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Survey: 80% of Biz Would Transact in Bitcoin

Survey: 80% of Biz Would Transact in Bitcoin

in Bitcoin & Cryptocurrency published on 14, March 2018

Some 80% of businesses would be interested in transacting in bitcoin, according to the findings of a survey published this week.

The survey from the Neustar International Security Council, which was set up by Neustar Inc. to bring together some of the world’s leading experts on cyber security, identified a willingness amongst companies to accept payments in bitcoin, with the overwhelming majority of respondents in favor of greater integration of cryptocurrencies within their business.

However, the survey also reflected some persistent concerns about hacking risks, and fears over other threats to balances held in bitcoin and other cryptocurrencies.

The survey showed 80% were in favor of using bitcoin within their businesses, with a further 48% suggesting bitcoin could be a way of increasing the value proposition for their customers. However, 80% of respondents were concerned about the potential for DDoS attacks, while 26% saw risks of ransom-style attacks, were their holdings in cryptocurrencies to be disclosed.

The findings come just a month after a similar study highlighted that some 50% of large businesses in the UK held deposits in cryptocurrencies of varying types, in spite of these perceived commercial risks.

The report confirms previous research indicating that a growing number of businesses are becoming more comfortable with accepting payment in cryptocurrencies, and recognizing the value of digital currencies for both their customers and suppliers.

But on the downside, the findings show that companies do still fear hacking and ransom attacks, alongside the financial risks of cryptocurrency exposure. Rodney Joffe, of Neustar, summed up the perception of these risks amongst respondents.

“Ransomware and DDoS attacks continue to be seen as the leading threat to companies due to the sheer volume, complexity and potential severity of an attack. That said, not too far behind as the second greatest concern to businesses moving forward is financial threat.”

While the findings mark a positive step towards greater acceptance of cryptocurrency, the fact that businesses still have concerns looks set to remain a barrier to more widespread adoption. According to some analysts, this remains only a matter of time, and with this latest survey confirming similar results from previous weeks, it looks as though some companies may be moving closer to embracing cryptocurrencies.

The news comes a matter of weeks after Starbucks said their new app would ‘probably’ support cryptocurrencies, with Rakuten also recently announcing a cryptocurrency of their own for customer loyalty and cross border on-platform transactions.