Recently, there has been some important pivotal movement aiming to increase the use of crypto spending through multi-currency crypto cards supported by Mastercard, allowing users to use both crypto and fiat currency. This is one of the biggest ways market leaders forecast the adoption of crypto. By making it available to all, and easier to use and spend, like fiat currency, it will draw in more users.
There is no knowing at this moment in time what will be the driving force behind mass crypto adoption, will it banks themselves, social media, giant retailers, tech organizations, investors, or governments and central banks?
What does the mass adoption of cryptocurrency even look like?
For the mass adoption of crypto to be successful, it has to be specified according to a specific user’s case making it clear, with details, on how users can use it. It needs to be identified if the mass adoption comes as a store of value of payment methods or even smart contracts. As mass adoption is not available in any of these cases, it’s hard to understand where the adoption of crypto will come from and how it will be successful.
Crypto users will also need to be able to easily access, hold, and purchase cryptocurrencies. Once their system can effectively offer this to users, we would have some level of reachability in the market. However, for this I happen successfully, the user experience needs to be enhanced with issues such as scaling addressed. Most importantly, there also needs to be a large meaningful opportunity for people to get involved in using crypto in their everyday lives. This includes paying for goods and services using only crypto. For this to happen business must be willing and open to accepting crypto as a currency, and so, there has to be a clear path and strategy to make it successful.
Several stages are required for the mass adoption of crypto. The first would include awareness of the benefits of cryptocurrencies. Once this is in place the next institutional adoption is to enable institutional acceptance of the currency though government and political means. Once this is done there will need to be considerations of how to create a seamless end-to-end experience for the user and institutions to interact and transact with one another.
In order to make this work, it will require a mix of well-architected organizations working together to offer better services. Doing so will also create marketplaces for digital assets and other digitized values such as digital securities, devices and data. Currently, there are very few marketplaces that hold the volume and engagement which is required to provide the level of efficiency and liquidity needed to make crypto available to all.
However, we also need to realize that for crypto to work well on a mass scale, blockchain technology will also need to be accepted and implemented on a wider scale. The environments created need to allow both to flourish.
Many institutions have already seen the advantage of blockchain technology with the prospect of using it outside of the needs for currency. There has been some talk about using blockchain technology for voting in countries, creating a more transparent process that can not be questioned. Using blockchain for voting can also make internet-based election systems safer as it is less susceptible to hacking and attacks.
As we have seen technology grow overtime, way beyond our wildest imagination, there’s no doubt that crypto one day will have the power to take over the mass market and change the way we use crypto and fiat currencies currently. However, we do understand that for this to be possible, much needs to change and organizations and institutions need to come together to formulate a workable framework for consumers to use. Only then will the mass adoption of crypto really have the impact we are hoping for it to have.