Adoption is a fight that the crypto industry has been fighting since day one. So far, it has seen some good results, although it is still far away from going mainstream.
The goal of many in the crypto world is that everyone should start to use cryptocurrencies. With that in mind, even though there are now millions of people making crypto transactions across the globe — the fight is still far from over. In fact, the biggest battles are yet to come.
The Fight
There are a few reasons why this push for adoption is taking so long, and why progress can appear slow. The obvious one is that people are used to traditional financial systems, as they have known them and have dealt with them throughout their entire lives. The change is difficult, but since it is a change for the better, it is still worth fighting the good fight.
Another reason is that, until relatively recently, buying and managing crypto was simply too complicated for people who are not particularly tech-savvy. This is a new technology, with new systems, and all of it is based on the blockchain, which is only as old as Bitcoin itself. Not to mention that banks, financial institutions, and even politicians defied cryptocurrencies for a long time. It has been only a little more than a year since US President Donald Trump, himself addressed Bitcoin, stating that he is ‘not a fan.’
The crypto industry saw this as another victory, as it increased awareness. Being referenced by someone with the reach of a president of the world’s most powerful nation was bound to make waves in the world. Another big reason why crypto adoption was lacking progress is the fact that you simply couldn’t do much with digital currencies. Of course, there was always trading to be done, but trading comes with risk due to volatility, and most people are not willing to risk their money, especially not amounts that are high enough to be worth it in case they made the right move.
The biggest change in the crypto industry that will help push adoption further is the DeFi (decentralized finance) sector, which allows users to receive all the traditional banking services, but in a decentralized way.
The Importance of DeFi
With the exception of stablecoins, many DeFi tokens focus on areas other than payments. They instead focus on acting as a fuel for dApps, and for offering various services such as borrowing and lending, staking, yield farming, and other financial services. More than that, DeFi is a major step in the right direction, as it continues the original mission of cryptocurrencies, which is taking the power back from financial institutions. As decentralized platforms, DeFi projects allow community members to work out deals between themselves.
There are no intermediaries and 3rd parties that would require fees, or set up barriers that would prevent anyone from participating. If you wanted to borrow money, all you needed to do is find a lender and make a deal. Of course, you would still have to follow some of the old rules, such as providing collateral, but you would not be rejected simply because of a bad credit score or some other similar issue. All that DeFi needs now is an easy, reliable way that people can use to access it, and PlasmaPay’s apps are just that.
How PlasmaPay Helps
The first thing that you need to know about our app is that it is available in desktop mode, as well as on mobile. It is free to download on iOS and Android, so you don’t have to invest anything to get started. Once you install it and create an account — which is also free — you will be able to deposit funds via your credit or debit card with ease.
Our app functions as several different services at once. You can use it as a crypto wallet, as it supports Bitcoin, Ethereum, as well as over 3,000 ERC-20 tokens. There is also our own native token, PPAY which confers a number of advantages and can be used for payments, staking, or governance.
As soon as you log into the app — whether on desktop or smartphone — you will be greeted with a clean, easy-to-navigate user interface (UI), which will immediately display your balance. You don’t have to go to a different screen to see how much money you have in different currencies, but can simply swipe them and check out your entire portfolio. Furthermore, the app lets you deposit numerous fiat currencies, including the USD, GBP, EUR, RUB, CZK, SGD, HKD, and many others.
You can also use it to easily exchange your tokens for another one, or send and receive payments. Naturally, you can also withdraw the money at any time back to your card. Due to PlasmaPay’s focus on the DeFi sector, you can easily access it via our app, and perform your digital banking at any time, and from any place.
Conclusion
DeFi seems to be more than a passing trend, and many believe that this is the road that the crypto industry might take. In any event, it is an aspect of the crypto world that is more than likely to stick around, no matter which way the industry itself ends up going, so securing easy access and starting to work with it now can be quite beneficial.
It could certainly open up new opportunities, and as we mentioned — it is completely free, user-friendly, and available to all; staying true to the true nature of crypto.
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