Small businesses not fully on board with cryptocurrency payments

Small-business owners are not gung-ho about accepting Bitcoin and other cryptocurrencies as payment — although are slowly trying them out.

That's according to a survey of 300 small-business owners by financial products firm WalletHub Inc., which found 45% small-business owners are not in favor of accepting cryptocurrency as payment, while another 33% are indifferent about it.

“Cryptocurrencies don’t have too much merchant support because they aren’t regulated or backed by any government, and wild price fluctuations occur almost daily,” said Delaney Simchuk, an analyst at WalletHub. "People are generally hesitant to change what they’ve been doing successfully for a long time, especially if they don’t understand the need and the switch seems risky.”

Cryptocurrencies, such as Bitcoin, are digital currencies protected by cryptography and accounted for using an often decentralized database technology called blockchain. While cryptocurrencies have grown in prominence and are actively traded by investors, they remain polarizing among small businesses, with proponents praising their ease of transfer and freedom from government and bank intervention and critics emphasizing challenges posed by price volatility.

https://www.bizjournals.com/seattle/news/2022/05/03/bitcoin-crypto-cryptocurrency-payments-business.html

Don't blame them.