As we’ve seen cryptocurrencies grow over the better part of this decade, it’s important to recognize the huge following they’ve gained as well as the huge hurdles they’ve overcome.
While some are critical of cryptocurrencies for their perceived lack of adoption and use case , researchers at Imperial College London have said that within the next decade cryptocurrencies will be used as a payment method for everyday goods and services.
In their research report titled, “Cryptocurrencies: Overcoming Barriers to Trust and Adoption,” they argued that so far cryptocurrencies are already acting as a store of value just like fiat currencies. While the volatility they display will eventually subside as the market becomes more regulated, cryptocurrencies have yet to effectively serve as mediums of exchange or units of account.
In order to achieve that, cryptocurrencies will be required to improve in various areas including design and scalability.
The current designs of blockchains are simply not designed to handle high transaction volumes, but with that being the central issue facing cryptocurrencies today, it stands to reason that many projects are working towards solving it.
Additionally, cryptocurrencies will also have to adopt more user-friendly designs in order to be used by those without technical knowledge. We’ve often said that the project that can combine all the benefits of the new systems while retaining the functionality and user-friendliness of the old systems will be crypto’s killer app.
“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,” wrote Prof. Knottenbelt.