4 min read
Opinions expressed by Entrepreneur contributors are their own.
I launched my first business more than three decades ago. I launched my most recent business six months ago. I’ve invested in dozens since then, and I’m considering a few more right now.
None of them have anything to do with the hot topic of the season: cryptocurrency. None of them will, either. Not for a long time, if ever.
There are reasons why I won’t invest in cryptocurrency, and they’re the same reasons why you shouldn’t distract yourself by even considering it…
Too involved
I’ve heard entrepreneurs musing about either accepting cyber currency as payment for services or investing in it as a hedge against inflation. Both are bad ideas right now, for the same reason: There’s none of the stability that comes with traditional currency.
For example, if you decide to accept payment in Bitcoin — by far the most popular cryptocurrency — you need to acquire a “Bitcoin wallet” that allows you to buy, hold, and sell it. There are many, all with their own pros and cons. The hours you spend learning these nuances for just this one facet of the transaction is time away from your core business. There’s simply not enough track record for both the currencies and their supporting technology, so you could easily get burned if providers fail or get hacked.
Too inflexible
Bitcoin sales can’t be undone. Unlike traditional transactions, there’s no getting it back….
