What crypto needs for mass adoption.

What crypto needs for mass adoption.

By MadMaxx | Psycho Crypto | 15 Feb 2020


The idea of crypto puts off a lot of financial analysts.

The word "crypto" makes some analysts mad, and makes their teeth chatter.

The mere statement "I'm buying some bitcoin tomorrow" makes some analysts want to jump off a roof and just die.

Ok. Extreme jokes aside, most analysts hate crypto.

And by extension, their organisations(both those that they own, work for or have prominence over) also hate crypto.

And these organisations ensure that they pass on this hate to the masses: The users of their products and services.

So why the hate? Why all the bad mantra?

Because of one thing: Crypto is change.

Crypto signifies a change of the order of things. And analysts don't like change. Because static is what brings them their big bags of moolah.

I mean, we have BAT revolutionising the advertising industry and putting the money back in the viewers pocket. We have ripple and stellar sending millions of dollars instantly with a fee that can't even buy you a decent coffee. We have Monero making all your transactions encrypted and untraceable. And we have other cryptocurrencies doing great things as well.

All these achievements put together make crypto a strong force to reckon with. If only we had more adoption.

"What?" you probably said in your mind.

"The crypto market is currently called at billions of dollars. Approaching a trillion even. And you say we need more adoption?"

Yes. We do. Less than 10% of the world is currently into crypto right now. And all 100% of the world is into fiat.

Most people do not realise the good sides of crypto because of all the bad sides the analysts have spewed over them. Crypto is like the devil to most. They just stay away.

So what can be done to improve this mindset of people? What can be done to improve mass adoption of crypto?

A few things actually:

  • Crypto projects need to innovate more: This might sound like the dumbest thing to say, as crypto projects already innovate. So what more could you want? The amount of innovation given by crypto isn't really noticeable to people outside of the sphere, because fiat gateways already do most of these things for them. They don't need privacy when sending cash to their children in colleges, and they certainly don't need am exchange to do that. For crypto to be mass adopted, we need innovations that will shake the industry. 
  • Reducing the barrier to entry: Say you didn't want to trade crypto, but you just wished to try it out to see what all the fuss was about. So you bought $100 worth of XLM on Coinbase. Well, you have to donate $3($2.99 actually) to Coinbase for being your gateway to this new world. Then you'd have to pay some fees to send it, and some wallets charge receiving fees, so there goes part of your money. All in all, you might end up with $95, even though all you wanted was to send some money to someone. Let's not even get started on how fluctuations can negatively impact your original price. The barrier to entry, as well as the fees need to be removed somehow, before people will even think of considering crypto.

Those solutions listed, I still feel that crypto will reach mass adoption.

People will eventually see the intrinsic value of having something that isn't controlled by just one family or one government. And they will appreciate this utility as time goes on.

That said, those and many other changes need to be effected.

Thank you for your time in reading this post. I hope you enjoyed it or gained something.

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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