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The Secret to Mass Cryptocurrency Adoption

10 years after the inception of Bitcoin, are we finally on the brink of mass adoption? We’ve figured out the final push.

Cryptocurrency has been making waves and is becoming more popular around the world.
So what makes cryptocurrency such a big deal?
It changes the way we spend money.

For example,
If you were to send money to someone in a different country, you will normally use a bank, which involves third parties in order to process the transaction. A portion of the money transferred will be deducted as a transferring fee and there is a risk of hackers disrupting the network and stealing your money. This is where cryptocurrency comes in.

Instead of using a bank to transfer money, the transaction becomes much secure if we use cryptocurrencies. There will be minimal transaction fees involved as it is a peer to peer transaction, eliminating the need for middlemen. As the transaction can’t be tampered and altered, there’s no chance for hacking to occur.

Cryptocurrency is a digital asset that is built on blockchain technology, making it decentralised, immutable and transparent. In simple terms, this just means:
*No middlemen will be required for a transaction to occur.
*The transaction can’t be altered or tampered.
*The transaction ledger is fully auditable and transparent.

However, despite all the hype around cryptocurrencies towards the end of 2017, we’ve yet to witness mass adoption of cryptocurrency.
So what are the barriers between cryptocurrency and mass adoption?

Barriers to Mass Adoption

  1. Price Fluctuation
    Volatility in the cryptocurrency market is the main reason why investors/traders see it as a lucrative market. However, this is also the reason why cryptocurrency is rarely used as a mode of payment.
    Nobody will want to pay one BTC at $10,000 in exchange for a product, only to see BTC going up to $15,000 a week later. On the other hand, most sellers will not want to risk receiving $15,000 in exchange for their product, just to witness BTC crashing to $10,000 a week later.
  2. Usability
    Creating a new wallet, registering on new exchanges and saving public addresses isn’t as easy as signing up for a facebook account or sending an email. The majority of the crypto community may not mind the complexities of entering in addresses or securing private keys, but the wider public does. Making cryptocurrency transactions and account creation smoother remains a barrier to mass cryptocurrency adoption.
  3. Scams and Criminal Association
    To date, there are no insurance policies or strict regulations for cryptocurrencies, causing a high risk for investors in the market. As a result, news of cryptocurrency exchanges being hacked and investors losing their funds through exit scams have been circulating in the media. Cryptocurrencies have also earned a reputation of being “Criminal’s Money”, as they were often used as a form of payment for money laundering, terrorist financing, and other criminal activity back in the early days. Due to the factors mentioned above, a vast majority of the public tend to stay away from cryptocurrencies.

Key factors towards mass adoption

The days of using cash as a mode of payment are slowly fading into the sunset. Research has shown that the number of cash payments by Australian merchants dropped 46 percent between 2010 and 2016, and cash currently only makes up 10 percent of all transactions.
In China, 74 percent of payments are made through mobile payments instead of cash or debit cards.
Since the world is moving towards being a cashless society and mobile payment is the go-to, cryptocurrency can actually ride on the growth for mass adoption!

By integrating cryptocurrency into mobile payment, users can have the convenience of spending their cryptocurrency on their mobile phone, offering an alternative mode of payment. On top of that, the transaction would become transparent under a blockchain model, offering complete traceability when tracking the movement of goods, their origin and quantity. This provides better security and accountability for both vendors and customers, encouraging the masses to use cryptocurrency instead of fiat currency for mobile payment. The best part is that since there isn’t much difference in the way cryptocurrency and traditional mobile payment are made, the public can easily adopt and adapt cryptocurrency payment.
Now that we see how we can have easier access to cryptocurrency, let’s take a deeper look at how cryptocurrency payment can gain traction.

Riding on Social Media Boom

According to the Global Digital Report 2018, the number of social media users worldwide in 2018 is 3.196 billion, increasing by 13 percent year-on-year. The usage of social media has grown considerably and many users access their social media using their mobile phones. Cryptocurrencies can leverage on the user base on social media platforms to gain traction.

Imagine this: Other than just being able to connect and interact with users around the globe, you can now execute a cryptocurrency transaction on the social app itself. Being able to do so, it’s convenient for users as they won’t need to download an additional crypto-wallet app just to pay with cryptocurrency!
A hybrid of mobile social app and cryptocurrency payment can reach out to more users to hop on the cryptocurrency bandwagon and normalise the use of cryptocurrency in everyday transactions.

Future of Cryptocurrency

You don’t need to be a rocket scientist to pay with cryptocurrency. By bringing in cryptocurrency as a new avenue for mobile payments, it is simply another mode of payment that provides greater security and accountability! Once the public understands and accepts the benefit of cryptocurrency, cryptocurrency payments will proliferate and we could be witnessing mass adoption in upcoming years.

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