As a Millennial, the concept of cryptocurrency intrigues me. I have seen analogue convert to digital, the rise of the credit card, the invention of contact less pay. Nowadays, I do not even carry a wallet with me because all I need is at the tips of my fingers, and in a couple of years, the capabilities we will probably literarily be in our finger tips in the form of microchip implants.
There is no denying that cryptocurrencies are gaining popularity within society, however we are still in very early days. There are various companies who are starting to take cryptocurrency as a form of payment, however we are still far away from them becoming a norm.
I have scoured the internet for an answer to my question.
How can you pay for a wedding with cryptocurrency? Can you actually pay for a wedding with cryptocurrency?
The answer is yes but limited. Here are the ways you can make use of cryptos and help support the rise of a new paradigm for money.
1. Invest in crypto and convert it into cash when you feel ready to pay for your wedding services.
If you have invested in crypto a couple of years back, then chances are that you have already made a profit. This can be converted back into cash to pay for your lavish wedding. Better than a wedding savers plan.
2. Find Vendors that accept crypto currencies
As a wedding photographer, when I set off to write this blog in 2020, I reached out to my network of wedding vendors asking the question, 'Who accepts Crypto' as a form of payment. The general feedback was that for vendors that provide physical goods at their expense, where very opposed to accepting cryptocurrency. As for other vendors like venues, they were a little bit more open about it, still showing resistance but there was a sense of hope that it could either be negotiated or considered in the future.
For me as a wedding photographer, I am quite keen on accepting cryptocurrency as I do believe that it is the currency of the future and it makes me excited to be part of this very momentous time in human history.
Benefits of paying with cryptocurrency
By using cryptocurrency we give them power to rise into mainstream culture and in turn we give strength to the value of that coin.
It's arguably better than a wedding saver's plan. I say arguably because the value can go up in time and that £1 invested in 2 years time can be worth much more.
In the same way, you can pay for a wedding today at say £30,000 worth in cryptos, but then if the value drops, you've actually made a brilliant deal there, because in the hands of your vendors now that £30,000 is worth much less.
Drawbacks of paying with cryptocurrency
Cryptocurrency's worth do rise and fall depending on a multitude of factors. So in the same way that you can benefit from its rise and fall, you can also lose too.
Wedding Vendors Accepting Cryptocurrencies
The reason I set out in writing this blog is to actually help you couples excited about cryptos as much as I am and set you off with some support in being able to find vendors who can help you have your 'Crypto Financed Wedding'. Here is a list of wedding vendors accepting crypto currencies to date and I will try my best to keep this list updated. If you are a vendor and would like to be featured on the list, please do get in touch to be added.
Photographer - www.desireeanorth.com
Venues - Charlton Hall and Doxford Barns