UK SME Owners Anticipate Cryptocurrency Going Mainstream by 2020
SME owners in the UK see cryptocurrency becoming mainstream in a couple of years, according to another survey by English card machine provider Paymentsense.
The federal study, which gauged the responses of 504 small business owners in January, found that over a third (35 percent) expected cryptocurrency payments would become a valid and normal way of transacting within two decades.
At present, only around thirteen percent of small business owners in the UK accept cryptocurrency payments. A additional twenty-five percent believe crypto assets won't ever become a mainstream method of payment for products and services.
The Tumeric Co., based on international footballer Thomas Hal-Robson-Kanu, began accepting cryptocurrency payments last year. «Instantaneous settlements with no requirement for centralised third parties and fees are a big plus,» he contended.
Some hurdles remain before cryptocurrencies can hit the high street, however. Cryptocurrencies have a history of extreme price volatility. Small to medium-sized small business owners, particularly in traditional industries, require certainty and security of payment methods.
Transaction speed is the key to overcoming price volatility, both real and perceived. There have been a few positive developments on this front lately. Bitcoin's gradual adoption of segregated Witness (SegWit) and the nascent lighting system are just two significant technological achievements its developers have introduced lately.
The growing positive sentiment toward cryptocurrencies in the united kingdom follows positive developments elsewhere. San Francisco-based startup Litepay established this month, allowing retailers to accept Litecoin, settled in fiat. Litepay joins Bitpay, which mid-last year launched a pocket app with prepaid Visa debit card integration.
In crypto-friendly Japan, Yamada Denki, the giant Japanese electronics store, recently announced it would trial Bitcoin approval at two of its Tokyo sockets, with plans for a nationwide rollout.
Pundi X devices are now able to connect to both the Ethereum (ETH) and NEM (XEM) blockchains.
The adoption of cryptocurrencies as mainstream payment methods has been slow, but has recently shown signs of speeding up. Expedia and Overstock both began accepting Bitcoin as payment options in 2014. They were leaders in the time.
If the growing — albeit slow — trend toward the more widespread adoption of Bitcoin and other cryptocurrencies is to continue, POS solutions providers such as Paymentsense will be key partners in allowing high street retailers to accept cryptocurrencies with confidence.