While many see cryptocurrencies as a means of speculation, the concept was created for a completely different purpose. Unlike TradFi, Crypto hopes to achieve mass adoption and establish financial inclusion. Moreover, although there are some difficulties along the way, it still has the potential to become a more stable and sustainable financial form.
The real purpose of cryptography
People often see Bitcoin and other Ethereum as a way to make money quickly. However, these assets are very volatile in nature and you can be aware of price increases or decreases of several percentage points per day for no particular reason. Once above $69,000, Bitcoin is now struggling to convincingly rise above $20,000. To many, it seems like a volatile asset that is only suitable for speculation.
But we can’t lose sight of the big picture. BTC’s price is just one small aspect of a much larger equation. Countries are beginning to accept Bitcoin as legal tender, making it an effective currency in regions like El Salvador. It may seem like a ‘far from my bed’ show, but it creates a valuable precedent for other nations to follow. The country may take similar measures in the coming years.
There are many reasons to fully embrace cryptocurrencies, even at the government level. Unlike fiat currencies, banks, and other financial institutions, cryptocurrencies do not require a license to use. Instead, anyone can acquire them, use them, and treat them like money. This is a huge win for both consumers and businesses, and paves the way for a sustainable global economy that puts everyone on the same playing field.
bumpy road to progress
Unsurprisingly, cryptocurrencies have faced many struggles in their quest for mainstream adoption. While there is no “major” mainstream use of cryptocurrencies, the fiat currency status of El Salvador and the Central African Republic is the result of tireless efforts by a global community of supporters and users. , brought only after suspicion, FUD campaigns, misinformation, etc.
Some of the major issues plaguing the industry today include:
- Steep learning curve: Understanding cryptocurrencies requires a fair amount of technical knowledge.To use them, no special knowledge is required other than the correct software and how to acquire/convert fiat and cryptocurrencies
- Regulations (or lack thereof): Most countries do not have guidelines regarding cryptocurrencies and appear to be unreliable. Countries with regulations have effectively banned or are very permissive. There is no unified legal framework and it is urgently needed.
- Volatility: Fluctuating market prices make it very difficult to consider cryptos “stable”. There is always concern when your asset can gain or lose his 20% of its value in just a few hours.
A smart person might see these issues as key challenges for the industry to overcome. No fiat currency is stable, exchange rates can fluctuate wildly, and no global currency is accepted everywhere. Cryptocurrencies can solve that fragmented economy with hundreds of currencies and turn it into a global front in which Bitcoin and perhaps a few other assets play a key role.
Overcome limitations and achieve mass acceptance
Thankfully, some companies have shown enough resilience to meet these challenges. For example, Radix, a project that brings DeFi possibilities to the world, has developed Scrypto, a new asset-oriented programming language. This makes life much easier for developers, broadens the focus of development, and leads to more products, services, and solutions. Additionally, Radix offers unlimited scalability thanks to the Cerberus consensus algorithm. This is a key aspect of achieving mass adoption.
Getting people into the world of cryptocurrencies remains one of the biggest hurdles to overcome. Applications with “earning” mechanisms like Walken and its play and exercise model can be important gateways in that regard. It’s a way for people to get healthy, a model that young and old can easily embrace, and get rewarded for doing so.Over 1 million users (13% of whom have ever touched crypto This concept continues to attract people.
Beyond consumers, businesses and brands should pay more attention to cryptocurrencies and their tech stacks. The transition from Web2 to Web3 is very important for many companies. The technology already exists to facilitate that transition, and Snook is a great example of how teams can easily embrace the value of their users. Snook’s new solution fosters community building and growth through BBT-themed rooms, creating a near-plug-and-play solution that engages her members in the community while providing value and entertainment.
Mainstream adoption will happen organically once we no longer have to think about using specialized software to interface with cryptocurrencies and blockchains. Despite previous industry hurdles, progress continues and new initiatives are underway. Until cryptocurrencies become part of everyday life, it’s not a question of “if” but “when.”
Which Crypto Platforms Are Most Likely for Mass Adoption?
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