The trend is coming! British companies expect Bitcoin to become a mainstream payment method soon

According to a recent survey by Paymentsense, a British online transaction service company, small and medium-sized business owners in the UK believe that cryptocurrencies will become a mainstream payment method within two years.

The company surveyed 504 small business owners nationwide in January and found that more than a third (35%) of respondents expect cryptocurrencies to become an accepted payment method within two years. More than a fifth (21%) were even more optimistic, predicting widespread acceptance within a year.

Currently, only 13% of small and micro business owners in the UK accept cryptocurrency payments, and another 25% believe that cryptocurrency will never become a mainstream payment method for goods and services.

Tumeric Co., a company founded by international football player Thomas Hal-Robson-Kanu, began accepting cryptocurrency payments last year. Thomas Hal-Robson-Kanu said:

One of its (cryptocurrency’s) major advantages is that it can achieve instant settlement while eliminating the need for a centralized third party and associated fees.

However, there are still some obstacles before cryptocurrencies can become popular as a payment method in the business world. Cryptocurrencies have always been subject to large price fluctuations. Small and medium-sized business owners in traditional industries, in particular, need a safe and stable payment method.

From a practical point of view, transaction speed is the key to overcoming price volatility. There have been positive developments in this regard recently. Bitcoin is gradually adopting two major technological achievements in this field - Segregated Witness (SegWit) and the emerging Lightning Network.

Small and medium-sized business owners in the UK are increasingly optimistic about cryptocurrencies, and they are also becoming more popular in other countries and regions. Litepay, a startup based in San Francisco, launched a new service this month that allows businesses to accept Litecoin without having to worry about price fluctuations. Payments are processed immediately by LitePay and directly connected to banks.

In an environment where the Japanese government is so friendly to cryptocurrencies, Yamada Denki, the country's largest consumer electronics chain, recently announced that it will trial Bitcoin payments at two outlets in Tokyo and plans to promote it nationwide.

Last November, Southeast Asian financial and transaction service provider Pundi X made new progress in cryptocurrency POS devices and successfully integrated the NEM blockchain. Each Pundi X POS device can be connected to the Ethereum and NEM blockchains, enabling consumers to conveniently buy or sell cryptocurrencies using fiat currencies (US dollars, rupees, Thai baht).

The trend of cryptocurrency as a mainstream payment method seems to be slow, but it is not. Expedia, a world-renowned online travel website, and Overstock, a retail giant, began accepting Bitcoin payments in 2014.