Business 10 July 2018Gerald Fenech
Cryptos poised to be mainstream payment in 10 years, study finds
An interesting study, published as a joint effort by Imperial College and exchange trading platform eToro, has pointed out that cryptocurrencies such as Bitcoin Cash (BCH) could become mainstream within the next decade as well as being accepted as a legitimate form of payment, The Daily Telegraph first reported.
The study, titled “Cryptocurrencies: Overcoming Barriers to Trust and Adoption,” was written by Prof. William Knottenbelt from Imperial College London and Dr. Zeynep Gurguc from Imperial College Business School. In it, the two experts described cryptocurrencies as the “natural next step” for money, saying that virtual currencies could become a mainstream means of payment “within the decade.”
According to the study, there are three fundamental roles of traditional fiat money—store of value, medium of exchange, and unit of account. Cryptocurrencies already act as a store of value, buto meet the last two criteria, they need to “make progress on remaining challenges such as scalability, design and regulation.”
“There’s a lot of scepticism over cryptocurrencies and how they could ever become a day-today 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,” Knottenbelt said in a statement.
The study suggested that cryptocurrencies needed to solve six main challenges for these requirements to eventually be met: scalability, usability, regulation, volatility, incentives, and privacy.
The also report stressed that new payment systems, as well as asset types, “do not emerge overnight.”Iqbal Gandham, UK managing director of eToro, likened the current cryptocurrency landscape to 1971, when the first email was first sent. Despite that monumental event, Gandham said it took about three decades for the technology “to become commonplace with a user-friendly interface.”
“People have grown used to their view of money as a solid, permanently fixed idea when in fact the opposite is true. 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,” Gandham said.
World’s functional cryptocurrency
There are over 1,600 cryptocurrencies in existence today, according to CoinMarketCap data. But there is only one that fits the description of “a functional cryptocurrency,” and holds the potential of becoming a mainstream means of payment.
Bitcoin BCH, the only coin that follows the original Satoshi Nakamoto white paper, has the best scaling and security features, meaning it can do everything all the other platforms can do. CoinGeek recently compared eight cryptos from the top 15 coins by market capitalization, and found that Bitcoin BCH checked off all the attributes of a functional cryptocurrency. The comprehensive comparison of the eight crypto coins can be found here.
To put it simply, Bitcoin BCH is a scalable global money, the only cryptocurrency with a roadmap that seeks to continually increase the blocksize and has live projects like the Gigablock Testnet and the Terab project, which are actively designed to help BCH scale globally. It’s frictionless, meaning it offers very low fees on quick, seamless transactions with immediate payment clearance. And unlike BTC, which has suffered massive backlogs due to its inability to scale, Bitcoin BCH has no backlogs. Other popular coins like XMR and ETH have also had some issues during peak use periods.
This is why we encourage all merchants and companies to take a serious look at Bitcoin BCH, as it’s the best on the market for payments and will soon be best of breed in all other areas, including smart contracts and tokens. If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Register here, and be the first to know when tickets go on sale.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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