Modern Economic Nonsense — Time to reinvent cryptocurrencies

xuanling11
Coinmonks
Published in
4 min readJul 5, 2022

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Cryptocurrencies have been popular but also problematic. Banks and other financial institutions have been reticent to engage with them, while the general public has not grasped their underlying value proposition. They need to be reinvented from the ground up to solve these issues. We can start with three essentials: tech, adoption, and trust. It’s true that technology plays a central role in cryptocurrency adoption. But only if it’s applied in ways that are user-friendly and make sense for people who don’t understand it yet. With digital currencies gaining more traction each day, now is the time to reimagine them in order for them to reach mass adoption. These are three important considerations when thinking of how to reinvent cryptocurrencies. Let’s explore what they mean and why doing so is necessary for their future success.

Tech reimagining

Cryptocurrencies have proven to be an invaluable way of transferring value. It’s an efficient way to send money online, and it has a decentralized infrastructure that makes it hard to disrupt. But above all, it’s a way of using “crypto” that can boost security, transparency and trust. And yet, what we’ve seen is how central banks, retailers and other financial institutions have failed to adopt it. This has led to the phenomenon of “crypto fatigue” among the general public. The bare truth is that most people are still not accustomed to the concept of digital currencies. It’s time to reimagine the way that transactions work, and there are plenty of ways that can happen.

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Adoption reimagining

There is a widespread misconception that cryptocurrencies are only meant as investments. While they can certainly be used as such, they can also be a way to transfer value and make everyday purchases. Every financial institution is looking for ways to make transactions safer, faster and more efficient. This can happen with cryptocurrencies. One big challenge is convincing the general public that they can use them for daily purchases, such as groceries or dining out. People need to see that cryptocurrencies are more than just investments. However, this isn’t an insurmountable obstacle. Simply using a cryptocurrency as…

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