These days people think of cryptocurrency as fraud or maybe a chance to make money by investing for it. However, cryptocurrency is likely to be accepted by many people in the future. There are 3 required function to accept something as a money.
3 common functions of money are:
- Save value to allow individuals to use whenever they want. (It should last long, not like meat or rice)
- A medium to buy and exchange money with products. (You can buy food with dollar)
- Means of measuring value. (Ounce of gold equals~)
According to the study held by Imperial College London, cryptocurrency will be main way to purchase things in ten years. In fact, cryptocurrency is far beyond what most people think of, actually it is already functioning as means to store value. Other two aspect will be enabled from technological advance and regulatory supplement.
Cryptocurrency always have been controversial among many well known people, Warren Buffet and Bill Gates blamed cryptocurrency. Warren Buffett known as legendary investor, insisted that crypto-asset is just a gambling. Bill Gates founder of Microsoft was also negative about cryptocurrency, but he admitted about the superiority of Blockchain technology.
About the superiority of blockchain technology, there is explicit example from Walmart.
Frank Yiannas vice president of food safety Executive in Walmart tried to track down the product where it came from. Using paper based record they use, they had to contact supplier who shipped the product which, took 6 days to track down to where the product originated. However, when blockchain technology was applied it only took 2 seconds to find out where the product came from. Frank Yiannas realized that supply chain is way to out dated compare to technology development.
According to examples above cryptocurrency has already fixed it's position and as the time pass it will be more likely to be accepted as money thanks to it's outstanding function from blockchain technology.