The crypto community views cryptocurrencies in numerous ways. From trading opportunities to store of value, and occasionally for their real purpose of being used as a payment method.
Today, the main topic will be a rather conspicuous one that has been discussed many times, but it needs more awareness – adoption. Furthermore, let’s examine an HSB survey conducted by Zodgy Analytics in the U.S. that shows interesting data regarding small and mid-sized businesses that accept cryptocurrency payments.
To briefly elaborate on the survey’s fundamentals, it took place during 2019 and had 505 small to medium-sized businesses studied throughout the United States. The company that conducted it claims that the margin of error is less than 5%, meaning that 95 out of 100 cases, the information is validated.
So what are the findings, one might ask? Well, 36% of all those businesses said that they accept cryptocurrencies as a legitimate means of payment. Additionally, 59% also noted that they have previously purchased digital currencies for their use.
By diving more in-depth in the survey, one can find exciting outcomes between younger and older businesses. For example, almost half of all companies that accept crypto payments have been running for five years or less. At the same time, businesses operating for over twenty years and said that they take digital assets are only 21%.
When asked what are the most significant benefits of completing cryptocurrency payments, the business owners noted lower processing fees and faster transactions.
Risks Of Crypto Payments
While the benefits are well-established, the vice president of HSB, Timothy Zeilman, also talks about potential dangers and fears among the business owners. According to him, people should be more careful when completing such transactions due to possible frauds. He also notes that the lack of central authority could be harmful in case of fraudulent activity, as the owner will have nobody to turn to for assistance:
“Cybercriminals follow the money, and fraud can be a serious problem. A number of currency exchanges have been hacked or embezzled, and millions of dollars were lost. Smaller businesses, especially those starting out, can’t afford to be cheated.
Small business owners should learn all they can about the technology before accepting cryptocurrency. And make sure they have strong data security and insurance to protect against cyber fraud and financial loss.”
When the topic is centered around illegal activities, it’s worth pointing out another story from earlier this year. It concludes that cryptocurrencies indeed have a role to play, but so does cash and any other form of payments. When it comes down to illicit financial actions, cash is still recognized as king and is far more used.
Crypto Adoption In Other Businesses
The U.S. and smaller businesses are not the only ones that accept Bitcoin or altcoins as payment methods. Cryptopotato previously reported about whole different sectors that already operate with the largest crypto. Some of them even have been doing so for years.
They include booking hotels and flights, buying technology from popular stores, and even acquiring automobiles.
The food industry is not far behind. Another prominent example came recently from Burger King Venezuela, as 40 locations will start allowing cryptocurrency payments in the near future.
Cryptocurrencies are a relatively new form of payment, and they are trying to disrupt one of the most static industries. Being the apparent underdog, they require lots of time to implement their positive sides into the real world.
With that being said, information as the survey mentioned above appears to be another step in the right direction. Nowadays, it’s easier to spot a place where one can spend his or her Bitcoin or alternative coin.