Simplicity is the catalyst to crypto-adoption.

By Nyarai Femai

Goldma Team
Sep 4, 2018 · 3 min read
Payin with cash hasbeen replace by mobile Mone and QR codes.

A lot of people that consider using cryptocurrency always site one major challenge. It is difficult to understand. This is why people take a more cautious approach. Naturally, human beings tend to stay away from what they do not understand. However, most people who have defied the first instinct to steer clear of complicated things are the ones that make innovative breakthroughs. In this case though, the success or failure of cryptocurrency largely depends on whether it reaches mass adoption. In order for virtual currency to be accepted into the mainstream, the user experience should be simplified so that an average person can transact.

The world’s economy today has moved towards cashless transactions through the use of E-commerce and digital money. The reason these forms of payment were adopted is that of the convenience they bring to users. For example, China’s WeChat Pay is the most popular, top-ranking and favoured method of payment amongst the country’s high net worth individuals, according to a survey (Zhang, 2018). On the other side of the world in Zimbabwe, mobile money service provider Ecocash is the leading method of payment in the country. A majority of merchants have adopted this payment option.

If these mobile money service providers had a complicated process of using their services, then the market would have rejected them. However it is simple to use for anyone.That user friendly aspect needs to happen with cryptocurrency as well. The resistance it faces today stems from the need to simplify its user experience. Should it become easier to use cryptocurrency, then perhaps more people will gravitate towards digital assets as a store of value.

Bitcoin is now leading on that front with a QR code (Quick Response Code) facility for users. These QR codes contain the unique information that corresponds to a specific amount of currency, from a full coin to just a fraction. These codes can be stored offline safely when printed out and kept in a secure place, e.g. a safe deposit box. Merchants can display a QR code with the Bitcoin address for the transaction and the customer can simply scan that QR code to get the bitcoin address.

Any person living in this era will agree that since we are in a tech-driven world, we cannot do away with the convenience and efficiency that technology brings. Since cryptocurrency is still an emerging technology, it seems to be on the path of becoming mainstream but it can only happen if it becomes ‘dummy proof’.

Sources

Zhang, M. ( 2018, , January 25). South China Morning Post . Retrieved from https://www.scmp.com: https://www.scmp.com/business/companies/article/2130400/china-moves-further-towards-cashless-society-payment-giants

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