Survey: 36% of SMEs in America Accept Cryptocurrencies

A survey conducted by HSB showed that about 36% of American small and medium enterprises (SMEs) accept payment for goods and services in digital currency. The survey was published on Wednesday by Hartford Steam Boiler (HSB). The study was conducted on behalf of HSB by the international research firm Zogby Analytics in October 2019. It showed that 36 percent of the 505 SMEs participating in the survey already accepted crypto payments in America.

Besides the fact that these enterprises accept digital payments, more than half of them also buy digital currencies as part of their internal operations. The survey also showed that newer US SMEs were more likely to use cryptocurrencies than companies that have been operating for more than 20 years. According to the survey, 47% of companies that implement crypto were under the age of five years, and 21% of companies that accept crypto were older than 20 years. Most companies that adopt crypto, come from gaming and gambling industries, such as Bitcasino, for example. 

An important obstacle to the adaptation of cryptocurrencies is cyber-attacks. Cybercriminals use sophisticated computer attacks, malware infection spread via simple phishing emails. Fraud can be a serious problem and significantly slow down the process of adopting the virtual currency. As a result, SMEs cannot receive many benefits, such as lower processing fees and faster payments.

Image courtesy of CNBC