Wednesday, February 1, 2023
HomeCrypto NewsShiba Inu May be Accepted by Netflix and Spotify: Is That a...

Shiba Inu May be Accepted by Netflix and Spotify: Is That a Good Idea?

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The Shiba Inu (SHIB) can now be accepted as a payment at popular subscription sites like Netflix and Spotify through NOWPayments’ recurring invoicing tool. Using the tool, businesses, services, and individuals can send recurring bills in SHIB to an unlimited number of recipients.

Companies can choose how often they want to send repeating emails to customers requesting payment for goods or services. The same features can be added to a batch of invoices or tailored to each individual invoice. Cancellation of invoices is possible at any time.

Read article: Shibarium Will Not Be Available During the Holidays Lead Shiba Inu Developer Confirms

Shiba Inu (SHIB) is one of the most popular cryptocurrency tokens in the crypto space. Furthermore, in order to attract new customers, many businesses have begun to accept SHIB. Many companies did not want to miss out on the opportunity after SHIB blew up in 2021. Over the last few years, the canine-themed cryptocurrency has seen a number of adoption cases.

However, accepting crypto as payment does come with its share of problems.

Accepting Shiba Inu Cryptos Poses a Number of Problems

To begin with, the crypto industry is extremely volatile. Despite the many legitimate reasons for using cryptocurrency, the sector has received criticism for its volatility. This is also why many businesses are reluctant to accept it as a payment method.

Another source of concern is the amount of SHIB in whale wallets. More than 70% of SHIB’s circulating supply is owned by whales, whereas less than 10% is held by investors and slightly more than 20% is owned by retailers. Given that the whales could sell and cause the crypto asset’s price to fall. The likelihood of this sell-off reduces the credibility of the technical analysis readings.

Businesses that accept Shiba Inu will bear the brunt of the situation if the price of Shiba Inu declines. The tokens in their possession will be worthless, and the firms will lose money. Cash, on the other hand, is significantly more stable. The chances of the dollar collapsing are significantly lower than those of the SHIB. This is the primary reason why many businesses are hesitant to use cryptocurrency.

Nonetheless, crypto adoption has grown and will likely continue to grow in the future. However, the likelihood of tech powerhouses with large monthly subscribers accepting cryptocurrency is slim, at least for a period of time.

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