Bitcoin’s Mainstream Adoption Could Come within 10 Years: Imperial College Research
The Imperial College London has published a new report stating that Bitcoin could be ready for mainstream adoption within a decade.
In the report, entitled “Cryptocurrencies: Overcoming Barriers to Trust and Adoption”, Imperial College London’s Professor William Knottenbelt and Imperial College Business School’s Dr. Zeynup Gurguc suggested that Bitcoin and other cryptocurrencies are yet to effectively serve as units of account or mediums of exchange.
It noted that while cryptocurrencies are already an effective store of value, their issues with scalability and high volatility still needs to be addressed for them to go mainstream.
Additionally, cryptocurrencies will have to adopt more user-friendly designs to make them usable by the less tech-savvy people, and a standardized regulatory approach across the globe will also assist substantially.
The researchers indicated that cryptocurrencies could serve to reduce payments friction in the global economy, as the evolution of money, say from cowrie shells and other objects of value to coins and notes, always comes with a substantial reduction in payments friction
“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,” wrote Prof. Knottenbelt.
Imperial College is starting to become the hub of education regarding blockchain. In September 2015, the college launched the Center for Cryptocurrency Research and Engineering focused on blockchain initiatives.
Early last year digital assets software platform, Blockchain, partnered with Imperial College to unveil the Digital Asset Research Lab. The goal of the lab is to explore blockchain technology’s transformative potential.