Research: 36% of Small and Medium-Sized Businesses in the USA Accept Cryptocurrencies

According to the results of the pool, published by insurance company Hartford Steam Boiler (HSB), about the third of US small and medium-sized businesses accepts cryptocurrencies as the means of payment — BitcoinDoubler2x has found out.  

36% of Small and Medium-Sized Businesses in the USA Accept Bitcoin - bitcoin doubler 2x
36% of US Small and Medium-Sized Businesses Accept Bitcoin

The research has also shown that new companies twice as often accept crypto payments. In particular, 47% of enterprises, accepting digital currencies, exist 5 years or less. Wherein, only 21% of companies, working for over two decades, are ready to receive crypto assets.

Generally, the research, conducted by Zogby Analytics company by order of HSB in October 2019, has discovered that 36% of small and medium enterprises accept cryptocurrencies. And 59% of such companies used to buy digital assets for their own purposes.

At the pool participated 509 enterprises of small and medium business located in the United States of America (USA). 75% of interviewed companies has annual income less than $5 mln and less than 100 employees. The final sample included 41% of enterprises with the amount of workers less than 25 persons. Zogby claims that the confidence level makes up 95%, and the fault — 4,4%.

HSB`s Vice President Timothy Zeilman claims that the companies use advantages of cryptocurrencies, including fast payments and low fees. Nonetheless, there is the list of risks, especially related to cyber fraud and computer attacks. HSB knows well these problems, as it provides services related to cyber insurance.

According to Zeilman, cybercriminals use various schemes to hack small and medium enterprises, including computer attacks, malware infection and phishing. Cryptocurrency industry is weakly regulated, and in case of fraud, small and medium-sized businesses must act independently. He has said:

“Holders of small and medium-sized businesses should learn everything possible about this technology, before accepting cryptocurrencies, and make sure that they have reliable security system and insurance to protect against cyber fraud and financial losses”.

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