The crypto market is growing day by day with the aims of making cryptos mainstream in the financial market. More and more developments are being made so that adoption of cryptos increases among the general public. But as there are so many issues associated with the crypto market, is there any point of increasing the crypto-adoption among the general public, while a fiat framework is already present? Developer at Groestlcoin, Tyler Willis, shares his opinions.
Talking to BlockPublisher regarding the question of how to improve adoption of cryptos among the public, Tyler stated:
This is another question we’ve kept asking ourselves repeatedly. I’m not sure if it’s the right question. Would there be any meaning in increasing “adoption” if it’s just for the sake of using cryptocurrency?
As we see today, the issues are associated with the crypto market are becoming more and more severe. Problems like volatility, manipulation, and lack of a proper regulatory infrastructure make this market too intimidating for the investors and the general public. So, with all these problems floating around, should we strive towards increasing the adoption of cryptos among the general public or should we strive to fix the market first so that it actually becomes beneficial for the people?
Adding on to his statement, Tyler stated:
I don’t see any point in trying to convince people to use cryptocurrency unless it provides something they don’t have. Replacing a bank account with a cryptocurrency wallet is appealing to many of us on ideological grounds, but to increase general adoption, we need to make cryptocurrency worthwhile for everyone.
Without providing actual use-cases in the real world, there is no reason for a normal person to replace his bank account with a cryptocurrency wallet. In order to replace an already well-established financial framework, solid reason needs to be provided. To go mainstream in the industry, cryptos need to show why they are a suitable alternative to the fiat.
As of now, cryptos are treated by the public only as a source of gaining profit in fiat. If they are to prevail and persist, people need to consider them as “currencies” instead of just another source of gaining fiat benefits. For this to happen, cryptos need to provide real-world implications as soon as possible. Without their actual usage in normal day-to-day life, adoption among people is not likely to increase anytime soon.