Cryptocurrency Aims Mass Utilization

Published: 21/04/2020 | Last Updated: 21/02/2022

After 10 years since cryptocurrency’s launching it had been booming. Crypto trades had been on trend since then. Investors pays interest to this market likely as to traditional markets.

Many cryptocurrencies had been developed for this past few years. Cryptocurrency had one goal since its launching that people will utilize this currency. Utilize this currency just how people are using the existing currencies.

Mass utilization or adoption is what the crypto developers want. Looking back at the past years crypto is not widely used by the consumers. This past few years crypto is only utilize in investments and business matters. Public utilization is not really adopted. If crypto wants mass adoption it should have an efficient financial system suitable for services.

What crypto needs to gain mass adaption?

Mostly of people around the world is not familiar how crypto works. This is why they’re not really into this currency. People who are not well verse in using the internet are the ones that made up this group. The fact that people don’t know according to crypto influencer. Is that by using crypto many services will be faster and cheaper. Especially to financial inclined services.

For mass adaption to happen developers must have innovative financial ideas. Financial ideas that costumers are already familiar with. Cryptocurrency debit card according to crypto dwellers is a good idea.

Most people are already familiar with debit card systems. Having this will provide costumers a more efficient buying experience. The card owner could have the ability to easily spend cryptocurrency. Meanwhile the shops would still be receiving it in dollars.

This system will allow customers to pay for their living expenses. A user could convert his crypto assets to US dollars, withdrawing from the exchange to their bank accounts. The only thing left to do is to wait for those dollars to be cleared. Having a crypto debit card makes the services more efficient and easier.

Stablecoin services in cryptocurrency could provide a better cross-border remittance services. This service will prevent senders to pay expensive fees for money transfer. If a user wants to send money in other countries urgently. He or she could directly send it to receiver’s bank account. This service will only take a few minutes with minimal fees.

This services are the reasons why crypto developers are aiming for crypto mass adoption. The bottom-line is to provide better services while adapting and adapting cryptocurrency.

Hindrances towards crypto’s mass adoption

Even with crypto’s booming trend. Unfamiliarity, doubt and fear are the ones people tend to feel towards its mass adoption. Having cryptocurrency for 10 years and promoting crypto awareness. This awareness barely reach other people. This lack of awareness tend to people to have no interest on this matter.

A first time crypto buyer fears to take chances. Taking chances in putting your real money into a digital currency. The process in buying and storing crypto is one of the questions of new users. Experiencing this process is demanding for first time users. People also worry that making a mistake in handling this asset will make their money vanished in just a snap.

Some gives opinions that paying cryptocurrency to shops is not considerable. For shops couldn’t pay their employees in form of cryptocurrency. It is hard as to them for a shop to convert crypto into US dollar in a daily basis.

Using cryptocurrency to shop is not also a good idea. For cryptocurrencies could be slow if blockchain system is congested. Having them questioning what will happen if you are in an urgent transaction.

People tend to have the mind-set that crypto mass utilization is not commendable. But at the end of the day, people will adapt technological advancement that makes their life easier. Importantly making them save some money.