What needs to change for Crypto to be used globally:
Looking back, it has become clearer that cryptocurrency and blockchain technology has continued to grow and capture mainstream media attention. Conversations, whether amongst friends and family, or industry professionals in technology, fintech, and the banking space, all have one thing in common – the belief that this technology is here to stay and will remain at the forefront of many aspects of our lives. As interest and demand for cryptocurrencies grow, many businesses, governments, and financial institutions continue to look for ways to leverage this demand and provide clients with new products, solutions, and use cases. There are however a number of roadblocks that exist that are still hampering mainstream adoption.?
Looking at these roadblocks below is a great way for businesses and brands to improve their product and service development, and establish themselves as the benchmark or what a cryptocurrency should and could be.
Ease of use:
The biggest roadblock, in my opinion, centres around user experience (UX). UX??and ease of use across almost all platforms are simply not there. To trade cryptocurrencies, the various exchanges, wallets, bridges, gas fees, and swaps needed is challenging for seasoned crypto traders – for the layman starting out, especially one who is not digitally savvy, this can be a barrier so large, they give up and never start trading. While Binance has included a?Lite and Professional version?of their app, to try to make the process simpler, the limitations of the Lite version have meant that challenges still are present and the average person starting out in crypto is still unsure and intimidated about the process of getting into crypto.
Culture:
There is a distinct culture around cryptocurrency. This culture is not one in the sense that is defined by geographical borders, language, and cultural heritage, but rather one of the “early adopters” and the “late comers”. This distinct divide creates a clear ‘us and them’?culture that can be a turn-off for many entering the crypto space. This culture can, and has on many forums, social media platforms and online channels become almost toxic, keeping others from entering
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Terminology:
As with every new technology, there comes a huge amount of terms that are established and this can add to the confusion and intimidation factors that create roadblocks for mainstream adoption. Terms and phrases such as HODL, FUD, DeFi, mooning, pump and dump, gas, nodes, and?Non-fungible Tokens are just some of the terms that a user needs to be familiar with and understand to participate in the crypto space.?
Half-truths:
Another roadblock in the crypto space is the constant half-truths that people share. Many people are happy to share a story about how they made 100x on an investment, how they turned 1000 USD into 50?000 USD or got in early on a project that became a success, and how they earned a lot of money. These are stories regularly shared, however, it is rare that people are open with sharing the stories of the investments they lost money on, the scams they fell for, the rug pulls, or the projects whose liquidity has vanished and they are now stuck with tokens they can’t sell.??These half-truths and success sharing only, creates a perception for those entering the crypto space, that every project achieves this success. When this does not happen, the new users often feel that this is not what they expected and choose to not continue investing and trading.
Whilst there are a number of roadblocks that exist that hamper the mainstream adoption of cryptocurrency, it is very clear that the technology is here to stay, and that interest and demand are unlikely to slow down. Should businesses and brands, use the above roadblocks as a foundation upon which to improve, they can potentially establish themselves as the benchmark or what a cryptocurrency should and could be.??If you can bring your project’s use case to one that leverages technology to solve real-world problems and issues, you will position your project as one that will be adopted in everyday life, you will be the cryptocurrency that drove true mainstream adoption.