Studies have shown that cryptocurrencies have the potential to become the main payment methods in the future, as they correspond to one of the three criteria of money – eToro claims, citing the work of William Knottenbelt, professor at the Imperial College Business School.
In his opinion cryptocurrencies already fulfill one of the three fundamental principles of traditional money, that is, they are a repository of value. However, for the time being they do not serve as an instrument of exchange and a unit of account.
Bitcoin has to solve 6 major problems, including scalability, regulation, volatility, popularity among users, privacy and motivation.
Iqbal Gandham – managing director of eToro, notes that new payment systems do not arise overnight.
“The first e-mail was sent in 1971, while actively e-mail began to be used 30 years later, when a user-friendly interface appeared” – he recalls.
Since the first transaction with bitcoin was carried out, it’s been 8 years already, and today the cryptocurrency is more and more consistent with the payment instrument criteria.
William Knottenbelt notes that the decentralization of bitcoin can put an end to the traditional financial system and assets.
Last week, the head of the Bank for International Settlements, Augustin Carstens, said that cryptocurrency will never become money, as the problem of scaling has not yet been resolved. Source: take-profit.org