Imperial College in London known the world over for its 15 Nobel Prize winners has researched the answer to one of the most asked questions amongst cryptocurrency investors and enthusiasts. The question of ‘when will cryptocurrencies gain widespread adoption?’
According to the research which is titled ‘Cryptocurrencies: Overcoming Barriers to Trust and Adoption” cryptocurrencies have already been credited for acting as a store of value.
The two professors who have worked on the research are Imperial College London’s Professor William Knottenbelt and Imperial College Business School’s Dr. Zeynup Gurguc.
The research clearly stated a few points which can change Cryptocurrencies push to mainstream economics.
Cryptocurrencies may be noted as a store of value. However, the central issue of acting as a medium of exchange is proving to be a problem. Bitcoin and other cryptocurrencies are starting to feel the hindrance of scalability and design. Thus Blockchains will have to be designed to handle the high transaction volumes that will be seen in the mainstream economy.
Cryptocurrencies are still technically advanced as compared to fiat currencies. Thus the design has to become more user-friendly
Along with these severe points, the volatility of cryptocurrencies is not encouraging new users to adopt it. Hence stability is much needed, and so a standardized regulatory approach will help keep cryptocurrencies more stable.
The researchers also pointed out that as money has evolved friction between payments have reduced. Thus cryptocurrencies will make the whole payment structure globally frictionless.
“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,” Professor Knottenbelt wrote.
Imperial College is starting to become the hub of education regarding blockchain. Blockchain has partnered with the College to unveil Digital Asset Research Lab to understand where and when Blockchain technology can be used. Imperial College also has a Center for Cryptocurrency Research and Engineering which looks into Blockchain initiatives.
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