- Square Inc. offers a technology at the checkout stand that allows buying and selling bitcoin.
- Study revealed that majority of Square’s Users are willing to accept bitcoin as a form of payment.
Square Inc., New York: According to a recent study, majority of Square’s Users are willing to take on bitcoin as more than half of the people who use Square Inc.’s technology at the checkout stand stated they prefer Bitcoin as a form of payment.
Nomura Instinet conducted the survey on about 100 US merchants. Respondents cut across various industries and had at least $100,000 of annual revenue. In the survey, about 60 percent said they would accept Bitcoin in place of dollars. Those between the age group of 31 to 40 had the highest representation, as almost 40 percent of respondents fell under this category.
Dan Dolev, one of Nomura Instinet analysts said in a report on Wednesday:
“This result is surprising, especially amid Bitcoin’s elevated volatility.”
Extreme volatility, slow transaction times, and high fees have made many people skeptical that Bitcoin can succeed as a legitimate form of payment. While the network has become more efficient recently, it’s still hard to find retailers who are willing to accept cryptocurrencies. According to Yelp, just 28 restaurants within the New York City area accept Bitcoin.
Last November, Square Inc. started allowing some of its customers to purchase Bitcoin on its Cash App, thus enabling Square’s users to send money to friends. Square Inc. stated last January that it was rolling out the option to almost all users.
Jack Dorsey, the company’s Chief Executive Officer, said on the firm’s fourth-quarter earnings call in February:
“Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry and we want to learn as quickly as possible.”
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