since his company, ASAP Roofing and Building Limited, started accepting it last year. The company, which he has run with father Cameron for the past three years, accepts a variety of online payments, including Bitcoin, Ethereum, XRP, Dogecoin, and Litecoin.
Kaeleb, of Wishaw in Lanarkshire, said: “We have been accepting crypto for a while now. It is ideal for a company because it is paid immediately.
“Since 2014 I have a personal interest in trading crytocurrency.
“But you’re surprised by some people who want to pay that way.
“I did a roof repair in November for about £500 for a retiree in her late 60s in Glasgow and she said she wanted to pay in Bitcoin.
“We’ve also had other retirees wanting to use it. I have another guy who has paid £180 in Ethereum for an emergency roof repair for the past few weeks.
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Cryptocurrencies are traded over the internet and do not have a central bank. Instead, it uses decentralized technology that enables secure payments and shared transaction data, making it difficult to use them fraudulently.
But their value can fluctuate wildly, creating huge winners and losers.
Cash from retirees – known as the gray pound – is increasingly being targeted by crypto companies.
In March, the Advertising Standards Authority banned Coinfloor from an ad targeting retirees investing in Bitcoin, calling it “irresponsible”.
Kaeleb added: “You need to spend some time researching your options, but I’ve personally made some great investments in cryptocurrency. They may have gone up and down lately, but I think they’re here to stay.”
Tech expert Guy Cocker echoed those calls, saying that more and more people
companies will adapt to the tender.
He said: “There are a lot of young people – and emerging companies – who are more than willing to take this kind of payment and drive its success.
“For them, it ticks a lot of boxes and is an easier way to get paid.”