Tooting Market, a historic market in South London that has been operating since 1930, has embraced the digital currency revolution by accepting Bitcoin payments. This move was spearheaded by Hashley Giles, a passionate Bitcoin enthusiast. After a successful Bitcoin meetup on June 18, eight merchants at the market, including restaurants, bars, and a vinyl record store, began accepting crypto payments. These transactions are made possible with the support of Bridge 2 Bitcoin, an organization that promotes the use of Bitcoin in local businesses.
The Bitcoin meetup attracted prominent figures from the crypto community, such as CommerceBlock, CoinShares, Mercury Layer, Civkit, and lightning network developers. The event was a testament to the growing interest in Bitcoin and its potential as a form of payment.
The introduction of Bitcoin payments at Tooting Market has already shown promising results. The Mezzanine bar, one of the merchants at the market, reported a significant increase in profits on the first night of accepting Bitcoin. Bridge 2 Bitcoin stated, “Yesterday was their 1st night accepting bitcoin, & their takings were double what they usually receive on a Tuesday!”
Bridge 2 Bitcoin offers UK businesses the opportunity to accept Bitcoin with low to zero payment fees, instant settlement, and no chargebacks. This initiative not only benefits individual businesses but also contributes to the broader adoption of Bitcoin in the UK.
Nicholas Gregory, CEO of CommerceBlock, believes that the acceptance of Bitcoin by more traders will help legitimize it as a form of payment and make it more tax-efficient. He stated, “The more traders accept Bitcoin, the more we can push the state to recognize it as a legitimate form of payment, making it easier to use from a tax efficiency perspective.”
The UK has seen a significant increase in the number of crypto holders, with over 6 million individuals owning cryptocurrencies. The country’s crypto industry has experienced remarkable growth, outpacing other jurisdictions around the world. In 2023, the UK crypto industry generated $1.9 billion, a 137% year-over-year growth from $800 million in 2022. Experts predict that this figure could double and reach $3.77 billion by 2027.
More than 200 businesses across Britain now accept crypto payments, indicating the widespread adoption of Bitcoin and other cryptocurrencies. This growing user base has motivated small merchants to embrace new technologies like Bitcoin, leading to increased usage of cryptocurrencies and the need for regulatory frameworks.
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