Cryptos Would Go Mainstream By 2020: U.K SME

Article by · February 26, 2018 ·

Small and medium business owners in the U.S have predicted that digital currencies will become mainstream in the country within two years. This was revealed in a new survey conducted by English card machine provider Paymentsense.

The study which was conducted across the country had 504 small business owners respond. The survey revealed that 35% of the respondents anticipate crypto payments would become a valid and normal method of payments by 2020. 21% of them were even more optimistic as they predicted the adoption and acceptance of cryptos by next year.

At the moment, roughly 13% of small business owners in the region accept digital currencies as a means of payments. 25% of them believe that digital assets do not stand a chance at becoming a mainstream method of payment for goods and services.

There are some things that have to be taken care of before cryptos can be adopted by businesses. Digital currencies have always been known to be extremely volatile in terms of price. For SME owners to adopt them fully, they will require price certainty and secure payment methods.

Transaction speed is very important in countering the effects of price volatility. There have been positive developments in terms of transaction speed with cryptos such as Ripple having transaction speed of seconds. Bitcoin’s gradual adoption of segregated Witness (SegWit) and also the nascent lighting network are ways that will improve the transaction speed in the network even more.

The U.K isn’t the only region that is experiencing growing positive sentiments towards cryptos. In the U.S, Litepay this month launched its services, making it possible for its customers to accept Litecoin for fiat currencies.

Japan which has been the leading country in terms crypto acceptance and some companies have already started accepting crypto payments. Yamada Denki, the giant Japanese electronics store, recently announced that it would begin its bitcoin acceptance trial at two of its Tokyo outlets. If the trials become successful, then it would roll out the service nationwide.

The adoption of digital currencies as mainstream payments method has been rather slow, but of recent, signs indicate that the process might be speeding up. Some big companies such as Expedia and Overstock started accepting bitcoin payments since 2014.

If the growth gets higher, then the adoption of Bitcoin and other digital currencies as means of payments wouldn’t be long before they become mainstream. POS solutions providers such as Paymentsense will play a key role going forward as high street retailers in the world are now looking at cryptocurrencies with confidence.


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