Bitcoin and other cryptocurrencies are the logical “next step” for money and are close to becoming a mainstream form of payment, according to a new study.
According to a study conducted by researchers at the Imperial College London, cryptocurrencies possess the potential of becoming a widely used form of payment within the coming decade.
This is because these two cryptocurrencies have passed one of three tests to become a universally recognized currency. They both act as a store of value, passing the first test. Additionally, if the current rate of growth continues, both bitcoin and ether could soon pass the remaining two tests. The study predicts that within a decade people will be using bitcoin to make regular purchases.
The study was commissioned by the eToro exchange, who have not been hesitant in cryptocurrency adoption. Professor Knottenbelt of Imperial College London said,
“There’s a lot of scepticism over cryptocurrencies and how they could ever become a day-to-day payment system used by the man on the street. In this research we show that cryptocurrencies have already made significant headway towards fulfilling the criteria for becoming a widely accepted method of payment.”
Dr. Zeynep Gurguc from Imperial College London made the point that the concept of money is evolving, and we have quickly moved from cash to card to contactless payment. The next natural step is a wide use of cryptocurrencies along with cryptocurrency based assets. he said,
“New payment systems (or asset classes) do not emerge overnight but it is worth noting that the concept of money has evolved – even in our lifetime – from cash to digital or contactless payments. The wider use of cryptocurrencies and crypto-assets is the next natural step”