The world of blockchain and cryptocurrencies is booming at a very rapid pace. More and more people are somehow getting linked with this world. But even after more than 10 years of bitcoin, it has not gotten mainstream adoption in the public and its acceptance on an official level is also low. Why is that? Here’s what one needs to keep in mind.
The initial use-case of cryptocurrencies was largely driven by their negative usage. People started to use cryptocurrencies to carry out illegal activities, buy drugs etc. Since the market is highly unregulated even now, these issues still persist. But as people are now starting to realize bitcoin’s potential as a global digital currency, developments are being made in the regulatory and official arenas. It will probably take time defining rules for this space and a lot of screening till this world get incorporated in everyday life.
BlockPublisher recently got in touch with the founder of Elevated District Media and a crypto investor, Michael Nye, in order to inquire him about the world of cryptos and blockchain. Talking about what might trigger cryptos into mainstream adoption, he said:
Nye: “I think it’s going take time. It’s just going to take more people working on more things. We’ve seen it over the last year there’s a lot more people working hard, trying to build different things within the industry and it’s exciting, it’s interesting. So, I think it’s going to take a lot more people building things, a lot more people developing, and it’s just going take patience. It’ll happen. It’s just going to take time.”
Further talking about the major issues associated with the world of cryptos in his opinion right now, Nye said:
Nye: “I think the lack of clarity around like the difference between bitcoin and all of these altcoins. I think there’s a lot of altcoins and a lot of them are just speculation, which is fine if you’re an investor but when it comes to like awareness in the industry and more things like that, it dilutes the industry. There’s a lot of people working on a lot of things and it gets very confusing for someone who’s new in the industry to see what is good, what is a scam, and what they should be investing their time and energy and money into, and what they shouldn’t be.
I think that’s one thing that needs to change and then back to adoption I think that people just need to build things, and people are building things, that need to be attractive to people outside of cryptocurrency. Adoption isn’t going to happen by someone that makes a dApp or makes make some sort of a product on the blockchain that’s only utilized by people in crypto. It has to be utilized by people outside of cryptocurrency, outside of the blockchain world. They have to use it without realizing they’re using it.”
One thing that can trigger adoption of the blockchain world is user-friendly products. Products in this arena limited to the crypto industry only might not trigger large-scale adoption. Products need to be made using this technology that can be used easily by everyone. This will help the crypto and blockchain world more attention.
Summing up the discussion, it seems only natural that time will be taken by this nascent world as it grows and mature. It is likely to gain more mainstream adoption only after the negative issues linked to it are resolved. Since official frameworks take time to get built, the crypto world is going to take time before it gets incorporated into everyday life, if it is ever going to.