It has been over ten years since the introduction of cryptocurrency idea and the digital money market has been shying away from embracing these digital assets in totality. Many people still thing this is just another technological fad that is about to pass and they are running away from crypto.
It all started with Bitcoin and many could not trust the pioneer coin hence diversified to other shiny project under the guise of altcoins which later split into privacy and stablecoins and no one knows what comes next.
What is Driving Users Away from Crypto?
Blockchain is also taking a different angle which is seen to go beyond the monetary value; a way of storing and transferring value. However, there is the volatility issue that keeps haunting the market. Merchants are keeping away from the digital economy to avoid unnecessary loses at the peak of volatility.
Trust is another issue especially for those who rely on remittance platforms t sent and receive money. Not many people trust mobile apps that act as the link between crypto and fiat. Lack of trust appears to slow down the virtual currency adoptions and this is why it will take a lot of time to the digital money market to go mainstream.
Change of Tact
Trusted companies are jumping into the crypto sphere banking on their traditional trust from their diehard clients and some are set to fail will others will flourish. For instance, you cannot compare JPMorgan with Facebook’s Libra. Many people will trust a coin from JPMorgan Chase compared to Libra based on trust and past experiences.
There are good crypto projects on paper but in real sense, they are not any use to the consumer. There are also scams disguised as crypto projects and these are keeping the-would-be investor away from the market.
When everyone sits on the fence to wait for others to “adopt” and “start using” crypto, it will take centuries before everyone gets a crypto wallet and can trade anytime, anywhere using the crypto that is not “volatile” at the given time. Running away from crypto is not the solution neither is pegging digital coins and assets to the dollar.
Remember, the dollar as not an instant hit when it was introduced to the global market. As much as analysts are blaming brand awareness and near zero visibility, people are aware of crypto but the complexity of moving buying the first coin and moving it from one point to the next is the problem; there is not crypto platform that is 100% user friendly.
