Study from Paymentsense also reveals how other alternative currencies have already established a foothold
Over a third (35%) of SME owners expect cryptocurrency payments to become a reality on the high street within two years, according to new research* from card machine provider Paymentsense. Some small business owners are even more optimistic about the its potential, with over a fifth (21%) predicting that cryptocurrency will start appearing within one year.
Despite these bold predictions, the study revealed hesitation amongst SMEs to take the plunge and start accepting the payment method. Only one-in-ten small business owners said they already take cryptocurrency payments (13%).
The recent volatility of Bitcoin doesn’t seem to have discouraged SME owners when it comes to their own cryptocurrency investment, however. Almost six in ten (59%) said they’d consider investing in it, with approaching a fifth (18%) already investing.
International and Premiership footballer Thomas Hal-Robson-Kanu, who founded The Turmeric Co. in 2016 said: “We started taking cryptocurrency payments at the end of 2017, and 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. We’re 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 revealed that other ways of paying have established a foothold amongst UK small businesses.
Almost half (46%) of SME owners questioned accept alternative currencies, with over a quarter (27%) involved in schemes such as the Bristol, Liverpool, Brixton and Lewes pound to encourage local spending. A further 15% said they accept national bartering schemes such as Bartercard, with 11% taking regional gift vouchers.
Guy Moreve, head of marketing at Paymentsense said: “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?
“Also, the value of unregulated cryptocurrency changes fast. This has significant implications for an SME’s revenue security. Using a trusted payment processor or merchant service provider can help guard against this by allowing a swift currency exchange, and improve security processes. For entrepreneurs in emerging sectors it might be worth the risks involved, but for others in more established or slower-moving areas it could be wiser to wait and see how things evolve over the next six to 12 months.”
* Commissioned research took place from January 17-21, 2018 amongst a nationally representative sample of 504 small business owners.
Tech Giants Opt for Ethereum: Why ETH is Still Behind BTC
Amazon Shows Support For Ethereum With a New Managed Blockchain ServiceAmazon has recently made shockwaves across the blockchain industry, when they announced their managed blockchain services in an exciting press release. They say the service will allow users to set up and manage their own decentralized blockchain network with just a few clicks. This is a huge claim considering the difficulty of achieving that task from scratch. The really good news for Ethereum is that the new service will soon have support for the Ethereum network due to some of its unique properties. On their website, they declare that “Ethereum is well suited for highly distributed blockchain networks where transparency of data for all members is important”. This is a huge deal for Ethereum.
Elon Musk Declares His Faith In Ethereum with One WordElon Musk has caused another stir on Twitter, this time in the blockchain world. He did it with a one-word tweet, “Ethereum”. The tweet has gained almost 10,000 retweets since then. That’s a big endorsement coming from one of the greatest tech visionaries of our time. Especially, as it comes when Ethereum has been struggling.
Many Other Companies Are Onboard With Ethereum TooThese are just the most recent additions to the list of big names declaring their support for the Ethereum vision. The Ethereum Enterprise Alliance is a group of big businesses committed to exploring and developing the decentralized technology that Ethereum is built on. The members include some massive names, such as Intel, Microsoft, JP Morgan, Accenture, and Deloitte. JP Morgan has even used the Ethereum technology to build its own blockchain networks for moving some of its enormous sums of money quickly around the globe.
So Why Isn’t Ethereum Number 1 Yet?All this should be enough to propel Ethereum into the stratosphere of development and adoption. But a quick look at the price and market cap numbers shows that Ethereum is even further behind Bitcoin than it was a few years ago. Ethereum has dropped massively since its peak price of over $1,000 and has never recovered to anywhere near those levels. So what’s going on?
The Same Old Scalability ProblemsEthereum has had one serious challenge for the last few years: scalability. Ethereum has never really managed to breach its transaction ceiling of around 26 transactions per second. That level is just not going to cut it out for a major global transaction network. Bitcoin has the same problem, but it has some exciting solutions already being used and tested. The Bitcoin Lightning Network is a “layer 2” solution that is used to scale Bitcoin transactions on top of the core Bitcoin network. Ethereum does have some potential solutions of its own. Ethereum Plasma promises to add a layer 2 solution to the Ethereum network to allow for much higher transaction volumes. However, right now, these projects are still far off proving they can take Ethereum to a global scale.
The Growing Threat of Competitor NetworksPerhaps the biggest reason why Ethereum hasn’t soared to the top spot on the crypto charts is the growing number of serious competitors to Ethereum. Until recently, Ethereum has been the only real choice for developers in need of a global decentralized network to build their applications on. The same with ICO platforms, too. This gave Ethereum the first mover advantage and helped it grow tremendously in its early stages. These days, however, Ethereum has plenty of plausible competitors. Using the Ethereum network isn’t a necessity for developers, it’s a choice. For example, while Amazon plans to support Ethereum for their managed blockchain solutions, it already supports Hyperledger Fabric. The growth of alternative networks and protocols such as EOS, Stellar, Cardano, Tron, Neo, and many more are hurting Ethereum. What’s more, many of these networks already offer much better performance than Ethereum in certain areas. For example, EOS is a protocol designed to build decentralized applications similar to Ethereum’s. But, with a completely different take on its consensus algorithm, it allows for a much higher transaction volume and speed than Ethereum. These competitor networks are now highlighting the weaknesses of Ethereum. They are putting pressure on the Ethereum development team and adding more uncertainty to the future of the Ethereum network.
Bitcoin is Seen DifferentlyBitcoin is facing many of the same technological problems, and even more competitors for its limited use cases. However, Bitcoin has kept growing because it is seen in a different way by buyers. These days, Bitcoin is seen more as ‘digital gold’, than the future central financial platform. Bitcoin buyers know that faster and better competitor networks may arise, but Bitcoin is still the original cryptocurrency. This is why Bitcoin buyers are happy to invest heavily in the cryptocurrency, even as real-world use cases and adoption remain fairly stagnant.
Ethereum Needs to Really CompeteEthereum doesn’t have the same advantages as Bitcoin. If it wants to cement its place as the number one decentralized network in the world, it needs to earn it. It needs to prove its value by developing technology that works in the real world, and applications that get used. Ethereum has got the support of tech giants like Amazon and influencers like Elon Musk. But, if ETH is ever to overtake BTC, it needs to use that support and take it to the next level as soon as possible.
Storecoin’s Third Milestone Token Offering Launching, Ari Paul and BlockTower Capital are Early Backers
- Releasing the alpha network for BlockFin, our parallel and pipelined consensus engine
- Multiple security audits for our BlockFin BFT consensus algorithm
- Begin hosting STORE meet-ups around the world
- Releasing our Governance, Economics, and Security Papers for public peer review
- Hosting the first-ever Conference, a research and governance global gathering
BXB Exchange A new cryptocurrency trading platform has entered the scene to offer services as a digital currency exchange
Taklimakan Network Is Disrupting Social Media Using Blockchain And AI Solutions On A Fully Operational Platform
State-of-the-Art Platform Functionality:
- Investment: Users will be able to ask and attract investment from other users
- E-commerce Marketplace: Users will be able to make purchases and sales using cryptocurrency on a variety of shops
- Crypto Map
- Gamification: Users will be able to compete with each other within the platform
- Chat: Users will be able to communicate with each other in real-time
- News: News aggregator with automatic publication of cryptocurrency news from top sources in a variety of languages
- Market: Cryptocurrency market statistics, capitalization, indices, cryptocurrencies charts and exchange rates, where you can run different comparative analysis
- Trading: Trading signals, strategies, technical and fundamental analysis from top experts of the field are included
- Analytics: There will be analytical reviews and tools
- Education: The platform includes a library with articles, courses, video lectures from top crypto experts
- Blogs: Users are able to create and monetize blog posts
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