Report: Nearly a third of small businesses in the U.S. currently accept payments in crypto

In a survey conducted by The Harris Poll among 2,024 U.S. adults with at least one business in 2018, 26% of respondents said that their small business accepted cryptocurrency as payment for goods or services in the past year and another 21% said they plan to do so this year.

A new report released by New York University’s Stern School of Business has found that crypto is now “mainstream” in the U.S., with 33 percent of small businesses accepting digital currency payments. Generally, the number of businesses using cryptocurrency for payment methods has grown exponentially since 2012 when only 2% were doing so, according to an analysis by CoinDesk.Around 31% of small businesses in the U.S. currently accept payments in cryptocurrency, according to a report released by crypto exchange Coinbase. The report also found that the number of businesses accepting crypto is growing rapidly, with an increase from 2% to 3% over the past year, and that the majority of small businesses are not yet accepting it. Read more in detail here: what percentage of businesses accept cryptocurrency.

Skynova, a provider of invoicing software for small companies, conducted a poll of 584 small-business owners and managers in the United States to determine the extent of acceptance of cryptocurrency payments.

According to the report, roughly a third of small companies in the United States already accept cryptocurrencies as a means of payment.

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Cities with the most crypto-friendly policies

The analysis evaluated key US cities according to their crypto-friendliness, based on the number of cryptocurrency ATMs, crypto-accepting restaurants, and crypto-accepting stores, using data from CoinMap, which maintains track of companies that accept bitcoin.

While Los Angeles was voted the nicest city in all three categories, Chicago came in second.

“Illinois has been making intense pushes to become the epicenter of cryptocurrency, while the state is home to one of the largest Bitcoin (BTC) mining facilities in the Midwest,” according to the report, which also noted that Illinois is working on a bill that would make it the country’s second state, after Wyoming, to allow special trusts, such as banks, to hold cryptocurrency.

“Chicago business owners are clearly expecting the long-term viability of cryptocurrency in their city,” the research found.

Cryptocurrency as a payment method

According to Skynova, 32% of small business owners and senior executives say their company now accepts cryptocurrency.

“Many small-business owners were solidified in their choice to go crypto once PayPal authorized online sellers to take Bitcoin in 2014,” the survey said, stating that 59 percent of respondents believed that large corporations, such as PayPal, giving the green light was their key impact.

Half of the respondents (50%) claimed that creative firms like Tesla getting into the crypto game inspired them as well.

Businesses most often accepted Bitcoin (58 percent), Bitcoin Cash (36 percent), and Ethereum (35 percent), with Litecoin (28 percent) and Binance Coin (24 percent) coming in second and third, respectively.

The biggest reasons for rejecting the concept of adopting crypto were said to be the market’s volatility (50 percent) and the substantial risks associated (45 percent).

According to the study findings, the majority of company owners seem to be amenable to accepting cryptocurrency as a payment method.

A quarter of respondents believe they should begin accepting cryptocurrencies but are unsure how to do so. Twenty percent had already considered accepting cryptocurrency, and a further 7% had made the decision to do so.

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The “Report: Nearly a third of small businesses in the U.S. currently accept payments in crypto” is an article that talks about how much companies are accepting cryptocurrencies as payment for goods and services. This has led to increased interest in cryptocurrencies, which have been around since 2009. Reference: why do companies accept bitcoin.