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One in Three UK SMEs Thinks Bitcoin Will go Mainstream by 2020

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Cryptocurrency remains a very peculiar industry, for many different reasons. A new study by Paymentsense shows positive things are about to happen as we speak. More specifically, it seems SMEs are confident cryptocurrency payments will go mainstream by 2020. A rather surprising development, although it’s not exactly unlikely either.

Paying with cryptocurrencies is anything but convenient. While the solution makes sense on paper, it’s not exactly convenient. Neither consumers nor retailers see a lot of merit in this option as of right. The new study by Paymentsense shows an intriguing future, though. More specifically, the expectation among SMEs is how cryptocurrency will go mainstream soon. This may happen as soon as 2020. A rather ambitious statement, although it seems there is some merit to this idea.

UK SMEs see Merit in Cryptocurrency, Sort of

More specifically, the UK is quite open-minded to cryptocurrencies. One in five respondents feels in-store adoption of cryptocurrency will occur in the next 12-18 months. At the same time, one in four SMEs is convinced cryptocurrencies will never get accepted. This contrasting view is rather interesting, but it’s also completely normal. There is no clear indication as to how people feel about Bitcoin and altcoins as of right now.

Paymentsense head of marketing Guy Moreve comments:

“It’s clear that cryptocurrencies are moving swiftly towards the mainstream. However, small business owners considering cryptocurrency as a payment option should be clear about how they can integrate it with their existing financial arrangements. Will suppliers or staff accept it? Can they pay local and national government agencies with it?”

Answering all of those questions is not all that easy. While there may be a bright future ahead for Bitcoin, it may not necessarily be in the payment sector. More specifically, the global appeal of cryptocurrencies should not be underestimated. Whether or not UK SMEs will effectively take the plunge, is a different matter altogether. The volatility of Bitcoin and similar currencies will always remain a big problem, unfortunately.

Header image courtesy of Shutterstock

Tags: bitcoin, sme, UK

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