Usually, a solution is created because of a particular problem.
For example: The internet solved the global communication problem, Facebook attempted to solve the problem of the everyday communication between people from all over the world, eBay solved the problem of buying only from local vendors, and Youtube solved the problem of sharing and promoting videos with people around the world.
All the solutions in history were developed by the "ordinary" community and their need was known to almost all the people on Earth but, this is not the case when it comes to blockchain and cryptocurrency.
Blockchain attempts to solve a problem that most of the world’s population is not aware of, this is a problem because it solves some issues that most people want to get rid of, but they have no idea the solution already exists. Another problem arises for those who know about Blockchain - They are waiting for the solution to get mass-adopted, even though the market isn’t ready for it.
How did it happen? The biggest tech-minds noticed that the ‘third-trust-party’ (the bank\ credit card companies) are making our lives harder by charging high-fees, while using somewhat flawed security & delay problems. On top of all these problems, there’s the identity issue - People are trying to avoid from their private information to go public or get into third parties.
For all the above problems and much more, the blockchain came into reality.
The problem here is that even though Blockchain gives a great solution to all of those problems, it’s still a technology that’s not being used or even known by the greater public.
Let’s do a quick experiment - Go outside and ask 10 random people on the street if they know what Blockchain means. You’ll probably get at least 7 of them not knowing what are you talking about.
Even if you’re into the crypto market for a decade, most people around you don’t know much about the subject and the market. They may have heard about terms such as “Bitcoin”, “Digital Currencies”, “Ethereum” etc. - But as we all know, those terms aren’t even remotely close to describe the deep and complex Crypto world.
One of the main reasons behind the matter is the fact that getting into blockchain is quite difficult for someone who isn’t technical. Just check the various apps that are blockchain related: The UI isn’t the most user-friendly, and the technical-terms used there are hard to grasp for someone who isn’t very fond of the matter. When comparing the number of active crypto users in those apps in comparison to the rest of the population, we see that around 99% of the people who try to get into crypto give up due to reasons mentioned above. With a situation like this, the user base potential drops dramatically, and the development and progress of the the Crypto ecosystem are going at a slower pace than expected.
The law of Diffusion of Innovations
This situation can be explained by using the Diffusion of Innovations theory. Currently, the vast majority of crypto apps are stuck at the early adopters phase, the problem lies at the fact that the various Blockchain projects still do the same mistake - Failing to adapt towards the average users and consumers. Even though the Blockchain market offers great solutions, they are only known and used by tech-nerds and people in the crypto communities, which serve as a minimal percentage of the general public. The real change will only occur when this problem will be solved - When the average consumer knows about your product, it means it got its commercial success, and the Crypto market is far from that point by a long run.
Fortunately, some crypto projects are figuring the problem and aim towards a solution - By creating and applying user-friendliness to their product - Aiming to bring as many people as possible to use their services, and the foundation makes many new audiences gain interest in Crypto. The growth goes hand in hand with the overall growth in the mobile betting area, that as for now serves as the largest growing trend in the mobile world.
One of those projects is Bethereum, which took the concept to a whole new level: With a user-friendly app (Currently on iOS and Web) that has many features that come from the mobile gaming world, many social features (Playing with friends, leaderboards and more) in addition to a user friendly UI, the gaps between professional and newbie players has decreased dramatically. Another important benefit of Bethereum lies at its custom wallet - A special digital wallet that’s tailored for its users, and allows everyone to place their first bet after a quick registration process (A matter of minutes when compared to other betting services, that request to authorize each user by requesting various papers and documents - A process that takes 3-5 days). One of the most proficient facts to support this claim is Bethereum’s World Cup activity, that allowed anyone to place their bets in a simple and friendly dedicated site, with over 100,000 bets placed on the blockchain, it seems Bethereum took its place in both worlds.
To sum things up, the Crypto and Blockchain worlds have the biggest growth rate in the online industry today, and as similar to the dotcom period back in the nineties, those who will understand where the wind is blowing (Like Google and Amazon did back then), will probably be the next best thing - For a lifetime.
VISA/Mastercard, the banking system, and fiat currencies will be made obsolete by blockchain and cryptocurrency! It could take time to be fully adopted, but it will happen. We are on the cusp of the early adopters and early majority I feel...
Hope it will be faster than 2-3 years.
100% agree!
I got you. but the technology is in a good way, let's see the technology in 2018 and the adaption in 2019 rising. not talking about hypes...! greez s. error
it's even deeper than that, it's a problem most people didn't even know they had before crypto existed, they didn't even dare to dream something like this was possible
Completely agree! Once the 'every-day' people will understand the need- they'll adopt it! Betting and gambling is definitely the industry that can help people understand.
gambling is one of the most regulated spaces in most countries, most even have state-run monopoly positions in their markets, indeed a good space for disruptions
crypto maximalism is a good thing in general, but I hate how people sometimes use the hype to sell people hot air, there has to be a better way
have you ever managed to read through an entire whitepaper? it got very technical and it is not simple to do these days, takes a lot to get the fundamentals right and it also doesn't guarantee your investment
I don't think very many people have read through an entire white paper, certainly not those who are only interested in making a quick buck, its very easy to get all caught up in the hype of a ICO or other token sale especially when potential investors see other investors clambering towards the latest hype-worthy project.
during the dot.com bubble a lot of good ideas where buried for a long time , until people found a way to monetize network volume and eyeballs ,mainly through advertising
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Yup its true blockchain will solve the global problem of transactions and it will give the empower to the common man. Good post. Follow @text2crypto.
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It needs to be so easy for the main stream, we just not quite their yet
It needs to be so
Easy for the main stream, we
Just not quite their yet
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The vast majority of conversation about crypto is future price prediction. Very few people outside the project itself stops to think "how might I actually use this" even if they hold enormous bags of that coin. We've yet to see any app or service emerge that provides a solution for a daily problem in a common person's life. Of all the apps being built out there, do you know of one that might rise to the top and gain every day real world adoption?