New research paper sees Bitcoin as mainstream method of payment within 10 yrs

posted 7 months ago
Bitcoin and cryptocurrency have received support from researchers at Imperial College London, who say digital currencies are primed for mass adoption.

According to the paper titled "Cryptocurrencies: Overcoming Barriers to Trust and Adoption" Bitcoin and cryptocurrencies will hit the mainstream as a way of paying for goods and services within the next decade.

The three criteria the researchers laid out for adoption as currency are:

Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
Unit of account: acting as a measure of value in the economic system

According to the paper "meeting the last two criteria will require Bitcoin and other cryptocurrencies to make progress on remaining challenges such as scalability, design and regulation."
Tags: bitcoin, opinion