Why Crypto hasn’t seen Mass Adoption
As a crypto enthusiast, you may have heard the expression “we are still early,” which refers to the fact that blockchain technology is still relatively new to the general public and hasn’t seen widespread adoption like the early days of the internet (web2). The blockchain, on the other hand, has been around for quite some time. Given the benefits of blockchain, one of which is decentralization, one would think from experience that crypto would be adopted more swiftly than the internet, but in recent years we have observed a sort of slow adoption of the technology. Experts have categorically stated that this technology is the future, so why the delay in the mass adoption?
One of the many reasons, in my opinion, that crypto has not yet experienced widespread adoption is security. Ironically enough, the market is generally very unstable in terms of security, which has led many investors, developers, major institutions, and even the government to have doubts about the technology even though they would like to use it but for this flaw.
Security is often one of the first aspects to be taken into account when entering any industry; whether relocating to a new city, house, purchasing a household item, purchasing an asset, or purchasing stock, your security will always be a priority. People always want to feel secure about the decisions they are making and the assets they hold, whether they are material or financial in nature.
The little players are also severely impacted by this security flaw within the blockchain space, with the part where you can trace transactions but not identify actual real life identities behind blockchain addresses, domains, or even JPEGs as well as many other vulnerabilities within the space. This is true even for the big companies who have a significant stake in the cryptocurrency space. There have been several blockchain exploits this year alone, including the biggest in the industry’s history, where Axie Infinity reportedly lost $615 million (£467 million) to hackers. Some of the funds may have been recovered, but a larger portion appears to have remained unrecovered, leaving many investors and players in the dark. We also receive reports nearly daily of Bored Ape Yacht Club NFTs being taken from owners’ wallets by hackers; despite how unbelievable it may sound, people lose this much money every day.
Your financial security is not even guaranteed because the cryptocurrency market is inherently unstable and is influenced by a variety of circumstances, including government regulations and the like. As a result, one may observe the price action of an asset rising and falling quickly. Although precautions might be taken, it still looks as though vulnerabilities and exploiters are outwitting the technology. Because no one normally wants to be unsafe, despite the occasional profits it brings, I believe this is one of the main reasons why we have not yet seen a significant mainstream adoption of cryptocurrencies.
The Solution
According to one of many reports, despite how contentious it may seem, the government’s desire to regulate the space is a step in the right direction toward protecting the space against these exploits. They seek securities in these assets because they may as well be an illusion or a scam, if you will.
Investigations by one of the most well-known investigative journalists in this field, Investigations By ZachXBT, have uncovered a number of questionable schemes by many of these so-called crypto startups almost every week. A group of investors join forces under the pretense of forming a company, but ultimately manage to walk away with millions of dollars. These facts are supported by credible evidence, but as I’ve said, there are no checks and balances, and this group of individuals always manages to get away with it. As a result, the entire system is completely insecure and loaded with corporate thieves and hackers.
More advancements should be made in the blockchain’s security features and the government establish reasonable regulations. The general public will start to feel safer using the technology, and it may even become widely used.
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