According to a new survey, 36% of small and medium-scale businesses in the United States accept cryptocurrency as a medium of payment. Also, 59% of the businesses surveyed have bought cryptocurrency at one time or the other for their personal use, the survey revealed.
The survey was sponsored by Hartford Steam Boiler (HBS) Insurance Company and carried out by Zogby Analytics. It sampled about 500 small and medium-scale businesses in the U.S. These businesses have less than 200 employees and below $5 million in revenue.
Interesting cryptocurrency usability findings
The survey discovered that there is a growing interest in the use of cryptocurrency. According to reports from the findings, the interest is not only from the younger generation but the older generation as well.
The researchers shared the respondents into two different groups. Findings revealed that about 50% of the businesses that have been operational for at least five years accept Bitcoin and other cryptocurrencies as a medium of payment for their goods and services. Out of the 500 surveyed participants, about 102 of them or 21% of them accept cryptocurrency payments. However, those operating for more than 20 years are more reserved on their crypto acceptance.
The risk of hackers the major concern
According to vice president of HSB, Timothy Zeilman, based on results from the survey, volatility was not the major fear or reason why some businesses do not accept cryptocurrency. For many who answered the survey questions, the risk of losing to hackers is far greater than any risk of volatility.
Stories and news about big and multinationals being hacked via cryptocurrency have always graced the newspapers and online news sites. The businesses seem to be more afraid of falling prey to these hackers than the constant market swings in the crypto market.
Cryptocurrency still rising in popularity
According to research by Crytoglobe in August last year, cryptocurrencies are increasingly gaining popularity among merchants. The researchers stated that Bitcoin Cash, Litecoin, Ether, and Bitcoin are the most popular for these merchants. Even traditional payment companies like Revolut, Skrill, and Square have included cryptocurrency payment options to their portal. This will make others who are still skeptical to join the moving train and start accepting crypto coins as a means of payment for their goods and services.