Cryptocurrencies can still become the future of money. There is a 25-page paper that makes the case for crypto.
* Cryptocurrencies can become units of account only if there is a friendly and conducive regulatory environment.
* This could then allow businesses to accept cryptocurrencies as payment systems in a broader context.
* The wider use of cryptocurrencies is the next natural step in reducing friction in the global economy, supported by the adoption of tokens in local contexts, be they specific to geographies or industry-sectors.
Barriers to cryptocurrencies becoming the future of money
There are technical, legal, economic and social challenges currently restricting the degree to which cryptocurrencies are fulfilling the three traditional functions of money:
1. Medium of exchange
2. Unit of account
3. Store of value
6 issues listed below and discussed in detail throughout the report, hold the key to the adoption process and improving trust:
6. Usability/Design thinking