Not accepting a fantasy currency would not be a boycott, because none of these currencies are legal tender anywhere. If you didn’t accept the Ruble or KPW, it would be a boycott.
I would like to also add this entertaining and critical video by münecat to the discussion.
Besides the ethical and economic arguments, maybe practicality should also be considered here.
In case you did accept cryptocurrencies as a payment method, what do you want to do with it?
There are two possible scenarios here:
- Keep the cryptocurrency as cryptocurrency is some wallet.
- Automatically and instantly exchange any cryptocurrency received for a fiat currency (USD, EUR, etc.)
Keep cryptocurrency as cryptocurrency
This exposes you to the price fragility and security threats. Nobody is truly guaranteeing your wallet’s security besides yourself.
If you keep your money in a bank account, and the bank is robbed or hacked or goes bankrupt or you fall for a scam/social engineering, your savings are insured and secured - at least up to a certain level and within time frame where fraudulent transactions can be reversed by the bank.
When you keep it in a cryptocurrency wallet and lose your key, seed phrase or the storage device, you have no real recourse to regain that cryptocurrency.
Automatically and instantly exchange any cryptocurrency
When you chose this option on the other hand, what benefit does using a cryptocurrency have for you?
You might have some customers willing to pay you in cryptocurrencies either out of curiosity and novelty (but that phase probably passed during the last two or three years) or because they don’t have access to a bank account - but the later is probably not the case when you want to host a Gitea instance and many people even when they don’t personally own a bank account have at least one family member with a bank account that holds the account on behalf of the entire family.
And through this system you’ll have to pay both the transaction fees imposed by the respective cryptocurrency (which make payments below a certain absolute threshold impossible, because fees are not a percentage, but essentially a competitive bribe to network operators to put your transaction into a log with an arbitrary or algorithmic space limitation) and the fees for the exchange services to automatically convert the cryptocurrency into fiat currency.
Don’t use cryptocurrencies:
- You have increased
security risks when keeping cryptocurrencies in personal wallets.
- You are exposed to price fragility, even if you keep crypto only for an hour or two.
- You have to pay enormous fees that aren’t just a percentage of the amount of money transferred but depend on the number transactions currently submitted to the system.
- You don’t really gain a large customer base or a wider audience for hostea.