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SURVEY: 50% of Merchants Ready to Accept Bitcoin

In a recent survey of 100 U.S. retailers who are also Square Clients. (Square is a payment processing provider with a large, nuanced offering for point sale.) The results of the survey has revealed that more than half of the respondents said that they would accept Bitcoin as payment.
According to Dan Dolev, an analyst at Nomura Instinet: “This result is surprising, especially amid bitcoin’s elevated volatility.” The result of the survey could pertain to a notable, almost expected acceptance of cryptocurrency among retailers.
True enough, seven million people are already using the company’s Cash payment app. This allows users to purchase bitcoin almost throughout America. In the survey wherein people aged 31-40 had the highest representation. The respondents came from a diverse selection of industries, all of whom had $100,000 as annual revenue.
Because of the frequent need in addressing slow transaction times, high fees and the volatile bitcoin circus, plenty of analysts are sceptical of the digital asset as legitimate currency. Despite the best efforts of Bitcoin and many others to try to address scalability issues, the withstanding reputation of digital coins as slow and complex have been reason why retailers in the U.S. are discouraged to engage in virtual payments. This is supported by data from Yelp which says that only 28 restaurants in Greater New York City currently accept Bitcoin.
Nevertheless, the firm hinted that it is possible that they will acquire a BitLicense to operate in New York State. This regulatory requirement has driven out many digital currency firms from the state in the past.

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