Imperial College London’s “Cryptos: Overcoming Barriers to Trust & Adoption” Report Recap
New Paper Shows Huge Bitcoin Backing
Cryptocurrencies like Bitcoin have been handed massive levels of support this morning from people researching in London, at the Imperial College, who have said digital currencies are finally ready for mass adoption.
According to the fresh released paper – the titled “Cryptocurrencies: Overcoming Barriers to Trust and Adoption” – Cryptocurrencies like Bitcoin will release to the main population as a way to pay for goods or services in upcoming decade.
The new backing of the researchers would be able to boost Bitcoin’s price as well as other cryptocurrencies, that many have accused of as being less well suited for handling large payments online, better than a regular financial system, that is run by major credit card organizations like MasterCard and Visa.
The cryptocurrency industry is evolving at an accelerated rate of speed, faster than anyone predicted. Along with the evolution of cryptocurrency, is the bewildering terminology associated with it, as stated by Imperial Professor Wiliam Knottenbelt.
Cryptocurrency has a ton of skeptics following it as well. People who have a challenging time seeing the point or possibility of using cryptocurrencies daily, being useful to everyday people. The new research shows cryptocurrencies are already making huge gains moving forward for filling the needs for becoming a widely used payment option.
The new paper, funded by eToro, found cryptocurrencies are already ready for use on a daily basis. They have the ability to fill at least one role of fiat money, being idea for acting as a stole of value.
Mainstream Use Main Three Criteria
- Unit of Account: Acting as a measure of value in the modern economic system
- Medium of Exchange: Users have the ability to facilitate a healthy exchange of goods and services by removing the inefficient methods associated with a barter economy system.
- Store of Value: Gives individuals the ability to make critical choices on when to use their power to make purchases.
According to the released paper, the last two criteria must be met by cryptocurrencies to make them available on challenges like scalability, design and regulation.
The first email sent was sent back in 1971, but it took almost three decades for technology to be a normal, everyday thing with a user-friendly interface like Hotmail. The statement was made by eToro’s UK manager director Iqbal Gandham.
As for Bitcoin, the first transaction took place a little less than a decade ago. Today people are seeing it start to finally meet requirements that are in line with that of everyday fiat currency. Given the rate of being used, researcher believe Bitcoin as well as other cryptocurrencies on high street within the last decade. There are some barriers that need to be broken down before it can be adopted on a mainstream level, but they are in no way of being unbreakable.
Imperial’s Zeymep Gurguc, who co-wrote the recently released report spoke on the new payment methods or asset classes will not just show up overnight but are worth nothing the concept of money has gone through a serious evolution. This is happening in our lifetime, from cash to contactless digital payments.
The price of bitcoin, like other cryptocurrencies has had its own challenges in finding footprints in recent months after watching the devastating 50 percent sell off that occurred at the start of the year.
But, in recent weeks and days, Bitcoin’s price has jumped up several times – giving holders a hope that the price will return to the bull marketspace.