2019 has been termed as another crucial year in the cryptocurrency space and is believed to owe a lot of potential moving towards mainstream adaptability. The market showed promise at the start of the year, shrugging off a dire end to 2018 but has gone stale since, with prices showing little upward movement. However, it will not be just the numbers that drive the space.
The major forces to steer cryptocurrencies into the mainstream will be how accessible they are and the application they provide. The notion was shared by Stephen Morrison, Head at decentralized platform Howdoo. The platform helps companies and projects go decentralized and has worked with the likes of TravelBlock, trading platforms such as DGTX and other social media platforms. Talking to Block Publisher, Stephen said:
Two crucial things are needed for mainstream adoption. Accessibility and utility. At present, entering the realm of cryptocurrency is a journey that is laboured and fraught with danger. We need to make the steps simple and safe. We need to make using businesses using the blockchain as straightforward as using their centralized competitors and we also need to make them better.
Morrison shared belief that 2019 can be an integral year for the crypto space and pointed to the better times seen in 2017-18 for encouragement. He stated that we only need to build trust for the space. He stated:
2019 can be the turning point of cryptocurrencies as many ICOs that flourished and almost floundered in 2017/18 now get ready to deliver their projects. By building trust and rewarding efforts, it will win their affections and their patronage. This applies to all blockchain businesses.
Last but certainly not the least, 2019 is the year where there is a general expectation for institutions and financial authorities to develop regulatory legislation for digital currencies. This, in many analysts’ opinion will deliver a huge boost to the space and will exponentially aid mainstream adoption. Morrison also talked about the need for regulation and need for conviction among masses that this is the currency of the future. He said:
As well as consumer trust, we need to leverage institutional trust and with the cryptoverse not short of villains, we will need and benefit from increased regulation. Regulation that is not one size fits all, but instead flexible and calming, for while early adopters of the blockchain can be viewed as pioneers and explorers, the general public are ask averse and view cryptocurrency as a tool for criminals. It goes back to convincing the world that the world of crypto is just an extension of their world.