The Crypto Divide – What Do Small Businesses Really Want? By DailyCoin
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The Crypto Divide – What Do Small Businesses Really Want?The use of cryptocurrency is on the rise worldwide. Consumer surveys reveal that at least some Americans know about it. Aside from the exploration of the cryptocurrency industry by large enterprise-level merchants and consumers, very little information exists about small businesses’ views on the topic.
A survey was conducted by The Strawhecker Group, TSG to assess the attitudes of small-business owners across America. Results from the survey showed that most merchants still do not accept cryptocurrencies at their place of business in exchange for goods and services – less than one in ten surveyed.
The complete findings, an overview of trends in merchant crypto acceptance, and profiles of popular crypto processors, can be found in the firm’s new eReport The Crypto Divide.
TSG however found that crypto acceptance is growing in popularity. 65% small business owners who accepted cryptocurrency payments only started using it within the last two years. Related findings point to a level of ‘stickiness’ within the crypto space, as 92% of merchants who accept cryptocurrencies also reported owning crypto as a store of value, while only 17% of merchants who do not accept cryptocurrencies own crypto themselves.
An analysis of cryptocurrency users revealed three main themes in a thematic analysis: low acceptance, active avoidance and low motivation to accept. Only 28% said they would accept cryptocurrency from merchants in the near future. This suggests that it isn’t a common priority.
“We discovered that cryptocurrency merchants don’t accept it for a number of reasons.”
Jared Drieling is Senior Director, Market Intelligence and Insights for TSG.
Many people view the payment system as something that only criminals use. Other people had low knowledge of the method, but may be more open to it if their customers ask.
This 79-page eReport contains highlights such as:
- Cryptocurrency Basics
- Crypto-Acceptance Status by Merchants
- Chance and Controversy
- Crypto Space: Key players
- Survey from Crypto Acceptance Merchant
- Merchant Crypto Acceptance: The Future
You can download an infographic for free that highlights several of the findings within the entire report.
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