A study made by the Imperial College of London has found that cryptocurrency use could go mainstream in the next decade and that they are already fulfilling important roles in the actual society. These new digital assets could very well be the next step in the evolution of money, according to a public statement published in PRNewsWire.
The study, called “Cryptocurrencies: Overcoming Barriers to Trust and Adoption“, was made in partnership with eToro, a private Israeli company that provides a social platform for trading, where new traders can mimic investments from more experienced traders by using a feature called copy-trade. The study examined the advantages and downsides of adopting cryptocurrencies in three fundamental ways: as a store of value, as a medium of exchange, and as a store of value. They found that, although limited by certain factors, cryptocurrencies could fulfill these three roles.
Professor William Knottenbelt, one of the researchers that took part in the study referred to the revolutionary character of cryptocurrencies, stating:
The world of cryptocurrency is evolving as rapidly as the considerable collection of confusing terminology that accompanies it. These decentralised technologies have the potential to upend everything we thought we knew about the nature of financial systems and financial assets.
The study also remarked on some of the problems that cryptocurrencies are facing now and that hamper their adoption by more people. One of these factors is scalability: these first generation cryptocurrencies are not designed to scale to worldwide levels of transactions, so there must be some development to adapt them to do just that. Also, the constant changes in the value of most cryptocurrencies make difficult for cryptocurrencies to fulfill their role as a store of value.
But the managing director of eToro, Iqbal V. Gandham, referred to cryptocurrencies as the future of money, that will make obsolete all other iterations of it.
The history of money is a history of evolution, of new technology replacing old to improve the transfer of value from one person to another. Cryptocurrencies represent a next step on this journey