According to the study, Bitcoin and other Cryptocurrencies are close to becoming the main form of payment.
The Researchers mainly focused on 3 main criteria
- Act as a store of value
- Medium of exchange
- Unit of account
Bitcoin and other Cryptocurrencies are already serving one of these roles as Millions of people are using them as a store of value. In order to fulfil the other two criteria, the researchers say that Bitcoin and other Cryptocurrencies will need to overcome challenges like scalability and regulation.
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There's a lot of doubt over Cryptocurrencies that How they could ever become day-to-day payment mode for a man on the street. Well, the Cryptocurrencies have already made a progress towards becoming the widely accepted method of payment.
Well, over the time the concept of Money has evolved from Bartering and Livestock to Cash and Card payments. You can also read about the History of Money and Payments and these Cryptocurrencies are next level of Money and Payment.
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.
So, today we talked about Bitcoin and other Cryptocurrencies we believe that we could see Bitcoin and other Cryptocurrencies on the street within the decade.