Has the Number of UK/US Businesses That Use Cryptos as Payment Gone Up?

Cryptocurrency gained favour with UK and US business peoples very quickly. However, was it ever anything more than a fleeting trend? Is cryptocurrency here to stay, or has it had its moment already?

Well, the UK is reportedly well-positioned to be a global leader in the crypto economy, as the digital currency moves from strength to strength in popularity. These days, people in business want trust and certainty, especially in the UK where moments like Brexit are occurring. This is the main appeal of crypto services, as they keep the money flowing fast and keep companies running smoothly.

For example, companies such as Likely Loans offer their services regardless of credit history, ticking firms’ financial boxes to be funded but also feel safe. Cryptos offer companies a similar promise, but it’s not entirely successful so far. The stability of the service is constantly in flux; dramatically so too in the UK. There have been reports of Bitcoin itself being the magnet for the ‘adrenaline fuelled get rich quick brigade’, and in reality people are sensible and know that few people ever go about ‘getting rich quick’ legitimately.

It might seem like common sense, but this isn’t a principle that all of society can get onboard with. It’s unsustainable. Some people will get rich, most of them slowly and strategically through hard work, and everyone else will just have to dream.

Nevertheless, cutting corners seems to be the main draw of cryptos, as well as a significant amount of luck too. Can corporations really afford to take high stakes risks so effortlessly? Still, there’s no denying that cryptos cut back processing fees to the bare minimum, as well as encourage corporations to pursuit and upgrade their fintech. In the end, it’s practicing speed, security and managing processes more efficiently, and any business would rightly snatch this opportunity up.

The US is using cryptos successfully too, bringing them to the fore of public knowledge. In fact, on September 8th US companies that specialise in cryptocurrency were highly listed on LinkedIn’s Top 50 Startups, which demonstrates the progression, and widescale exposure, that the industry is experiencing. Ripple ranks at number 7, describing its quota that it “uses blockchain technology to transform what had been a multi-day process into one completed in seconds”, capitalising on what everyone wants from technology; an easier way to produce results.  

Success stories are starting to immerge right through the media, and others will likely be inspired and follow suit. Of course, as with all technology, there are still a few kinks to work out. Security risks are clear, and the growing demand of the service could potentially stretch it too thin in terms of its potential. Still, in both the US and UK, the popularity of cryptos is picking up steam.  

Marcus Turner Jones: Marcus Turner Jones graduated in Economics from the University of Sheffield before pursuing a career as a Market Analyst in London.