UK’s SME owners estimate cryptocurrency as full-fledge economy
SME (Small and medium-sized enterprises) owners in UK have seen a sudden surge within two years. Cryptocurrency has become a mainstream in the UK economy, as per the survey of English card machine provider Paymentsense.
The national study says that, it has surveyed 504 small businesses in January, over one-third (35 percent) predicted that cryptocurrency will be legalized and used for normal method of transactions within two years. And one-fifth of the respondents (21 percent) had anticipated it to be mainstream within a year.
Presently, only around 13 percent of the small businesses are accepting cryptocurrency payments. Rest of the 25 percent have estimated that crypto assets can never become a method for payments in exchange of goods and services.
The Tumeric Co., founded by international footballer Thomas Hal-Robson-Kanu, had started accepting cryptocurrency payments previous year. “Instantaneous settlements with no need for centralised third parties and fees are a big plus,” he said.
Cryptocurrencies’ has remained an obstruction before cryptocurrencies can hit the high street because of its past of extreme price volatility. SME owners particularly in the traditional industries, require confidence and security of payment methods.
Transaction speed is quite helpful to overcome its image as volatility, both real and anticipated. Recently, the technology has advanced in the context of volatility. Bitcoin’s gradual adoption of segregated Witness (SegWit) and the nascent lighting network are the two technologies which have marked its achievements which was introduced recently by developers.
Japan being crypto-friendly country, Yamada Denki, the giant Japanese electronics store, freshly announced that they would accept Bitcoin on trial basis at two of its Tokyo outlets, and planning to roll-out throughout nation.
The growing positive responses among the small businesses in UK have shown a sign of positive development elsewhere. Last month, San Francisco-based startup Litepay, granting retailers to accept Litecoin in exchange of fiat currency.
Last year, in November, cryptocurrency point-of-sale (POS) solutions provider for Southeast Asian retailers, Pundi X, successfully upgrade into the NEM blockchain. Pundi X devices are now able to integrate both the Ethereum (ETH) and NEM (XEM) blockchains.
The adoption of cryptocurrency among the SME has lacked in pace, but recently the cryptocurrency have expanded its market. Expedia and Overstock have initiated Bitcoin as a source of payment in 2014. They were the pioneers in their time.
