What’s Holding US Businesses Back from Bitcoin?

A study conducted by research firm Software Advice indicates both American consumers and businesses are still apprehensive about the use of digital currency, as well as the platforms designed to for them. The study surveyed approximately 400 business owners and customers regarding willingness to adopt digital currency, and reflected results of previous studies indicating a general unwillingness to buy or use digital currencies. The report stated,

When respondents were asked about their likelihood to use digital currency in the event that it becomes more broadly accepted, the results were split. Approximately half (49%) were ‘not at all likely’ to use digital currency even if it were widely accepted. Another 18% reported that they were ‘minimally likely’ to do so.”

Specifically, two-thirds of consumers stated they were unlikely to use Bitcoin or other digital currencies and 50 percent of business owners surveyed said their companies were not equipped to use digital currency. Only 19 percent of business owners had taken steps to adopt it.

A primary concern for business owners is a lack of software readiness. They believe their current software infrastructure is not prepared to handle digital currencies. As stated by the report-

A number of businesses still had faith that their accounting software would be able to meet the needs brought about by digital currency, with 13% being ‘moderately confident’, 11% ‘very confident’ and 6% ‘extremely confident’.”

Overall, the report indicates a need for education on digital currencies for both businesses and consumers, specifically in regards to software. The discomfort reflected in the study has potential to be quelled by tentative exposure to the use of digital currencies and the many uses it has. Considering the study reflects the same apprehension as previous studies, it is clear that while more businesses continue to adopt digital currencies more efforts need to be made to bring Bitcoin to the general public.

 

Read more here- “Study: Half of US Small Businesses Aren’t Ready to Accept Bitcoin,” (Stan Higgins, CoinDesk)

Website | + posts

Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.

Share

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Subscribe to get the latest consumer news

More consumer News