Todd Carney, in his Attorney at Work article, discusses the possibility of law firms accepting crypto payment. His article, “Accepting Crypto Payments for Legal Services”, begins as follows:
Over the past few years, many law firms have started cryptocurrency practice groups. But are these law firms accepting crypto as payment? Some are. The acceptance makes sense because, for better or worse, cryptocurrency is here to stay. Still, it has risks, so make sure you have a clear understanding of cryptocurrency and how your firm can accept crypto payments.
What Is Cryptocurrency?
Cryptocurrency is a currency that utilizes “cryptography,” which is the creation of a series of codes. The complex nature of these codes provides the same security that someone has with online banking. This programming prevents counterfeiting. Cryptocurrency has existed since 2009, but it has greatly expanded in the last few years.
Cryptocurrency is similar to gold and other precious metals because its scarcity and demand determine its value. You might think this system could make cryptocurrency go awry, given that, unlike gold, cryptocurrency is not a tangible object. There are over 18,000 cryptocurrencies, and some do face this fate. Many cryptocurrencies have consistently been worthless. Others have had a quick rise and fall.
To see the full article click: “Accepting Crypto Payments for Legal Services”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.