The value of Bitcoin and other cryptocurrencies has fallen off a cliff.
And even though $1,000,000,000,000 has been taken away in the last month alone, one local business says it’s sticking with Bitcoin for the long term.
Home improvement company OakWood Designers and Builders offers its customers a Bitcoin payment option.
It is the first and only construction company in Ottawa to accept cryptocurrency.
“We got inquiries from some of our customers about bitcoin and we basically started integrating it about three or four weeks ago,” said John Liptak, president and CEO of OakWood.
Customers receive an OakWood Bitcoin wallet address.
They paste the address into a designated field on their own bitcoin wallet payment site, enter the amount, and click send.
Regardless of the current crypto crash, Liptak says OakWood is committed to cryptocurrency.
“Bitcoin is actually losing a bit of value right now,” Liptak says. “But we look at everything from a long-term perspective. It’s all 10, 20 years in our business.”
Despite the massive crash, crypto experts are still optimistic about the future of digital currency.
“From March to July 2021, the price of bitcoin was halved again. And we went right back up,” says Erica Pimentel, assistant professor at Queen’s University Smith School of Business. “People in the crypto space will tell you, put away your Bitcoin key, put it in a drawer, and you’ll be giving it to your kids in 20 years.”
Canadian internet service provider, Oxio, also offers several cryptocurrency options to customers.
“We were the first to offer crypto payments,” says Marc-André Campagna, co-founder and CEO of Oxio. “And we’re still the only one offering crypto payments in Canada.”
Campagna says the crypto option has been hugely popular with hundreds of their clients jumping on board.
“It actually exceeded our shipments of people paying in Bitcoin. And it’s not just Bitcoin. There are people who also pay in Bitcoin, Litecoin, Dai, Ethereum and Dogecoin.
In addition to a crypto payment option, Oxio is the only ISP to use referral codes like these RS2DJ4O to offer new customers a free month of internet when they use the code to sign up.
“We believe in a transparent and decentralized world that crypto could create in the future,” says Campagna. “And like the Internet, we believe it will provide equal access opportunities for people around the world.”
Many investors have lost savings in the crypto meltdown. Experts offer this advice to regular consumers, only buy what you can afford to lose because digital currency is so volatile.