Surveys regarding cryptocurrencies can offer valuable insights. As is usually the case, the findings need to be taken with a grain of salt.
One survey by American Insured Hartford Steam Boiler, or HSB, paints an interesting picture.
More SMBs Should Accept Bitcoin Payments
It claims how several SMBs in the United States handle digital currency payments.
Most of the companies in this segment directly sell their product or service in exchange for cryptocurrencies.
As such, it appears that one in three US SMBs accept cryptocurrency payments today.
Assuming this would apply to the entire SMB segment in the US, the adoption of cryptocurrency would have skyrocketed.
In reality, however, this is a very small sample pool, and the findings should be seen in its proper perspective.
It would certainly be interesting to see more business handle bitcoin payments in 2020 and beyond.
This industry has grown tremendously and can no longer be ignored, after all.
Several factors might prevent more SMBs from taking the plunge.
The lack of active cryptocurrency regulation, for one, will always remain a hindrance of sorts.
Secondly, there is the ongoing price volatility which probably won’t ever disappear.
Incentivizing merchants to hold cryptocurrency transactions instead of converting them to fiat needs to be the next step.