What hinders cryptocurrency adoption the most?
In 1995, only 10% of American households used the Internet. Five years later, that figure had reached 50%. Today, the world cannot be imagined without this technology. Similarly, the world of the future will be incomplete without cryptocurrencies that are still in the early stages of development. So what is stopping this process? The answer is clear — the complexity of digital assets. In order for everyone to start using them, they must become much “simpler”.
Firstly, an ordinary person must understand the difference between Bitcoin and traditional currencies. He must master the basic concepts at the heart of BTC, which define the very essence of the cryptocurrency. This is a limited supply, mining process, deflation and all that. The future user of the cryptocurrency must understand that it is anti-inflationary and will help him to accumulate capital in investments more quickly.
At the same time, it’s important to communicate that this is not just a crypto versus traditional banking scenario — banks and are also integrating cryptocurrencies into their systems. Cryptocurrencies may well coexist with the traditional system; moreover, for their harmonious development, they need the careful control of financial regulators who can protect the industry from fraudsters.
Secondly, user experience in working with digital assets should be as “painless” as possible. An ordinary person should not have to learn to make financial transactions again. That’s why debit cards for crypto can have a huge impact on their rate. Example: Binance Card. This card will allow an average user to spend his cryptos virtually anywhere in the world.
Thirdly, to increase the popularity of something, you need to make it necessary. That is, there should be a real need to use cryptocurrency in the world. Crypto provides users with the power to earn back crypto on purchases through a new ecosystem of “cryptoback” reward systems, Bitcoin can be used as a means of accumulation, Ethereum can be used to work with DeFi and much more.
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