Ever since hit its all-time high of $69,000 a few weeks ago, all eyes have been on crypto – especially those of small business owners, as they consider how to hop on the crypto bandwagon. Skynova’s recent research shows small businesses are adopting cryptocurrency faster than you might think.

Their recent “Accepting Bitcoin” study found that nearly a third (32 percent) of the 584 U.S. small business owners surveyed, currently accept cryptocurrencies as payment. These six factors were the main drivers that motivated founders to accept crypto payments in their small business: Each respondent was asked to provide as many reasons as they could for their specific situation.

• Major payment firms like PayPal (NASDAQ) and Mastercard(NYSE:) are now adopting cryptos (59%)
• Tesla (NASDAQ) is one of the most innovative companies in the world, making huge crypto-buys (50%)
• 46 percent of business owners saw acceptance by their competitors as a motivator (46%)
• Customers demand crypto money as payment options (37%).
• Reporting and coverage by the media on ongoing developments in cryptocurrency (34%)
• Twitter influencers who have huge followings (NYSE:), YouTube (32%) and Telegram (22%).

The third bullet shows that 46 per cent of business owners are willing to accept crypto over their rivals. This suggests that crypto adoption has become less about competitive advantages and more about survival.

That’s one of the reasons behind a new Coinbase (NASDAQ:) sponsored campaign to bolster small businesses adoption of cryptocurrencies. The program is called #WeAcceptCrypto, and it’s an effort to raise awareness of small businesses that accept cryptocurrency as a form of payment.

Here’s how it works, based on Coinbase’s announcement of the program on Wednesday:

• You own or manage a small business accepting crypto payments.
• Instagram Stories, Twitter, and Instagram Stories allow you to post a photo of the business, along with the hashtag #weacceptcrypto
• Coinbase could feature your business in one of its social media channels
• Coinbase will email link vida to the first 1000 businesses to use this hashtag. Click the button to enter your shipping details. Coinbase will then send you a window sticker, as shown below.

A window decal is not much but it can be a way to distinguish your company from its competitors. It could also attract cryptocurrency users to your shopfront that might not otherwise have been able. In this day and age, every little bit helps – especially for small businesses.

Flipside

• Coinbase runs a small business payment solution called “Coinbase Commerce,” which is a separate business unit from its crypto exchange and crypto wallet revenue streams.
• Store owners pay 1% for every crypto payment processed, but that’s still less than the 2.5% – 3.5% fee for each customer payment by credit card.
• While this campaign is clearly a marketing attempt to raise crypto awareness among shoppers, it’s equally focused on raising awareness among business owners to try the Coinbase Commerce solution.

What are the reasons to care?

This marketing campaign is a solid idea that strives to elevate awareness of cryptocurrencies among both shoppers and merchants – which is a brilliant idea. To encourage adoption, both sides must embrace cryptocurrency. Another step forward in this direction is the adoption of crypto.

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