• Richard Blades

Bitt Coins in Business

Thanks to the originator of this graphic for depicting global crypto currencies.

The way how business handles transactions is evolving. There was once a time where the norm was cash / cheques. Then plastic in terms of debit / credit cards become more common place, at least in the Barbadian context. Along came online payments via banks and credit unions which has been adopted by about 88% of the business people surveyed. So what's next?

Crypto currency is being touted as the method that should be adopted within the financial options of individuals / government / businesses alike. Generally, people want to embrace the crypto currency, yet many are apprehensive because they don't know enough about it.

Some comments made reference to the acceptance of the payment method made reference to being able to better understand what it is about. More than half the population surveyed reported that they don't understand how it works. Yet if given opportunity to implement it into their organizations they would do so.

The ability to accept and make payments using crypto currency was favorably viewed by more than 55% in both instances. Who would it make sense for to implement within this organizations in the short term?

Based on the feedback, with the categories being stores and shops, restaurants and food entities, professionals e.g. doctors, attorneys, consultants, accounts, education and training organizations; a whopping 50% would make payments to all categories using this method if it were available. Approximately 12.5% would restrict their payment activity using this method to professionals, while still 37.5% are still not convinced that that they should use it.

I believe that with further education and adoption of transaction activity within the markets that acceptance and use of crypto currency will become more common place for doing transactions locally, regionally, and finally internationally.

This survey was conducted using a small sample size of small business owners and entrepreneurs who are actively involved in daily transactions with their clients / customers / suppliers.

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