A UK-based waste management firm has ditched a scheme which allowed firms to pay them Bitcoin, after finding that digital currency was proving to be an “unreliable” source of payment.

BusinessWaste had announced in 2017 that it would become the first in the industry to accept cryptocurrencies - including Bitcoin, Ethereum and Litecoin - in order to offer its customers flexible payments options in an increasingly digital age.

However, since then the cryptocurrencies market has been marked by volatility, with dominant token Bitcoin experiencing a sharp crash in November last year, which saw it lose 80 per cent of its value to fall below $4,500 – the first time it had fallen below this level since reaching a peak of $19,783 in December 2017.

Mark Hall, communications director of BusinessWaste, explained that while cryptocurrencies had become much more “mainstream” in recent years, there remained “wrinkles to be ironed out” within the market, making them an unsuitable form of payment for the business for the time being.

The decision to roll back digital currency payments was taken to guard against holdings dropping significantly in value within a short period, which could have a major impact on the business’ balance sheet.

The growing popularity of cryptocurrencies has also led to unscrupulous users attempting to use ‘scam’ or fake coins to pay for goods and services, the company said.

Hall said: “We’re reluctant to pull the plug on cryptocurrencies for now – but we have to think about the implications for the business.

“Market fluctuations and scams surrounding cryptocurrencies are, unfortunately, part of the current environment surrounding these digital forms of payment, and until this is no longer the case we will stick to fiat currency.”

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