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Crypto payments: the growing role in the construction sector

Author: Content Editor
A recent survey conducted by JW Surety Bonds revealed that crypto payments are becoming increasingly popular in the construction sector. The survey involved 300 contractors and 700 Americans and found that 1 in every 5 contractors has already received crypto payments, while 65% of contractors are open to the idea. Some contractors even expressed willingness to offer clients a 10% discount if they paid in cryptocurrency. The survey also highlighted the advantages and challenges of crypto payments. Advantages included anonymity, investment potential, and freedom to work from anywhere, while challenges included limited acceptance by merchants and businesses, volatility of crypto value, and general ignorance about cryptocurrencies. The survey also found varying perceptions of crypto payments among different generations, with baby boomers appreciating accessibility, Gen X favoring anonymity, millennials seeing investment potential, and Gen Z valuing decentralization. Bitcoin emerged as the dominant crypto for construction sector payments, followed by Ethereum, Binance Coin, Litecoin, Tether, and Dogecoin. Among Americans, Bitcoin was the preferred crypto for payments, followed by Ethereum, Dogecoin, Litecoin, and Tether. This news comes as Bitcoin experiences a new all-time high, reaching $97,102, and there are predictions that it may reach $100,000 by the end of 2024.

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