Halifax based web design agency, Digital Renovators, has announced that it will be accepting Bitcoin as payment for its web design and SEO services, becoming one of the first agencies in the UK to do so.
Recently celebrating its first-year of business, Digital Renovators provides affordable web design services for business across the world. The company started when, after having spent more than £100,000 on new websites for various businesses, the management team opted to take web design into its own hands.
Bitcoin is the world’s most widely used cryptocurrency - a digital or virtual currency that uses cryptography for security. The Bitcoin peer-to-peer network is made up of thousands of computers run by individuals around the world.
Digital Renovators also stated it would accept payment by another cryptocurrency, Ethereum, and would consider more in the future.
Discussing the recent announcement, Lee Kenny, CEO of Digital Renovators, said: “We’ve been familiar with Bitcoin for a while, and I myself have accepted it as payment for previous business ventures in the past.
“Due to the fact we work across numerous countries, Bitcoin can play a vital role as it is one of the first truly universal currencies.”
Bitcoin has faced some difficulties in trying to establish itself as a currency. While it is possible to pay for goods and services by transferring them between “wallets”, as the value changes often people choose to hold on to those they have and treat them like a commodity.
Commenting on the variable value, Mr Kenny added: “It is an interesting situation. On one hand, Bitcoin will become more stable as a currency the more it’s used. On the other, it will only be used by more businesses when it’s more stable. We have a chicken and egg problem.
“At Digital Renovators we’ve always wanted to do things differently, and we’re not afraid to take some risks and try something new. It’s true, if Bitcoin dropped in value as quick as it recently rose, we could face a drop in value of 80 per cent on our books. However, the clients will still get a first-class website that stands the test of time.”