Making Crypto Relevant to the Masses
What do you automatically think of if someone were to mention ‘Crypto’ or ‘Cryptocurrency’ to you?
Do you immediately think of the spectacular gains of 1000% or more that early stage investors get when an unheard of cryptocurrency suddenly ‘moons’ on the wave of a series of good news or press coverage?
Do you immediately think of the stories of Crypto-millionaires who became millionaires over night and then lose those millions of dollars?
Do you think of Elon Musk as the Dogefather and the recent Dogecoin price surge?
I think the Crypto community as a whole has an image problem and an education problem on their hands if the only known reference to Crypto that the masses have of it is an image of an unstable medium that is speculative in nature and prone to manipulation (in terms of its value).
Ironically, what many well-meaning cryptocurrency developments are attempting to do at their very core is very much about trust building and transparency by cutting out the middleman.
As an average person on the street, crypto can be hard to understand. I guess it is somewhat similar to trying to explain how an iPhone and the App store works when neither the iPhone nor the App store was in existent.
And the much-needed work of trying to help the masses understand what cryptocurrencies are all about can be lost amidst the glamorous and scary headlines of how millions can be made and lost overnight in a ‘speculative market’.
If the average joe on the street already has problems understanding how the financial markets work (after having used cash, credit and banking systems for most of their adult lives), Crypto currency seems even more difficult to understand because it is like a financial market with a ‘technological element’.
If there is one good thing that has emerged from the public’s awareness of Dogecoin, it is possibly the potential for Cryptocurrencies to have a ‘real world’ application.
With many merchants jumping on the bandwagon off the hype of Dogecoin and have allowed the use of Doge in everyday transactions, we are possibly on the verge of an important milestone in terms of making cryptocurrency directly relevant and applicable to the everyday person.
Just like how we have begun to become comfortable with the use of digital wallets for payment processing, with widespread awareness and adoption of crypto wallets for payments and transactions, we can start moving towards the next stage of crypto development beyond speculative investments in the value of a cryptocurrency.
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