Cryptocurrency Atmosphere
There exists an enthusiastic atmosphere around the adoption of cryptocurrency and its use in everyday commercial activities. But there is traction despite positive sentiment towards such use prevailing across investor and the technology adopters. Why is cryptocurrency adoption so riddled that mass-adoption of the decentralized currency is defeated?
Issues and ailments which are affecting the cryptocurrency industry are as follows:
For fiat-currency users to adopt the ways of the cryptocurrency, the biggest challenge is having or owning their wallet and learning to manage it. Providers are offering centralized wallets in this juncture as well. Users will be able to use it transfer money at a fast pace and also offer a degree of reliability. Banks will also be sure that funds provided are legitimate immediately.
At the same time, developers do not take the opportunity to connect their product with the end-users, because of ‘zero-marketing.’ Mainstream users need more than technology and need it to be explained for common use.
Besides devs do not take the opportunity to back their product and ensure it is not exploited by scam-users and their technology besmeared. This further adds to the confusion for a regular investor.
An extension of this issue is that the user experience of these technology-first services is also so limited that users are not very into using these products. There has to be the integration of services from linking banks to using the trading platform so that there is seamless use. Investors cannot be left hanging due to one platform not linking without a hitch with the next service.
The 5 –year life cycles which most devs assume is logically correct for cryptocurrencies is not understood by the common user. The lack of insurance for any money stolen is also a big issue here. The instances where exchanges have quickly replaced coins hijacked from it for their use has been partially effective in restoring the faith of users in these coins. However, for a permanent long-term solution, insurance is most necessary.
On the trading-end of cryptocurrency, there have to be cyclic phases built for bull and bear runs in contrast to what is currently happening. Users will have to look beyond gatekeeping cryptos. It is currently a challenge for the user not to be able to access commercial chain services like the groceries or the stationary stores or the florist. Thus there is a divide a thin line for full conversion of the mainstream user to switch from their cents and dollars to the satoshis and other coins. There is also an increasing urgency to remove the barriers of adoption such as fake FUDs. Again ICOs which were scamming in 2017 appeared to be controlled in 2018, with many of the countries blocking such offers. Chinese have already banned it, and other countries too are taking a very stringent stance in blocking such ICOs.
It is very important for the techno-crypters to encourage mainstreamers to provide the necessary atmosphere and to allow the next bull run to ensure mass adoption.
