UK Bitcoin merchant survey – first insight

Update: We have now released the full results which you can see here.

We have some preliminary results from our UK Bitcoin Merchant Survey. Our survey opened on Wednesday and will continue to take responses until Friday (14/3/2014). We thought we’d share some interesting insights from the data we have collected so far:

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It seems that most merchants haven’t yet made up their minds on alt-coins. A good number already accept them, mainly Dogecoin and Litecoin, but just as many say they will be sticking with Bitcoin only.

Reasons for accepting Bitcoin are varying, most merchants accept them as an alternative to traditional banks. This is not surprising given the attitudes of banks towards small businesses in the UK.

Reduced fees and increased publicity are the other two reasons that the majority of merchants accept Bitcoin. Average fees for accepting credit cards are around the 2% level in the UK. Bitcoin gives 1-2% more of each sale back to the merchant, which can make a big difference in low margin businesses.

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The main concerns for merchants are regulation, wallet security and public opinion. There are split responses to concern about wallet security, with some seeing it as not a concern. Presumably this is because some merchants don’t actually have a bitcoin wallet and instead convert directly to sterling using a service like BitPay.

Merchants don’t seem to be concerned about either double spending or network security. Again with services like BitPay these issues are dealt with by the payment processor. The results indicate most merchants trust the Bitcoin protocol and its inherent security.

If you are a UK Bitcoin merchant and haven’t take the survey:

Take the survey now!

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