According to a Btcmanager report on January 16, a recent HSB survey showed that at least one-third of new small businesses in the United States are accepting cryptocurrency payments. However, the growing cyber threats related to virtual currencies may hinder the adoption of virtual currencies by SMEs.
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One-third of U.S. small businesses accept crypto payments
In a press release issued on Wednesday (January 15, 2020), HSB released the results of a survey to determine the extent to which small businesses in the United States are adopting cryptocurrencies. The survey showed that 36% of 505 US SMEs have accepted cryptocurrency payments.
Of the more than 180 companies that have accepted crypto payments, more than half of them will also buy digital currency as part of their business. This survey by HSB shows that newer companies are more likely to adopt cryptocurrencies than companies that have been operating for more than 20 years.
According to the survey, 47% of the companies receiving crypto payments have been established less than 5 years ago. Of the more than 180 companies that have accepted crypto payments, only 21% have been operating for more than 20 years.
Due to the volatility of cryptocurrencies and transaction speed, the adoption of retail payments is still one of the basic challenges facing emerging crypto markets, especially micropayments, which is a problem faced by many businesses. According to data from Coinmap.org, there are currently more than 15,800 companies accepting Bitcoin payments worldwide.
Commenting on the findings, HSB vice president Timothy Zeilman reminded small businesses to be aware of the risks associated with cryptocurrencies, saying:
"Cybercriminals are always staring at funds, and fraud can become a serious problem. Some cryptocurrency exchanges have been hacked or stolen, losing millions of dollars. Small businesses, especially those just starting Small businesses can't stand the toss of fraud. "
For Zellman, small businesses should conduct due diligence before creating an agreement to accept crypto payments.
Driving cryptocurrency retail payment adoption
Crypto companies like Abra continue to drive the adoption of cryptocurrencies, especially their adoption in the retail market. As early as 2019, the Bitcoin wallet provider enabled 6,000 retail outlets of the 9-Eleven chain in the Philippines to accept virtual currency payments.
In addition to merchant-sponsored events, some companies also motivate consumers to adopt cryptocurrencies through a variety of methods. Some crypto startups are signing agreements with online merchants on cryptocurrency discounts, which could open up a whole new way for people to use virtual currencies.