Accepting cryptocurrencies as payment has some benefits because of the instantaneous transactions. Thanks to blockchain technology, which is a public digital ledger operating like the stock exchange, they are less open to fraud but face cybersecurity risks. Cryptocurrency exchanges may have a small transaction fee, but these are much smaller than banking, conversion, and credit card fees.
Even though most lawyers are aware of cryptocurrencies, especially Bitcoin and Ethereum, many feel reluctant to accept them as payment. However, they face growing demand from clients wanting to pay legal fees with virtual currencies. This leads to the question: Can legal firms in the U.S. be paid in cryptocurrencies?
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