It is true that cryptocurrency is a more popular technology that it was even a few years ago. However, as an accepted and adopted technology in the mainstream, there is still a long way to go. Several efforts have been made within the industry, and there is full evidence of increased innovation. Yet, we are still far away from full crypto adoption. This development raises the questions on what crypto needs to go mainstream.
Anyone who has been interested in the ongoings in the crypto ecosystem over the years will surely agree that the industry has come a long way. What used to be the playground for a few computer geeks has become an industry where major corporations are embarking on serious research and development.
Earlier this year, banking giant, JP Morgan Chase announced the issuance of its own cryptocurrency, JPM Coin. It remains the first bank-backed cryptocurrency, and it was designed to be used in settling payments between clients. The IMF and World Bank have also joined the queue among institutions showing interest in crypto. Learning Coin was launched by the two regulatory giants to promote a better understanding of the technology as a whole.
Obviously, there is a growing interest towards Bitcoin and cryptocurrency. This has also led to an increased awareness, especially since the crypto boom chapter of 2017. It seems that the events of that period opened the eyes of the world to the potential of the emerging technology. While we cannot say in particular what would become of cryptocurrency in the future, there are suggestions about what crypto needs to go mainstream.
The level of knowledge that exists among members of the public about cryptocurrency is still very low. Despite the volume of information about Bitcoin, cryptocurrencies, and emerging technologies, the current level of education cannot guarantee reasonable crypto adoption.
At the moment, Bitcoin and cryptocurrency mean different things to different people. It is common to find people who view it as another “get rich quick” scheme, or a high yield investment program (HYIP). However, there are organised systems and formal institutions that are already offering courses on the new age currency. Prominent among these institutions is the University of Nicosia, which is the first institution to offer a degree awarding course on Bitcoin and cryptocurrency.
Better Elaboration of Content
Bitcoin was created by coding gurus and expert programmers. However, it is designed to be consumed by the regular individual across the internet. Until this goal is achieved, we cannot describe the technology to be a success. This is why it is crucial to understand what crypto needs to go mainstream.
Credit needs to be given to platforms that have focused on lowering the entry barriers into the Bitcoin and crypto ecosystem. Such platforms have formed the bridge between the complex technology and regular transaction systems. A typical example is the tap prepaid MastercardⓇ which allows you to spend cryptocurrency anywhere in the world without any technical know how.
These kinds of systems make it easy for users to have a clearer perspective of the value that they achieve by using Bitcoin and crypto. It opens the door for more usage and increased awareness. These are the factors that can lead to mainstream crypto adoption.
More Channels to Buy Crypto
Easy availability is crucial for mainstream crypto adoption. The reason why the US Dollar is globally adopted is because you can find it in almost every nation of the world. From banks to Bureaus de change, acquiring the US Dollar is quite straightforward.
Imagine having a Bitcoin ATM on every street where you might find regular ATMs. Curiosity alone will attract users, and assist those who are already interested but find it difficult to access buying points.
An undeniable evidence towards the effect of increased channels to buy crypto is the relationship between the rate of crypto adoption and number of exchanges. Clearly, the increased number of exchanges over the years has played a significant role in the growth of the cryptocurrency industry. Having more channels to serve the public would have an even greater effect.
More dApp Usage
Cryptocurrency awareness and adoption levels skyrocketed between 2016 and 2017. Much of the credit towards that development has to go towards the creation of the Ethereum platform, the “Blockchain of blockchains”. It single handedly enabled the creation of decentralized applications, dApps.
Ever since, so many dApps have been built on top of the Ethereum blockchain. As a matter of fact, it is responsible for the highest number of cryptocurrencies in the market today. This is because it lowered the development barrier in the blockchain industry. Ethereum provides tools for developers to build blockchain products, known as dApps much more quicker and more easily.
As these dApps fill the ecosystem, implementing them has shown to be beneficial to both private and public organizations. The more they are being used, the more the public gets included in the ecosystem. This is an automatic encroachment, and exactly what crypto needs to go mainstream.
Global Financial Crisis
As negative as this factor may sound, sometimes it becomes an inevitable development that the world passes through. It has happened before, and the signs are there for a repeat. The difference this time is that the public that usually bears the brunt of the global financial crisis are being presented with an alternative in crypto.
Already, there are crypto users who are doing so in preparation for doom’s day. We have already seen crypto intervention in economically-troubled nations like Venezuela. Citizens of some developing countries where the financial systems are not very reliable are also exploring the opportunities in crypto.
To encounter a global financial crisis could be a perfect opportunity for crypto to settle properly in the mainstream. When a country like China is planning on developing their own crypto, then you should know that the signs are already there. Facebook’s Libra project is another pointer towards a cryptocurrency mainstream intervention.
The benefits of cryptocurrency cannot be denied, even though the technology is still in its infant stage. Perhaps, it is because of this infancy that government and regulatory institutions are being cautious of dealing with crypto. One clear sign of infancy is the extent of volatility that still exists within the cryptocurrency marketplace.
Volatility, stability, compatibility are all elements that concern the public when dealing with crypto. The good news is that purpose-built platforms like tap are already in existence and are providing solutions that take care of these concerns.
For instance, the effect of volatility for a trader and merchant revolves around the fact that the value of crypto could change in the middle of a transaction. Tap’s superfast transaction system has nullified that. Also, it is enabling users to spend their crypto directly through their system, without going through the multiple steps of using various exchanges and banks to convert to fiat.
As it stands, while we wait for government to come around, it is these innovations that are providing us with what crypto needs to go mainstream. Embracing these principles is a good thing that the crypto community is doing. So far, this is a development that is widely applauded, as the value that crypto brings will stay with us for a long time.