Around one-third of US small and medium-sized (SMEs) are now accept cryptocurrency as a mode of payments for their goods and services. A survey has been done by American insurer Hartford Steam Boiler (HSB), reveals that newer companies are twice as likely to accept cryptocurrency payments and in digital credits. The survey was pursued by HSB and carried out by Zogby Analytics in October 2019. In total it involved 509 SMEs across the US.
Young companies more likely to be Crypto-friendly
While analyzing the pattern, HSB found that specifically, 47% of business accepting crpytocurrencies have been around for five years or less, compared to 21% of companies older than decades.
The study done by Zogby Analytics reveals that 36% of SMEs are crypto-friendly, and 59% of these companies had previously bought cryptocurrency for their personal use.
While arguing over the fair use of cryptocurrency, the vice president of HSB states that business enjoy the benefits that come with cryptocurrencies, including faster payments and lower fees. However, considering the risks of it, there are several, especially regard to cyber fraud and computers attacks. But since HSB provides cyber insurance and services, it is up to date.
Later the executive while giving a statement said that, “Cyber criminals follow the money and fraud can be serious problem. A number of currency exchanges have been hacked or embezzled and millions of dollars were last. Smaller business, especially those starting out, can’t afford to be cheated”.
Zeilman further while elaborating the risk of cryptocurrecy said that cybercriminals use various schemes to break small business, including computer attacks, malware infections, and phishing techniques.
Zeliman suggested: “Small business owners should learn all they can about the technology before accepting cryptocurrency. And make sure they have strong data security and insurance to protect against fraud and financial loss”.