Cryptocurrency and ICO news 10.07.2018
Crypto to become mainstream payment instrument “within the decade”
A study, named “Cryptocurrencies: Overcoming Barriers to Trust and Adoption,” written by professor William Knottenbelt from Imperial College London and Dr. Zeynep Gurguc from Imperial College Business School, states that cryptocurrencies are the “natural next step” for money and can become a mainstream payment instrument “within the decade.”
According to the report, cryptocurrencies are already fulfilling one of three fundamental principles of fiat money by acting as a store of value, while they still do not meet two other requirements; acting as a medium of exchange and serving as a unit of account.
Per the study, Bitcoin and other cryptocurrencies need to solve six main challenges to meet these requirements: scalability, usability, regulation, volatility, incentives and privacy.