Bitcoin is nothing special, UK survey says

Although members of the Bitcoin community have great hopes for Bitcoin to become a mainstream payment method in the future, British merchants have different views on this. According to a survey report by Smith and Williamson , British businesses believe that Bitcoin and other encrypted digital currencies will not drive any large-scale changes in the next five years . They are too insignificant.

However, the actual development of the digital currency field in the past five years is not like this. We can see that Bitcoin, other digital currencies and digital currency technology have made breakthroughs 4-5 years ago. The development of Bitcoin technology has also promoted the emergence of Bitcoin exchanges and Bitcoin wallet services.

Respondents only completed a very simple sample set, and it is likely that they are not fully aware of Bitcoin. We cannot ignore the recent great progress made in the underlying blockchain technology, which is currently being used by international financial institutions including some UK banks.

Additionally, Bitcoin is developing a good track record of post-money price declines when prices fluctuate. However, in the past few weeks, the digital currency has seen a surge in demand, sending the price of Bitcoin soaring from $450 to $750 .

Fergus Caheny , investment managing partner at Smith and Williamson , who also participated in the survey, was quoted by the publication as saying:

" Bitcoin was once seen as the virtual currency of the future, but in recent years its reputation and popularity have been hit... Although it has a place in some areas as an international currency, respondents do not believe it will become a widely accepted means of payment. "

One thing that both the surveyor and the respondents seem to have overlooked is that Bitcoin can be used as an alternative investment tool, especially in countries like China that have strict capital controls. In addition to Bitcoin, another major topic of conversation between the two business survey indices was Brexit.