A roofer boss 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
too cold cash.
Most are large companies with an eye for technology development.
But a multitude of small businesses have turned to the cash substitute, which has skyrocketed in value over the past decade.
And Kaeleb, 20, said he’s been surprised at the people using cryptocurrencies since his company ASAP Roofing and Building Limited started accepting them last year. The company he has run with father Cameron for the past three years accepts a wide 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. It’s ideal for a company because it’s paid instantly.
“Since 2014 I have had a personal interest in trading cryptocurrencies.
“But you are surprised by some people who want to pay like that.
“I did a roof repair in November for about £ 500 for a retired woman in her late 60s in Glasgow and she said she wanted to pay in bitcoin.
“We also had other retirees who wanted to use it. I have another guy who has paid £ 180 in Ethereum for an emergency roof repair in the past few weeks. “
Did you know that you can stay up to date on the latest news by subscribing to our daily newsletter?
We send out a newsletter with the latest headlines every morning and noon.
We also send coronavirus updates at 5:00 p.m. on weekdays and a recap of the week’s most important stories on Sunday afternoons.
Registration is easy, straightforward and free.
You can enter your email address in the login box above, click Subscribe and we’ll do the rest.
Alternatively, you can register here and read the rest of our newsletter.
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 records, making it difficult to use fraudulently.
But their value can fluctuate widely, resulting in big winners and losers.
Retirees’ cash – known as the gray pound – has been increasingly targeted by crypto firms.
In March, the Advertising Standards Authority banned Coinfloor from an ad targeting retirees investing in Bitcoin, calling it “irresponsible.”
Kaeleb added, “You have to spend a little time researching your options, but I’ve personally made some great investments in cryptocurrency. They may have gone up and down in value lately, but I think they’re here to stay. “
Tech expert Guy Cocker repeated those calls, saying that more and more
Companies will adapt to the tender.
He said, “There are many young people – and emerging companies – who are more than willing to embrace this form of payment and help drive their success.
“For them, it meets a lot of criteria and is an easier way to get paid.”