The move to mass adoption is something that is widely discussed within the cryptocurrency world. What will be the "killer DApp" that pulls in the masses?
It is a question that remained unanswered for the last few years. Whatever the DApp is, we have not found it yet.
Of course, there is the possibility that cryptocurrency adoption is simply revolutionary. There is no need to find the "killer DApp" since it does not exist. People will make their way here on their own schedule. It will be a trickle for a long while yet will eventually increase in number.
Source
This is how the Internet operated. It was not a mad rush from the early days. Much of the first decade was a grind in adoption. With few tools for people to use, especially ones that were simple, it was simply to technical advanced for most people.
Over time they did adjust. While the services started to concentrate on ease of use, the knowledge level of the general public, from a technical standpoint, started to increase. That combination led to more adoption.
Recently, there was a survey done on Twitter asking about cryptocurrency and how long people were involved in it. Certainly, this is not a scientific study as well as using a rather small sample size. Nevertheless, the breakdown does provide room for a great deal of optimism.
If these numbers are a statistical representation of what is taking place overall, then there is a great reason for optimism.
As we can see, just shy of 10% of the respondents claimed to have been involved with cryptocurrency for less than three months. This would translate into a fantastic growth rate if it was widespread.
Also not surprising is the fact that more than half, 57.1% are involved in cryptocurrency less than three years. The bull run in the later part of 2017 attracted a lot of attention, which pulled in many people. This was the height of the ICO craze, a time that also left a bad taste in many people's mouths since they lost a lot of money when the crash hit.
So what is fueling the latest attraction to cryptocurrency?
The easy answer would be to point at DeFi and the insanity that is happening there. It would make sense since a lot of people are getting over-sized returns. This caused the media to jump all over it which is a wonderful tool for promotion.
It is a view that makes sense on the surface yet is the average person playing in that arena? We do know it is a whales' game and certainly the possibility exists that big money players were drawn in who are new. Would this filter down to the average individual who is not playing with enormous resources? It is possible and makes sense.
There is another possibility. Nonfungible.com released data that shows the sale of Non-Fungible tokens exploding over the last week. The 7 days total was just shy of $1 million. Over the week, there was $988,649 sold, an average of $105 per sale.
A Twitter user, dclblogger.eth, put out a tweet listing 25 industries where NFTs are starting to make an impact. The view is that as NFTs adoption increases, we will see explosion in these different sectors.
We could spend hours going round and round about what is the cause for the influx in users. In the end, what pulls them in really does not matter. The question is will they stay?
It is great to get a lot of newer people involved. However, if many are just viewing it as a get-rich-quick scheme, ala 2017, then we will see people exit as fast as they arrived. Obviously, if one has a bad experience with cryptocurrency, it is better than none at all. That might sound counter-intuitive yet it holds true. People have short memories. Many lost a bundle in the stock market crash a decade ago, only to return years later when the mania hit again.
That said, we are not looking for crypto to be a casino. There is a lot more taking place that is altering the financial system at the base level. This is huge and something that all need to be a part of.
However, while this is being built, the traders and media will focus upon just the monetary aspect of things. Instead of building, the concentration is on the quick hits. To them, it is all about the money and little else.
A new system will better spread out the wealth and give people an opportunity to alter their future financial situation. Ultimately, if successful enough, it could also start to pave the way of moving towards a post-monetary society as abundance starts to take hold.
In the meantime, the industry keeps building, providing an ever-growing list of tools for people to use. As we can see from this survey, if correct, we are starting to gain a bit of adoption.
We will see if it lasts.
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I think the new users are here to stay - and more are coming!
One huge shift I have seen is the WAX blockchain allowing users to sign up with just social, (using WAX cloud)
I think this (and others to come using the same idea) are going to be crucial to adoption, and yes, I think they will stay and more with come in groves.
Use cases are exploding, from SEEDS to NFTs like you say. More and more people are starting to get VALUE from the blockchain, like we all do writing here on Hive
The more value blockchain can provide, the more people will show up to benefit
I also agree it's not about a killer app, but they do help. I'm hoping when we shape up cxc.world (@currentxchange) it will be a big step, as we take non-blockchain content and add a layer of blockchain rewards on top (opposed to Hive, where you need to post new content)
Of course, Hive is the best example of the blockchain providing us value, and it's a huge case study for long-term benefit and user retention.
For places like Hive, we need reason beyond the possibility of income in order for users to stay. For example, more journalists producing news, if people make checking Hive for the news part of their routine than they're likely to stick around.
I think this is a very good point. It may be best to onboard whole communities (niches) if that's possible. Maybe through influencers in a particular category.
Anyway, we need all of these ideas working together to get the highest response.
I'm currently looking into a few ideas for DApps that might help grow the network significantly, though it's possible there are some features missing from Hive that would make it impossible to implement some of my ideas.
As Hive still has a fairly high inflation rate, it's important to continue growing the network.
Yeah you're right there's been influx of users into Crypto lately and truth is we can only speculate why this is so. Maybe the short term bull? Or the popularity it's getting or even blockchain project? However I'm still enjoying all the attention, DeFi and all.
Very well said points that you made within the article💪. If new people are gonna be coming into crypto now as they did in 2017 as a way to get rich quick, they will be very disappointed. Crypto is more than that and I personally believe that those that get into crypto should at least have some interest in the tech and the potential of it.
It most likely is nothing more than a numbers game...most entering have that mindset but a percentage will actually learn more about what is going on and stay.
We still are looking at growth rates being a grind.
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many people arrive with the illusion of generating a lot of money with cryptography without understanding the true value behind each project
I am totally sold on the new defi craze. I see it as a good way to accumulate cryptocurrency without risking too much money. With price fluctuating so insanely I would be sick to my stomach investing too much fiat currency in hopes of the price of BTC ETH TRX etc would skyrocket.
I've been a part of Forsage ETH and made some money there https://forsage.io/t/rqpv48/ they released a sister site using Tron TRX a few days ago.
The first BTC defi program launched today https://www.bitnamix.com/ref/member/?49 getting in on the groundfloor. I dismissed buying BTC when it was early days, and I'm not making that mistake again.
I got a buddy who plays league of legends I belive it was, he got asword worth 10k. 10k for pixels what a crazy new world of finance we live in!
It is hard to argue against the returns that are being generated. Many are putting a bit in and getting returns that amount to huge sums of money.
If one is on that side of the trade, all is well. Of course, buying after a token ran in hopes it gets another 4x or so might be problematic. The fear and greed issue is not solely in crypto.
Generating money out of nothing use to be the forte of Wall Street. It seems that now anyone can do it.
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Haha yeah you are right about that, everybody can generate money outta nothing these days.
I don't know if that is a good thing or not :-p
Whatever levels the playingfield for the commonfolk.
I always feel that knowledge of most of people in crypto is limited to "price" of bitcoin. Government hindrance and taking it just a speculative asset without understanding the basic of asset is anoter road block.
But things will change in future.
The future is being build in front of our eyes and it is in our powers to shape and influence it. The power has been steered from the mega corporations and moved to the communities and distributed people involved in specific projects. We are at the point where we can forge our own destiny, so let's not let it waste.
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I have a feeling that the recession that's about to hit will drive a lot of people to cryptocurrency. Coins that are unable to scale with a sudden load increase may suffer so that's something to keep an eye on.
The best way to bring more users in is to make it easier to join and give them incentive to stay. For Hive that means feeding new users good curated content that most people wouldn't find disagreeable, with more controversial stuff needing user action to find. As much as it's good to be able to have open discussions, if one of the first things a prospective user encounters is some conspiracy they disagree with, it'll risk driving them away, which is bad for growing the platform.
I have a few ideas for some Hive DApps that I'm going to be looking into creating, though I won't be going into too much detail on any of them until I have some kind of functional demo to reveal or need help creating one. Do you happen to know how much Hive Power it takes to be able to claim one new account per day?
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BEER.RE: It is great to get a lot of newer people involved. However, if many are just viewing it as a get-rich-quick scheme, ala 2017, then we will see people exit as fast as they arrived. Obviously, if one has a bad experience with cryptocurrency, it is better than none at all. That might sound counter-intuitive yet it holds true. People have short memories. Many lost a bundle in the stock market crash a decade ago, only to return years later when the mania hit again.
The crytocurrency is not a get rich quick scheme so called ponzy scheme
The crytocurrency is machinery to gradually gather wealth for the future
The smart contracts making noise everywhere is really pushing alot of people with wrong mindsets into the blockchain
Seriously Blockchain can, will and shall stand the test of time no matter the wind
People are making it big from it
If you have not keep on working its legit
The future is brighter for cryptocurrencies. The Stock exchange managers of economies are beginning to appreciate and list crypto as tradeable assets as is the case in Nigeria announced three days ago. We'll see the adoption grow and more development works in that direction in the near future.
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Not in a massive way, but... Sooner or later it will definitely happen. It's the future.