Evolution of cryptocurrencies
Part 6. How the growth of the Internet fuels cryptocurrency adoption
At the end of the second decade of the 21st century, Internet user numbers have reached a truly astonishing level. With its growing influence on individual consumers and large economies alike, it has become a crucial part of our day-to-day lives. Moreover, worldwide web acceptance is growing faster than ever with the rise of mobile technologies. Numerous data sources open a door to exciting revelation: the cryptocurrency acceptance is being driven by worldwide web development!
The new-age technologies advance fast
The speed of Internet adoption is growing: due to various estimates, global mobile data traffic is set to surpass 77 exabytes per month in 2022, up from 11.5 exabytes per month as of 2017! Next, mobile Internet usage has a promising future as global mobile data traffic is projected to increase nearly sevenfold between 2017 and 2022.
However, quite often, truly revolutionary opportunities are missed. For example, one of the video content market pioneers, Real Networks, was the very first company that has managed to create a video service before YouTube had been introduced back in 2005. But, they emerged before the market was actually ready — the hardware and technical power 20 years ago did not allow for mass adoption. Back then, global media found such innovation laughable, but nowadays we clearly see that man YT channels outrace TV in audience numbers greatly. So, it didn’t get much adoption because the Internet was not ready for such innovations back then, just the customers. But this is exactly where the crypto industry is today. There is a great demand and the market is trying to keep up with it.
The very same is happening right now with the advent of blockchain and cryptocurrency — this field is greatly underappreciated. According to Statista data, the number of Blockchain wallets has been growing since the creation of the Bitcoin virtual currency in 2009, reaching over 42 million blockchain wallet users at the end of September 2019. This is major progress considering it took place within a three-year timeline — in Q3 2016 this number was less than 9 million!
Another fresh data suggests that global blockchain technology revenues will experience significant growth in the coming years, with the market expected to climb to over $23.3 billion by 2023. The financial sector has been one of the quickest to invest in blockchain, with over 60 percent of the technology’s market value concentrated in this field.
Digital money acceptance will grow
The very same is happening right now with the advent of blockchain and cryptocurrency — this field is greatly underappreciated. Due to the latest Deutsche Bank research, the acceptance of the Internet and blockchain comes almost hand in hand. Their estimates show that with a projected reach of 500 million users by 2020, the number of blockchain wallet users can be as high as 50 million. However, in the timeframe of 10 years, both indicators are set to quadruple — reaching 2000 and 200 million users respectively judging by DB data.
That statistics may vary but we can definitely say that with the further advent of net technology in the next decade, the DLT industry will follow along — not by leaps, but by a steady and solid step-by-step increase.
STASIS team truly believes in the potential of the blockchain industry and the cryptocurrency sector. In 2019 alone, we have seen significant growth in our wallet user base — over 30,000 wallets were created via STASIS stablecoin wallet app. You can check it out and download it here. Moreover, our cryptocurrency — EURS — was listed on OKcoin, Bitfinex, and more than 15 other exchanges. Other vital achievements also include 120,000 transactions with EURS so far, more than 30,000 wallets were created through STASIS Wallet and 10+ fiat settlement points added.
There are certain challenges on the way of global adoption: legal, technical and regulatory. However, we see 2020 as the year when blockchain technology will finally converge with real pains in the world of finances and technology, so new commercialization cases will be built upon this basis.
We at STASIS will continue bridging the gap between decentralized finance and the off-chain market by digitizing one of the world’s most popular currencies — the Euro — via stablecoin.
Our team realizes that EURS further progress will be driven by the top-notch decentralized finance solution, which is currently in development. Taking into account that STASIS provides a top-10 list featured stablecoin, an own DeFi solution may speed the overall global crypto adoption. Actually, we see this as the most convenient case to capitalize on and to grow adoption. The next aim of our commercialization ventures is remittance. Moreover, we are excited that there are so many cases that can significantly boost crypto adoption to millions — if not billions of people. We truly believe that the blockchain disruption of acquiring, remittance, and corporate settlement will provide a new large-scale wave for the crypto adoption.
