- Cryptocurrency mass adoption is the final task that needs to be completed.
- Lots of work and investment are needed regarding the digital currencies’ mass adoption.
As we are in the middle of 2023, the age of cryptocurrency, or Bitcoin, has almost surpassed 15 years. But the chapter on mass adoption still needs to be fulfilled. Although most people are already calling for crypto to replace the traditional financial system, people need to be more effective in seeing it through. Everyone is waiting for a revolution that isn’t forthcoming, from the younger generation to the older generation.
However, if cryptocurrencies ever want to fulfill or reach their maximum potential, it needs mass adoption. Only then the true value of cryptocurrency could be recognized while being a financial asset.
What is Going on in the Crypto Market?
Compared to other newer technologies, cryptocurrency adoption follows a classic bell curve, starting with fewer innovators. Once those innovators’ numbers start rising, adopters embrace it. Thus, the road of mass adoption is laid, ultimately reaching a lagging phase in the final phase.
Bitcoin was launched almost 14 years ago, whose adoption is nothing but dramatic, at the very least. From being only a fringe technology that only a few cyberpunks enjoyed discussing. Bitcoin has come a long way as global countries want to adopt it, while some have already chosen it as a legal tender.
In simple words, the rate of crypto adoption still needs to catch up compared to other technologies. Moreover, it is at an early majority phase where chances of growth are huge if it gets the rightful investment. If cryptocurrency wants to leap from its current level, the gap between early adopters and innovators must be filled.
How Can Cryptocurrency Reach Mass Adoption?
There are a few ways that cryptocurrencies can follow to get that mass adoption needed for their growth finally. Here are two ways summarised in the points below.
- Mobile application
One of the best ways to ensure cryptocurrency gets adopted by the masses is through the development of mobile applications. Prioritizing the development of user-friendly mobile applications enriched with security features can help attract people’s interest. Until now, few mobile applications will allow easier access to users across the globe. But with the rise in demand for cryptocurrency, only the development of enough mobile apps can ensure mass adoption.
- Bridging the gap between fiat and digital currency
When it comes to the stumbling block that is impeding the growth or adoption of digital currencies is the bridge between fiat and cryptocurrency. The lack of technology that seamlessly converts fiat into crypto or vice versa is unavailable. Even though some applications allow it, you must go through a long chain of verification processes. Therefore, most users often avoid being stuck in those long queues instead of moving on to new technology.
Despite the rapid innovation and development of new technologies surrounding cryptocurrencies, the confirmation of its mass adoption still needs to be guaranteed. Much work needs to be done, from developing user-friendly mobile applications to eliminating intermediaries. But the early signs of mass adoption are there, which need to be tendered through well-planned strategies.