Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.
“A recent university study has endorsed Bitcoin as the next level in the evolution of money. Researchers at Imperial College London believe that cryptocurrencies are poised for mass adoption. The study which was sponsored by eToro examined the barriers to trust and mainstream adoption currently being faced by the emerging cryptocurrency movement,” reports Ethereum World News.
One of the biggest problems facing the cryptocurrency space is that, even with bitcoin’s prominence, no digital currencies can be deemed “widely accepted.”
“The number of retailers and businesses that accept cryptocurrencies as payment for goods and services is vanishingly small, and those that do typically report very low volumes of cryptocurrency transactions by comparison to other means of payment,” according to Global Data.
Related: Bitcoin, Cryptos Face Scores Of Basic Issues
Bitcoin, Aiming For The Mainstream
The cryptocurrency universe and bitcoin is still in its formative stages. Despite its relative youth, the digital currency space has rapidly gained a reputation for volatility.