DEC 31, 2017 08:26 AM PST

Could Bitcoin Turn Into a Mainstream Currency?

WRITTEN BY: Julia Travers

In this video, Business Insider UK asks Cambridge Judge Business School Research Fellow Garrick Hileman if Bitcoin could become a mainstream currency. Garrick is well-known for his research on cryptocurrencies and their underlying blockchain technology. He was one of the first academically-trained economists to focus on these topics.

Hileman characterizes Bitcoin as more of an asset than a currency, citing its popular description as "digital gold." He suggests crypto-asset as a more accurate term than cryptocurrency.

Right now, he says Bitcoin is not a very viable currency because of high fees - up to $20 per transaction. Hileman conveys that Bitcoin's boom in popularity increases the chance of it becoming a mainstream currency, if the transaction fee dilemma can be solved. But, he adds, "The volatility of Bitcoin is another thing that could maybe prevent it from becoming a widely-used currency."
About the Author
  • Julia Travers is a writer, artist and teacher. She frequently covers science, tech and conservation.
You May Also Like
NOV 19, 2019
Space & Astronomy
NOV 19, 2019
Everything You Need to Know About NASA's Artemis Mission
NASA’s upcoming Artemis mission will bring the Moon back into focus as we attempt to learn more about what it takes to become a multi-planetary speci...
NOV 19, 2019
Cardiology
NOV 19, 2019
Parkinson's Disease is Present in the Blood
Parkinson's disease is a progressive disorder of the nervous system. Often starting with a barely noticeable tremor in one hand, the disease affects a...
NOV 19, 2019
Space & Astronomy
NOV 19, 2019
Astronomers Find At Least 20 More Moons Orbiting Saturn
Just this past week, Saturn overtook Jupiter as the planet in our solar system with the highest number of moons. Researchers from the Carnegie Institution...
NOV 19, 2019
Plants & Animals
NOV 19, 2019
Chinstrap Penguins Must Protect Their Eggs From Hungry Skuas
Skuas are notorious for snatching the eggs away from penguins for a meal. But as you might come to expect, the victim is never happy to learn that they&rsq...
NOV 19, 2019
Plants & Animals
NOV 19, 2019
Polar Bears Feast On Anything They Find, Even Rotting Whales
Polar bears are expert survivalists. Their noses are many times more powerful than a dog’s, and they can sniff out a potential meal from several mile...
NOV 19, 2019
Neuroscience
NOV 19, 2019
Finding Pleasure in Music Comes From Balance of Uncertainty, Surprise
  A new study by the Max Planck Institute for Human Cognitive and Brain Sciences shows the effect that uncertainty, about a song's progression, an...
Loading Comments...