People are asking the REAL questions now. They want to know to know why – although crypto seems to be growing – we are critical of its mass adoption in the mainstream market? Not doubting the ability of it, there are some issues that are hard to combat and if people can’t understand the value, they won’t buy in.
As the famous Pink Floyd song goes, “We don’t need no education.” I would very much like to disagree with the music legend here.
I am very much involved in the blockchain technology but I’m not the only who sees that there is a knowledge gap. I write about crypto and blockchains every single day which means, I am constantly reading up on what’s new and fresh. Even then, some concepts can be a little hard to wrap my head around. Though I do end up understanding, I do realize that some people don’t have the same patience as me or aren’t crypto enthusiasts.
Another reason why education remains an obstacle is that we need to realize that it is not used coders or theorists that need to buy into this for it to expand, but instead, we need to attract CEOs, heads of marketing and business developers. It is also important to notice that we don’t have to fully grasp the concept of this technology. We just need to have enough working knowledge to be able to know how it operates. We need a language understandable enough.
This has got more to do with the underlying technology and its issues. So right now, the way they are trying to combat this is through public and permission ledgers – as the name suggests, permission ledger is the one where you need permission to access it. But with this, it starts to sound more like a huge database owned by a company and is controlled by a certain number of people.
Blockchain has promised to be the opposite of that, the idea was to be decentralized, not introduce a newer form of centralization. So, the real roadblock remains that it needs to anonymously store data on a public ledger, without leading up to problems of scalability.
As crypto continues to bring power into people’s hand, big corps like Facebook, banks, Google etc., make it more and more difficult for it to survive. They consider it a threat and are trying their best to stop it from going mainstream. These industries which have looted us for many years under the banner of capitalism seems to be trembling with this new technology. They won’t let go with a fight, obviously. The fear is evident in the action that was taken by Mark Zuckerberg previously of banning all crypto ads from his website, to hinder its popularity.
They are all a bunch of p******
Wrapping it up
Neither of these problems will be solved overnight, it takes time for anything new to adjust, especially something as revolutionizing as this. Back in the 90s, the concept of the internet was met with much cynicism as well but look where we are now.