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Small and Medium Scale Enterprises in The UK Believes Cryptocurrency is going Mainstream by the Year 2020

Mar 04, 2018 Posted /  748 Views

Small and Medium Scale Enterprises in The UK Believes Cryptocurrency is going Mainstream by the Year 2020

Businesses in the United Kingdom Anticipates Cryptocurrency will become Mainstream by 2020

A country wide research conducted by UK company Paymentsense reveals that the business community in the country are optimistic that cryptocurrency could become mainstream as early as 2020. The research which involved some 504 small and medium scale businesses in the country revealed that more than 50 percent of businesses expect cryptocurrency to become mainstream within one or two years.

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Now there are about just about 13% adaptation of cryptocurrency among businesses in the United Kingdom largely because the current legal status of cryptocurrency in the country and other countries within the European Union.  At the same time the research revealed that some 25% of the businesses believe that cryptocurrency will never become a mainstream system of payment.

This increasing positive sentiment towards cryptocurrency in the United Kingdom follows with similar positive developments elsewhere. Recently in the city of San Francisco California a startup firm Litepay launched a service which allows retailers to accept the cryptocurrency Litecoin and it would settle in a fiat currency, USD. Litepay Initiative follows an earlier move by Bitpay which runs a smart phone app with a prepaid Visa debit card integration.

Mainstream Adaptation of Cryptocurrency by businesses to increase.

The research concluded that the mainstream adaptation of cryptocurrency in the United Kingdom is slated to increase following the positive attitudes most of the already established businesses have on cryptocurrency. This incremental voluntary adaptation of cryptocurrency being committed up by businesses in the country signifies a positive future for crypto in the UK and the EU in the long run.

Although the adaptation of cryptocurrency on to a mainstream level remain slow positive signs is being shown. Companies like Expedia and overstock are among the first few companies to pioneer in accepting bitcoin as a payment options way back in 2014.

An initiative of companies such as Paymentsense to educate and help small businesses with the software infrastructure required to incorporate and the adaptation of cryptocurrencies will help speed up the adaptation of cryptocurrency with the UK and the EU at large.

The Current Major Hiccups to the possibility of Cryptocurrency going Mainstream

on the other hand, the main hiccups to a smooth massive adaptation of cryptocurrency remain the volatility in the prices of cryptocurrencies. Bitcoin the main cryptocurrency lost most of its value before the new year. This coupled with negative government regulations on cryptocurrency is causing the most dangerous valley for new crypto adaptation.

With different initiative currently being developed aiming to improve how the major cryptocurrencies operate and a positive government outlook on the development of crypto related technologies mainstream adoption will soon be within imaginable reach.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: cryptocurrency United Kingdom

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