Despite there being some confusion over bitcoin and the place of other cryptocurrencies in world finance, more and more people are trading online.
This has grown to the extent where major figures such as the Bank of England’s Mark Carney has suggested a single, digital platform could offer global stability for years to come.
While we are more than a few years away from bitcoin taking over physical money, now is the time to start looking closely at its future impacts. Data shows that in the UK a fifth of investors of millennial age have already traded in cryptocurrency. This is despite there being shaky ground with regard to FCA and HMRC positions.
Therefore, the future appears to be bright for crypto in general. But does that mean that we should be investing now, or waiting for a balance in the markets?
The rise of crypto
The rise of crypto is easy to explain. Digital currencies such as Bitcoin and Ethereum offer flexible, middleman-free trading. What’s more, despite markets being volatile, potential returns are huge when values spike. Many investors advise that holding firm and waiting for big spikes is the best way to make considerable money from crypto exchanges.
Beyond this, we have to consider what has happened in Australia. Australia legalised cryptocurrency in 2017, which led to mass adoption of digital money in physical storefronts. It has also enabled everyday buyers to embrace a more flexible way to pay for general goods and services.
The growth of cryptocurrency has increased alongside a feeling of unease with global banking and wider markets. People want greater control over their money and they also want a greater scope of choice in terms of how to manage it. Digital trading is simple, efficient and comes with zero strings. Money is now decentralising in a way that is encouraging even everyday consumers to adopt a new, digital way to pay for items.
Why invest now?
It is clear that there is still much confusion over cryptocurrency in the wider financial sphere. This is because of a lack of committal from the FCA or the British government on digital money in recent times. The law has some way to go to catch up with the behaviour of UK investors. However, this doesn’t mean you should shy away from crypto altogether.
In fact, crypto’s continued popularity is having a ripple effect across global business. Despite market volatility, more and more brands are becoming open and receptive to accepting bitcoin and other forms of digital payment. Experts say that now is the time to adopt cryptocurrency before it goes mainstream. While it is unclear where UK law will swing at the time of writing, many people will tell you that investing now is a risk worth taking. That is especially the case when you consider how many British people are still trading online.
Entrepreneurs who now take advantage of cryptocurrency will be at the centre of the digital currency revolution. Opening yourself up to digital markets will inspire early investors and those who are already deep into the bitcoin game. It is a lucrative demographic to approach, particularly with statistics showing increasing interest.
There is also less risk involved when you automate your investing process. Many people use sites such as Top10BitcoinRobots.com to find programs which will help them to make intelligent decisions.
What’s the knock-on effect for businesses in the UK?
UK entrepreneurs and businesses that fail to acknowledge the rise of cryptocurrency could risk getting left behind amid a major financial revolution. Businesses should take care when considering crypto regarding UK law and the FCA’s stance, however, the time for keeping your head in the sand is over. Australia has already rolled out mass acceptance for bitcoin and other digital currencies. If the UK law follows suit, entrepreneurs and businesses here will need to hit the ground running.
There has never been a better time for British entrepreneurs to educate themselves on how bitcoin and cryptocurrency could affect them for years to come. Take a look at investing guides and consider your key demographics. Are there buyers and clients on your books that will benefit from the wider acceptance of cryptocurrency?
The crypto industry is only going to keep growing. For individual businesspeople and larger corporations in the UK, the time to start investing is now, and to start opening up your enterprise to the world of flexible, digital currencies. Don’t get left behind in the digital financial revolution.