Mass adoption is hands down the most important part of cryptocurrency’s success. Without its use on a global scale by billions of people, it remains only an experiment, with unlocked potential that many will never get a chance to see. And although the buzz around crypto continues to grow, we face a few major issues that will prevent its adoption on a grand scale. I have listed a few of the major items that need to be addressed and resolved, for mass adoption to take place.
1. Security: Let’s face it, without security, this entire experiment goes nowhere. No one is willing to risk their funds if they are constantly at risk of being lost or stolen. We can create this perfect decentralized utopia, but if our money is not protected as well as, if not better than what normal banking systems can offer, we are unlikely to bring in the amount of people needed for mass adoption.
As a caveat, I do believe there is a gray area when it comes to decentralization and security. A lot of people feel this is black and white. If security must be compromised for the sake of decentralization, then so be it. But I can assure you, if you fail on security, nothing else matters. This is priority one, so there should be a gray area in this matter.
2. Volatility: As I’ve discussed before on Twitter, this is a huge issue that MUST be tackled. I’ll use the example again for anyone that missed it. Your Nano wallet is on your phone. Easily accessible with both Android and iPhone so making a payment at the register is quick, easy and secure, all things we hoped blockchain technology would bring. You walk in the door with a balance of $200. While you’re shopping, Bittrex was hacked and you have no idea. Nano is safe, but the market panics and when you go to check out, your account shows you only have $165. Within 30 minutes you lost 17.5% of your funds and now cannot pay for the products you were shopping for. This issue will put a halt to anyone trying to use cryptocurrency as a form of currency for payment. Regular fiat never brings on these types of issues, and to convince someone otherwise would be pointless argument.
Points have been brought up that once mass adoption happens, prices will be less volatile, while the counterpoint is that mass adoption will not happen until this volatility issue is
3. User Friendly Integration: We want everyone to be a part of the crypto world, but truth of the matter is, only those who are tech savvy, (or passionate enough to figure it out) will deal with the absolute nightmare of crypto’s user interface.
We were all new to crypto at one point. And even to this day, people who have sent funds many times double and triple check to make sure they are sending the right coin to the correct wallet and that the addresses match up and that the gas limit is set…. The list of things we need to manually check to ensure funds are transferred safely, is more than enough to push most people away from using cryptocurrency. Add on the fact that if you make a mistake, these funds could be lost forever, incurring a fee while using a typical debit card or money transfer service like PayPal would be a welcoming trade-off to most people. This is one of the easiest solutions to accelerating mass adoption. Already many wallets are becoming more user friendly and notifying people that the coins they are trying to transfer do not match up to the wallets they are sending. While a simple fix, this is an issue that will need to be solved, full turn key, before we can expect every day users to dump their fiat for cryptocurrency.
4. Real Use Case: It goes without saying, you can’t expect the world to adopt blockchain technology if there is not a real use case product with an actual need. If the majority of projects create products that could easily be done with fiat and a centralized server, there will be little to no demand from the public to use cryptocurrency.
For example: A company creates a decentralized coupon DApp. You use cryptocurrencies to access these coupons that give you deals at local stores or restaurants. It sounds great in theory, but like a lot of things being created in this space, there’s not really a need for it. There’s not really an issue with a centralized app service that gives you coupons. Most people would not see the value in this and therefore no need to move to cryptocurrency for this reason. However, if you create a product that has issues that is currently being used by most of society, the ability to pull people in becomes easier and necessary. A fully functioning decentralized social media platform that actually pays the consumer for their data, thus being more valuable than Facebook, is the kind of product that would bring people over by the millions, and would surely fast-track mass adoption.
Of course, these are not the only issues that need to be solved for mass adoption of cryptocurrency, but they are some of the most important. Supporters of blockchain and creators of blockchain products should work towards addressing and resolving these issues to ensure adoption of cryptocurrency by the masses.