60% of Square Merchants Polled Willing to Accept Bitcoin
A recent survey suggests that business are ready to accept Bitcoin as payment. Nomura Instinet has a released the results of a survey, in which about 100 businesses currently using Square Inc's payment technology, were surveyed about accepting Bitcoin as payment over USD. It may come as a surprise to some (Nomura Instinet analyst Dan Dolev included), that 60% of these businesses would be willing to accept Bitcoin as a payment, instead of USD. All businesses in the survey represent diverse industries and earn at least $100k in revenue annually, the highest represented age range (approx. 40%) was between 31-40 years old. Dan Dolev responded to the results of the survey:
Despite the implementation of SegWit, which has helped to improve fees and transaction speed, the price volatility associated with Bitcoin has made many in the financial sector (see Mark Carney and Warren Buffett) skeptical (to put it mildly) about Bitcoin's viability as a payment option. With only 2 restaurants here in the Cleveland area currently accepting Bitcoin as payment, the study may suggest that an efficient payment-processing method is what's keeping businesses from adopting Bitcoin as a means of payment. Less than 10 years ago, Square released a tiny, simplistic dongle, enabling small businesses to easily accept credit card payments. In late 2017, Square began allowing a select group of customers purchase Bitcoin using their Cash App (a-peer-to-peer payment app, connected to a user's bank account, allowing them to send/receive money (USD) to/from other registered Cash App users). So with the surprising news of businesses being willing to accept Bitcoin as payment, this brings up new potential for use of Bitcoin in conjunction with Square and the Cash App. Square CEO, Jack Dorsey, had this to say (in regards to their 4th quarter earnings from February):
We at Coin Ninja are believers that the use of Bitcoin and blockchain technology will be the future, and as applications and large-scale corporate adoption increases, I think we can expect more than just a few local restaurants using payment processors like Square to proudly say, "Bitcoin Accepted Here".