There’s a trajectory for the mass adoption of cryptocurrencies. The time frame varies because the human condition varies. If you’re living in South Korea, you know about cryptocurrency, you’re talking about it, and it’s very likely you’ve purchased something using cryptocurrency or at least know someone that has done so. Some places are taking to the technology faster than other places.
Over the next few years, most people will move to cryptocurrency either through interest or expediency. They’ll participate because they’re interested in the potentials, or they’ll participate because crises leaves them no other option. They’ll be forced to reckon with this new method of human interaction because this is the global momentum. That momentum hits each part of the globe in a different manner.
By 2023, it’s very likely that most of the world will be well on its way to dealing in one form of cryptocurrency or another, and the days of traditional banking will be over. Changes in social norms, problems in the banking industry, the need for efficient systems to deal with global economic conditions, and the desire for a tokenized, effective, intercommunicating world are driving the process. The variable is human will. Some people and some cultures will dive right in, and some people and some cultures will go kicking and screaming the entire way. But the writing’s on the wall. The train is coming. Cryptocurrency is here, and it will be the way that most people do business in the very near future.
Before everyone has a cryptocurrency wallet preinstalled on their phones, it’s worth taking a moment or two to do your own research, to learn the nature of this exchange system because it’s quite different from banking. I’ve written an exceedingly boring, but accurate enough article on cryptocurrency that sets out the structure. You can read it here. You want to know the basics about how cryptocurrency wallets work. This requires no financial investment.
You can download a Bitcoin Cash wallet app, for example, and then they’ll send you a penny in Bitcoin Cash so you can see how the whole system works. This teaches you about seed phrases and public addresses and private keys (get some background here). You’ll even learn about the confusing difference between Bitcoin and Bitcoin Cash just from playing around with the wallet.
It takes time to understand how the system works. It takes focus. For instance, if you lose your phone and you don’t have your seed phrases to your wallet, you’ve just lost your money with no recourse. It’s gone forever. Or if you give your seed phrases to someone else, they can take all of your money. These are important ideas to understand.
There’s much more to get down. For example, a Bitcoin Cash wallet holds Bitcoin and Bitcoin Cash which are two different cryptocurrencies but aren’t all of the cryptocurrencies out there. Some wallets hold many cryptocurrencies like an Exodus wallet. Others are specific to a particular cryptocurrency like a LoafWallet for Litecoin or a DigiByte wallet for DigiByte. The cryptocurrency world is its own ecosystem. You have to learn it.
If you download a cryptocurrency wallet (and make sure it’s a legitimate wallet), without purchasing anything or taking a risk, you can get comfortable with this new way of thinking about the human exchange of value. You can acclimate your mind and make this transition easy on yourself.
Mass adoption of cryptocurrency is coming. It may be a slow, comfortable process or a fast, treacherous one. Humans will choose how they're going to make the transition. Either way, it can’t hurt to know a little about the nature of cryptocurrency and its practical application before its arrival in full force.