The mainstreaming of blockchain continues after the collapse of crypto

Published in

Game of Life

5 min readApr 17, 2019

In 2017, cryptocurrencies were on the move. Bitcoin’s price rise seemed unstoppable, ICOs were generating huge amounts of startup funding and adding the word “blockchain” to a company’s description caused its stock price to skyrocket.

Then, in 2018, Bitcoin’s price collapsed, cryptocurrency ICOs dried up and blockchain was the punchline of many jokes. Yet, despite the collapse, serious developers continued their work and today we see that cryptocurrency is here to stay and the applications of blockchain technology go far beyond cryptocurrency.

From boom to collapse

In some respects, the price collapse of Bitcoin and other cryptocurrencies was a good thing for the future of cryptocurrencies and even for the development of blockchain technologies. The situation had become incredibly overheated and the whole thing felt like a penny stock conference on some new drug that made the crowd believe that “pump and dump” could dispense with the latter and ride the former to the stars. A mid-2018 essay by Jon Evans of TechCrunch fame begins with an illustration of a cowboy riding a rocket and that may well sum up the essence of 2017.

But Evans is writing long after the boom and is addressing what happens when such a boom collapses and the only thing left is the work that continues. Evans does what many TechCrunch writers do. He presents himself as the all-seeing sage cutting through the nonsense to tell the Silicon Valley masses and wannabes the truth of the matter that many of them are incapable of seeing without his guidance. But he makes some good points.

Whether or not blockchain technology is leading us to Web 3.0, as many advocates maintain, it is a technology with many uses. The attempt by its creators to build decentralization into the very basis of blockchain technology is admirable though it does not extend to all applications or use cases. And, yes, many of its applications have been a bit difficult for everyday people to use in the same way that open source tools are difficult. Even something with as much potential to gain widespread popularity as crypto-collectibles began with so many steps to create or even purchase one that they remain an obscure phenomenon.

Blockchain tech is going mainstream

But, as was obvious by the time Evans wrote his essay, the many possible applications of blockchain technology were becoming much more accessible and increasingly built for everyday use by everyday people. We may not yet be at a point where it is as easy to use cryptocurrency as it is to use cash and credit cards, for example, but we are a lot closer. In fact, a look at the crypto payments industry shows us that the most popular use of blockchain technology to date is finally ready for primetime.

Many people were introduced to the idea of the blockchain by the growing popularity of Bitcoin. But the question quickly moved from, “What’s a Bitcoin?,” to “How can I buy Bitcoin and keep it safe?” Even those who figured out how to buy Bitcoin and other cryptocurrencies were prey to the failures of trading platforms that were hacked and drained. But, though security remains a serious issue, the process of buying, holding, trading and buying things with cryptocurrency has become a lot more accessible to everyday people.

Buying and selling cryptocurrency

Coinbase is one of the largest and most popular exchanges for buying and selling a slowly growing list of cryptocurrencies including Bitcoin. It is available in many countries and one can trade one form of crypto for another with limitations based on location. One can set up a Coinbase account as easily as a PayPal account. It does require a few hoops but nothing out of the ordinary for anyone using current financial services on the web.

Once established, a user can fund his or her account with a credit or debit card, a bank account or wire transfers. One can withdraw funds via a bank account, PayPal or after transferring funds to a digital wallet. These details may fluctuate depending on location or changes in regulation, but it really is that simple to get started. And Coinbase even has tax-related tools to maintain one’s legal standing.

Cryptocurrency e-commerce solutions

For many, the dream of cryptocurrency is to be able to easily purchase items as one might with cash or credit cards. A great deal of progress has been made in this area, especially in e-commerce, and buying things with crypto credit cards is now a reality. But things are a bit tougher on the other side. The folks selling things have a more complicated process of resolving payments and integrating payment options with their on or offline stores. However, for e-commerce, some excellent solutions are now available.

One example is that of CLIC Technology (OTCMKTS:CLCI). CLIC Technology’s ClicPay is a solution for store owners that want to accept cryptocurrency and then have the option to withdraw regular currencies. This may sound like a simple problem but requires connecting a variety of diverse systems and interfaces in a manner that satisfies governmental regulation.

CLIC Technology is at the forefront of making this process easier for e-commerce merchants and has also specialized in serving the legal cannabis industry with a focus on hemp and CBD e-commerce. ClicPay can handle an impressively wide range of cryptocurrencies with the ability to add new forms of crypto and it can interface with a broad array of e-commerce platforms from WooCommerce to Shopify. Currently, ClicPay offers a payment gateway and a crypto wallet. Both in-store payments and a crypto credit card are in the works.

That combination of services makes ClicPay a powerful and forward-thinking solution to payment concerns. And, given the challenges of serving the cannabis industry, ClicPay is developing technology that is both robust and secure which will be widely adaptable to all industries employing e-commerce.

Foundations for new business empires

The above examples merely scratch the surface of what is happening with the mainstreaming of cryptocurrency and blockchain technology. These are exciting times despite the lowered value of Bitcoin and other forms of crypto.

The work of making new options accessible beyond the tech crowd is ongoing and is allowing new businesses to emerge, from Coinbase to CLIC Technology, that will one day grow into new business empires.

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