a study of the barriers to mass adoption for crypto — Stuart
The majority of money in the world has yet to enter cryptocurrency. This is due largely in part to the rules and regulations these massive value-attracting institutions have to cater to. As regulation improves more money will move into the crypto space.
🚀 The rise of cryptocurrency…
will not only be beneficial to the future of the technology but will also be to the benefit of the cryptocurrency asset class. The value-addition of cryptocurrency is a valuable sign not only of its long-term success, but also the ability for it to play a role in the global economy going forward. At the same time, the exclusion of cryptocurrency from the world’s central banks has also led to an increase in the value of the cryptocurrency asset class. This is mainly due to the fact that central banks represent a traditional force that has not experienced any great degree of success in combating the technology.
The rise in popularity of cryptocurrency will also be helped by the extent to which some of the most important and influential countries in the world have begun to allow their citizens to have access to the benefits of cryptocurrency. The importance of this cannot be understated. The future of cryptocurrency seems to be growing brighter by the day as more and more countries are coming around to the idea of integrating the technology into their national regulations.
🏗️ Crypto use cases
I think the hardest thing for people to wrap their heads around is the multi-use cases for cryptocurrencies. There’s much more to be said about cryptocurrencies than purely a means to transfer value. We’re at the very beginning of the cryptocurrency revolution, but there are many more uses for it than just payments in the coming years.
In fact, there are hundreds of cryptocurrencies that are being used today for non-payment use cases. This is why I think a lot of people are missing the value of the underlying technology and misunderstanding the barriers to its mass adoption.
When you’re talking about a technology that has the potential to be an alternative to the mainstream financial system, it’s easy to understand the reservations against it. But at the end of the day, even the most idealistic cryptocurrency enthusiast can’t deny that the technology is here to stay.
Here are a few examples cryptocurrencies and the underlying technology can offer:
Secure sharing of medical data
NFT marketplaces
Music royalties tracking
Cross-border payments
Real-time IoT operating systems
Personal identity security
Anti-money laundering tracking system
Supply chain and logistics monitoring
Voting mechanism
Advertising insights
Original content creation
Cryptocurrency exchange
Real estate processing platform
🌎 Mass Adoption
Mass adoption of cryptocurrency will not occur until the technology is easy and secure enough to be used by a non-computer-savvy parent on a smartphone. Not long ago, this was a pipe dream, but today’s technology has made it possible.
Bitcoin was the first cryptocurrency to use the blockchain, which is the underlying software that includes both the public and private keys used to transfer and exchange the currency. But the blockchain has been used for more than just bitcoin. Ethereum is a public blockchain, and it is more sophisticated than bitcoin. It has a Turing-complete programming language, which means that it can be used to write any kind of computer program. Ethereum also has a built-in cryptocurrency called ether.
Using Ethereum as its platform, a new startup called UBIQUICOIN is building a smartphone app that will use the blockchain to allow anyone to send money to a family member in the developing world. Since the phone will be able to handle cryptocurrency, it will enable a family member in the U.S., for example, to send money to a wife or child in the Philippines. If this sounds like a basic smartphone application, that is because the concept is basic. But it is also ingenious because it solves the problem of the unbanked poor. The app will enable anyone with a smartphone to send money to a family member anywhere on the planet, at any time, without the need for a bank account.
It’s use cases like these that will bring adoption to crypto from every part of the world!
Summing up
Institutional rules, regulations, knowledge, and understanding seem to be a big hindrance to the mass adoption of cryptocurrencies. It should be interesting to see how we tackle these problems in the years to come. What do you think? If you read all of this, then I just want to say you’re amazing and I hope your life goes well! Thanks for reading :)
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