High Streets Initiative · 20 February 2018

Could cryptocurrency payments be a high street reality in two years?

One in ten small UK business owners already accepts currencies like Bitcoin
Over a third of small UK business owners believe cryptocurrencies will be accepted on the high street within two years, according to new research suggesting a mainstream future for alternative payment methods.

The research, undertaken by card machine provider Paymentsense, arrived after a recent market resurgence of virtual currencies, which has seen the price of Bitcoin rise by over a third over the last week.

However, uptake of cryptocurrency payments among UK business owners is yet to reflect their own predictions. Only one in ten survey respondents were already accepting the method, while a quarter failed to see it ever adopted by Britain’s high streets.

Hal Robson-Kanu founded The Turmeric Co. in 2016
Despite the recent so-called cryptopocalypse? highlighting the volatility of currencies like Bitcoin, some analysts have predicted the price of the original cryptocurrency will double within six months.

Appetitie for cryptocurrency investment among small business owners also remains high. Almost six in ten said theyd consider investing, with around one in five already doing so.

One small business owner already tapping into virtual money has been Wales and West Bromwich Albion footballer Hal Robson-Kanu, whose natural medication brand The Turmeric Co. began accepting cryptocurrency payments at the end of 2017.

?[We] believe they are going to revolutionise global transactions for businesses at all levels. Instantaneous settlements with no need for centralised third parties and fees are a big plus, Robson-Kanu explained.

were a forward-thinking company with ambitious growth plans, so this flexibility is important to us. Cryptocurrencies are a really exciting payment option.

The study also questioned small business owners on so-called alternative? currencies. Over a quarter were directly involved with local currency schemes seen first-hand by Business Advice in Liverpool, Bristol, Brixton and Lewes designed to support local businesses in the community.

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Sustainability

 

Local currencies series

Business Advice ventured to Liverpool, Brixton, Hackney and Bristol to find out how local currency schemes have been reinforcing local supply chains.


 
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ABOUT THE EXPERT

Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.

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