DEC 31, 2017 08:26 AM PST

Could Bitcoin Turn Into a Mainstream Currency?

WRITTEN BY: Julia Travers
2 1 240

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
JUL 06, 2018
Videos
JUL 06, 2018
The Impact of Junk Food on the Brain
Researchers have found that junk food stimulates neurons in our brains that cause a sense of reward.
JUL 11, 2018
Videos
JUL 11, 2018
College Football Player Who Committed Suicide Had CTE
Chronic Traumatic Encephalopathy (CTE) is the talk of professional sports. From NFL players to ice hockey veterans, rugby teams, and soccer organizations,
JUL 17, 2018
Videos
JUL 17, 2018
About That EM Drive Idea...
Traveling through space requires a lot of fuel, and this limitation defines just how far we can go. Physicists have been experimenting with the ‘impo
JUL 22, 2018
Videos
JUL 22, 2018
How far can a single breath can go?
Longest distance swam underwater in one breath by a female using fins. Can you imagine being the Guinness World record-holder of that title? Marina Kazanko
JUL 24, 2018
Videos
JUL 24, 2018
Measles are on the Move
Measles is a highly contagious disease that used to be common in young children. Due to the development of vaccines, however, it’s been almost eradic
AUG 13, 2018
Videos
AUG 13, 2018
Is Earth Running Out of Helium?
If current global demand continues, we can face a shortage of helium within the next 40 years. Helium is the second most common element after hydrogen
Loading Comments...