According to a survey by American Insured Hartford Steam Boiler (HSB), thirty-six percent of the Small and Medium-sized Enterprises (SMEs) in the US are accepting payments in digital currencies. These startups are selling their products and services in return for cryptos.The survey of HSB is conducted by Zogby Analytics that comes out with a result that one-third of the American businesses uses cryptocurrency as payments. The study at wider also found out that 59% of those firms used cryptocurrency for personal usage.HSB’s study also checks the age of these companies means how long they have been working in the US. As per the survey, 47% of the companies, that are accepting cryptocurrency, are running from five years or less, while 20% are working in the business arena for more than twenty years.The vice president of the HSB, Timothy Zeilman, expressed his concern for the pros and cons of the cryptocurrencies. Digital currency is known for its faster transaction process and lower fees for transactions. However, the negative side is also prominent as the Cyber-attacks and frauds are also linked with cryptos.According to Timothy Zeilman:
Cyber criminals follow the money and fraud can be a serious problem. A number of currency exchanges have been hacked or embezzled and millions of dollars were lost. Smaller businesses, especially those starting out, can’t afford to be cheated.
Small Business should focus on Security
Zeilman also stressed that the founders of the small-level businesses should focus on the security measures to prevent from computer attacks and subsequent frauds.
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 cyber fraud and financial loss.
Zogby Analytics carried out the survey commissioned by HSB and gathered data from almost 505 small and medium-sized businesses in the US.