A recent study from the Imperial University of London states that cryptocurrencies, especially bitcoin (BTC), will become the substitute for fiat currencies within the next 10 years.
The study was carried out in collaboration with the E-bull exchange. Part of the analysis report also comes from the cooperation of professors William Knottenbelt and Dr. Zeynep Gurguc, who determined that both bitcoin and ethereum already meet one of the highest criteria in financial concepts, which will establish them as currencies par excellence in the future, allowing users to use them as valuable stores.
Other factors to consider are its adaptability as a medium of exchange, either for products or services in the local and international market, as well as acting as a measure of value in terms of the economic system.
In order to comply with the missing requirements, cryptocurrencies must overcome the regulations and the scalability problem. In this sense, the researchers point out that:
The world of cryptocurrencies is revolutionizing the market as fast as the considerable collection of confusing terminology that accompanies it. These decentralized technologies have the potential to alter everything we think we know about the nature of financial systems and financial assets. [...] There is a lot of skepticism about cryptocurrencies and how they could become a daily payment system used by men in the street. In this research, we show that cryptocurrencies have already advanced significantly towards meeting the criteria to become a widely accepted payment method.
Professor Knottenbelt also emphasized that:
The broader use of cryptocurrencies as a form of daily payment is the natural progression if they successfully overcome the six challenges: scalability, usability, regulation, volatility, incentives and privacy.
Despite the obstacles present today, experts and supporters believe that it is not long before this succession comes to light, after all "the history of money is the history of evolution; the new technologies will replace the old ones. "
It should be noted that this report comes only a few days after the warning that the Central Bank of England made about the potential risks that could arise when making commercial transactions with cryptocurrencies.