The global cryptocurrency market now comprises of over 250 billion dollars, but crypto adoption still hasn’t reached its full potential. So, what steps do we need to take to bring cryptocurrencies into the mainstream?
1. Eliminate Volatility
Cryptocurrency volatility is one of the top concerns challenging mass adoption today. While this is the selling point for traders, it’s instability can actually be quite off-putting for the general public, and can deter people from entering the crypto world altogether.
For mainstream adoption, it will be helpful to achieve crypto stability for some time, but due to its decentralized nature and the current number of crypto holders, this will be unlikely. This is why tools that can help cancel volatility or limit its effect for the user will be vital for increased crypto adoption.
The lack of standardization and regulation is a double-edged sword for cryptocurrencies. On one hand, it can give crypto holders and developers the freedom they desire, but on the other, it can actually hinder its global use by the public.
No standardization has meant that there are now so many different coins and tokens available, with the average person not knowing which to use. If you don’t know where to start, it’s often that you don’t end up starting at all!
Also, some studies have determined that standardization could help developers with app development and that this collaboration could even make it easier to integrate with current systems and encourage the increased use of cryptocurrencies.
3. Improved Usability
Let’s face it, traditionally, the process of cryptopayments can be incredibly difficult to understand. And even if you follow the steps correctly, one typo in your 42-character address can see your funds being sent to the wrong person without any guarantee you’ll see it again. Therefore, this usability issue, and the jargon attached, is also a top concern.
Crypto adoption will ultimately depend on the platform it is used on. Solutions should be developed so that they can be used by the everyday person and in a familiar format. Therefore, cryptocurrency solutions should mirror the usability of traditional payment platforms and apps while incorporating the added benefits of blockchain-based payments.
But while we still have work to do, the process of mainstream crypto adoption is already underway! More retailers are seeing the benefits of accepting cryptopayments, regulation is starting to favor mainstream adoption, and more blockchain-based projects are being developed to help crypto’s uptake by the general population.
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