Digital Currencies in 2020 — Is Mass Adoption Coming?

When cryptocurrency was first introduced by Satoshi Nakamoto back in 2009, it captured the imagination of tech and finance enthusiasts across the world. The idea of a trustless and bank-free digital currency was extremely appealing to those who had experienced the hardships of the financial crisis just a couple years earlier.

As it turns out, this was only the first step in lighting the spark of the crypto craze. We have seen it explode across the world and go through some magnificent highs as well as some disheartening lows. Platforms such as Coinbase and Kraken were able to give the public access to this new form of currency which sparked excitement and public participation. This access to crypto was the logical next step in the process, but, like so many others in tech who make the first stride forward, they were met with some harsh realities.

So why have digital currencies struggled to reach mainstream adoption up until this point?

Cryptocurrency Has Struggled in the Mainstream

Many of the most commonly used platforms for accessing cryptocurrency just do not have the means, scale, or, perhaps most importantly, the security they desperately need. After all — cryptocurrency was built on the idea of enhanced security and autonomy for all. With hack after hack occurring in exchanges over the years as well as infamous security breaches to Coinbase and others, it seemed like crypto was hanging in a void.

The reason crypto is struggling in the mainstream is that no platform has been able to offer a now-ready mechanism of accessing and utilizing digital currency. There is a deep need for a singular tool that integrates both crypto and fiat banking into one smooth mechanism.

The benefits may be well understood, but many of the existing platforms are struggling because of a few different factors:

Steep Fees

The fees associated with platforms like Coinbase have caused many criticisms of their platform and result in a cluttered user experience. There is a 3.99% fee for every credit/debit card transaction and a 1.5% fee for bank transfers to the platform, and the fees don’t stop there. If you want to convert any of the crypto assets, there is a spread margin of up to 2% as well. Then you need to pay a withdrawal fee if you would like to get these funds out of Coinbase and into your bank account. These fees add up quickly and result in a user experience that tacks on charges at every turn.

Multi-Platform Dynamic

The current dynamic can be complicated for the average person. Having to use multiple platforms to exchange, store, and then somehow get the money to your bank is just too daunting for many people. This process is too disorganized to incentivize more massive adoption. Having to go through this disorganized process results in a lot of unwanted fees and leaves a bad taste in your mouth. Up until now, there hasn’t been a unified option.


Cryptocurrency has always preached decentralization as an answer to the problem of the single point of failure many financial entities have experienced from hacks. The most widely used exchanges in the world use cloud storage, which is extremely vulnerable and does not echo the values of crypto. With none of the scalable hardware security that modern big banks are utilizing, these platforms have suffered from breaches on multiple occasions, which has not helped the public opinion.

If mass adoption is going to happen, there needs to be a singular point of access to securely hold and manage fiat money, access cryptocurrency, and freely exchange between the two. Not only that, but the two worlds of big banking and digital currency are going to need to work together to find a real solution.

One of the clearest signs of the approaching prospect of mass adoption is the interest that big banks are showing in the tech. Early in 2019, banking giant JPMorgan Chase announced that they are developing their own version of digital currency. They openly criticized Bitcoin, but have acknowledged the potential of blockchain for the future of global finance.

JP Morgan isn’t the only big bank interested. It turns out that almost 17 central banks across the globe are running similar crypto development projects.

It is looking more and more like the most effective solution will not replace, but complement fiat currencies and provide users with minimal fees and instant transactions.

Cryptocurrency: Complementing Fiat?

While the debate seems to always center around whether or not fiat will be pushed out of use by cryptocurrency, the real question is how well can cryptocurrency supplement fiat currency?

Physical money has been in use for thousands of years, and there will always be segments of the population that utilize it. While cryptocurrency offers speed, efficiency, and security, the fiat dollar is cemented too deeply into society to have any chance of being completely removed anytime soon.

Entities such as ethereum and IOTA have shown that cryptocurrency and the underlying blockchain tech does not end with simply exchanging value, but it offers a solution to the global fraud and security epidemic. In addition, smart contracts will provide businesses with a means of easily obtained, legally binding digital contracts that will reduce the cost of business deals across the world. They will also prevent fraud in a multitude of IoT projects currently in the works.

The realistic path from here for cryptocurrency will be to complement and add to the value of the fiat dollar. Bitcoin, ethereum, and other digital currencies are supplements to the fiat dollar, and people need a singular platform to manage these assets together.

One of the most creative solutions to the issues at hand is the notion of a crypto-bank. These can be thought of as banks that can handle all of the processes related to handling money (in one place). All signs seem to be pointing to this idea as being one that will bring about mass access to the benefits of crypto.

This is why Fluency is a platform that is way ahead of the curve. They remove the need to bounce between platforms and allow users to handle and exchange any currency with a simple, modern, and fee-free user experience.

They are offering a one-stop home base for the buying, storing, and exchanging of any currency. Fluency is pioneering the way forward by uniting the fragmented offerings of the competition into a now-ready and frictionless digital money bank and marketplace. They have even worked side-by-side with FCA-regulated partners to ensure they create a trusting and scalable offering — a step no platform has made to this point.

Some of its best highlights include:

  • Instantly buy and trade any form of currency, digital or fiat.
  • Fast cashouts
  • Instant payments between currencies
  • Neobank fee structure
  • Modernized banking hardware for the utmost security

As you can see, Fluency is a forward-thinking product that is helping to bring cryptocurrency to the real world with an intelligent new solution. It bridges the gap between fiat and crypto while also offering zero deposit fees and free crypto-to-fiat exchanges (up to£5000). Its frictionless exchanges and powerful security make it the perfect home base to manage all of your financial assets without suffering through a cluttered and disorganized dynamic. Their neobank fee structure and complete organization make Fluency’s user experience unmatched compared to the competition.

The world desperately needs an easier way to interface with digital currencies and Fluency is pioneering a new way forward.

While fiat currency will be the physical representation of value, cryptocurrency will augment and enhance the way we as a society are able to exchange value between parties and ensure that we continue to move forward technologically. The advent of new platforms that support this vision is why the outlook for crypto in 2020 has never been brighter.




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A different level of banking, connecting what hasn’t been connectable. Prepare for national digital currencies, get a unified bank account in fiat and crypto.