When will cryptocurrencies go mainstream?
Well based on a study done by a researcher at the Imperial College London, cryptocurrencies have the possibility to become a popular form of payment within ten years.
In their research called “Cryptocurrencies: Overcoming Barriers to Trust and Adoption” Imperial College London’s Professor William Knottenbelt and Imperial College Business School’s Cr. Zeynup Gurguc, contended that for now, cryptocurrencies are regarded as a store of value similar to fiat currencies.
Yet, cryptocurrencies remain to successfully act as units of account or mediums of exchange. To be able to perform the two functions similar to fiat currencies presently do, Bitcoin, including other cryptocurrencies, will need to upgrade in several areas such as design and scalability. For the time being, for example, a large number of cryptocurrencies are developed on blockchains which are not built to handle high transaction volumes.
Furthermore, cryptocurrencies will also have to use more user-friendly designs to make then usable by those who do not have the expert understanding of them. Price trends of cryptocurrencies will also have to stabilize and become less unstable if they are to be used widely. Having a standardized control method across the world will also help greatly.
According to Knottenbelt and Gurguc, with these updates, it will be easier for cryptocurrencies to begin a new technological beginning with relation to how money is used.
The researchers from Imperial College, also stated that every time money changed, be it from cowrie shells and other objects of value to coins and notes, there has been a drop in payments friction. According to the researchers, cryptocurrencies might be a way to cut down on payments friction in the world economy.
“The world of cryptocurrency is evolving as rapidly as the considerable collection of confusing terminology that accompanies it. These decentralized technologies have the potential to upend everything we thought we knew about the nature of financial systems and financial assets,” wrote Prof. Knottenbelt.
Imperial College, which is proud of having 14 Nobel Prize winners, has had a research center referred to as Center for Cryptocurrency Research and Engineering concentrating on blockchain projects since September 2015. Knottenbelt has been acting as the director of the center since its launch.