- Despite growing popularity, cryptocurrencies are not mainstream yet.
- A number of older people have said they do not understand the technology behind crypto-currencies.
- Although a cross-section is large, and the population may be able to understand cryptocurrencies, they do not trust themselves to make the right choices.
- As a suggestion, increasing the convenience of cryptocurrencies could serve for their massive adoption.
The value of the world’s cryptocurrency market capitalization stands at an amazing $1.45 trillion with volumes of over $250 billion traded every day on average, yet cryptocurrencies face the pertinent problem of mainstream adoption.
According to a survey, several people have cited the complexities of cryptocurrencies and the technology behind them as the reason for their non-adoption of them while several others admit that they understand the workings of the technology but do not believe in themselves to make the right decisions.
Will Cryptocurrencies Ever Go Mainstream?
With a market capitalization of over $1.4 trillion, crypto-currencies should ordinarily be on the highway to mainstream adoption in physical locations around the world. Sadly, this is not the case due to myriad reasons.
Firstly, a cross-section of persons surveyed stated that they found the technology behind crypto-currencies complex and that they do not trust it as it was yet to prove itself as a credible piece of tech.
However, another demographic admitted to fully understanding the technology but do not have the time and mental energy to be emotionally invested in crypto-currencies to be able to use the technology correctly. A large percentage of this demographic do not trust themselves to be their bank and neither do they trust themselves to make the right decisions regarding crypto-currencies.
On the Flipside
- Square buys $170 million worth of Bitcoin to add to its existing portfolio
- The company now holds 4,709 Bitcoins
- The announcement comes just weeks after electric car manufacturers, Tesla announced a Bitcoin purchase of $1.5 billion
- With falling prices of crypto-currencies, Uberstay RIT 2.0 gains 11.901.35% within the last 24 hours.
The best group to catch onto the cryptocurrency bug are young people as they are more tech-savvy than older people. The allure of financial freedom is also a catalyst that draws young adults into investing in Bitcoin. The prospects of making huge gains in BTC are greatly outweighed by the busy schedules of older adults to latch onto the crypto-currency train.
One way to increase the mass adoption of Bitcoin is by making passwords and accessibility of holdings a lot easier. The complex nature of accessing wallets and holdings has put a lot of potential investors off the cryptocurrency industry.
If the accessibility can be made to be as seamless and ergonomic as scanning QR codes, then mainstream adoption may simply be around the corner. For instance, China’s drive to digitization and running a cashless system was due to the accessibility and ease of alternative payment systems.
Even in remote areas in China, QR codes on basic items like fruits are being displayed and the closer you get to cities, the more cashless it gets.
Cryptocurrencies – What They Really Are?
Crypto-currencies are digital assets designed to be used as a medium of exchange. While they are generally decentralized, some of them may be issued by a single issuer making it centralized like the proposed Chinese digital yuan.
With crypto-currencies, the records of each coin can easily be traced and its authenticity is verifiable due to the fact that all relevant data is saved on a public ledger called a Blockchain.