The survey conducted by Zogby Analytics and commissioned by inspection and insurance company Hartford Steam Boiler found that one-third of small and medium-sized businesses accept cryptocurrency as a payment method. 59% of the surveyed have purchased crypto for their own use. The survey evaluated jobs and different businesses.
Old businesses reluctant to use cryptocurrencies
The study found that interest in cryptocurrency was somewhat widespread, and not in younger generations surprisingly. According to the survey, businesses that were five years or younger were accepting cryptocurrencies while those running for 20 years or more were reluctant to deal in cryptocurrencies. Around 505 small and medium-sized businesses in the United States with less than $5 million in revenue, and less than 100 employees were surveyed.
Businesses fear hacking, not the volatility of cryptocurrencies.
Timothy Zeilman, HSB’s vice-president, noted that businesses were hesitant to accept cryptocurrencies not because of the volatility of coins but because they feared falling prey to hackers. Zeilman said, “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.”