Cryptocurrencies could be transformed into real method of payment in a near future
New investigations on the question allowed to discover cryptocurrencies could turn out to be, in a near future, a very wide-spread means of payment.
The entitled report" Cryptocurrencies: to surmount barriers in the confidence and in the adoption " written by professor William Knottenbelt of the Imperial College of London and Dr Zeynep Gurguc of the Imperial College Business School, asserts that cryptocurrencies are the " next natural stage ". Main payment instrument in the decade.
According to the report cryptocurrencies already perform one of the three fundamental principles of the paper money by acting as a valuable reserve, while they do not still answer two other requirements; act as way of exchange and serve as unit of account.
According to the study, Bitcoin and other cryptocurrencies have to solve six main challenges to answer these requirements; the evolution capacities, the ease of use, the regulations, the volatility, the incentives and the confidentiality.
The report underlines that the new systems of payment, as well as the types of assets, “do not appear overnight ". Iqbal Gandham, managing director of eToro in the United Kingdom, noted that the first e-mail had been sent to 1971 with a friendly interface. "
Gandham, who is also a president of the Kingdom - United industrial based group CryptoUK, noted that "little more than eight years" passed by since the first transaction Bitcoin was made, and " we are today to see already beginning to meet the requirements some money every day. " He added that the capacity of the crypto-currency to rationalize the cross-border payments could be the factor which "make tip over crypto-currencies to the mainstream ".
Professor William Knottenbelt of the Imperial College declared that cryptocurrencies have the potential " to knock down all that we believed to know about the nature of the financial systems and the financial assets ", thanks to his decentralized character.
Last week, the leader of the Bank for international settlements (BIS) asserted Agustin Carstens that cryptocurrencies "cannot accept the functions of money", and warned the "young people" against "by trying to create some money. "Previously, in June, TWICE dedicated one 24 - page article to the question, by emphasizing the problems of evolution capacities of Bitcoin. According to the article, cryptomonnaies is not evolutionary enough to become a way of exchange in a global economy.