3 Reasons Why Crypto Hasn’t Gone Mainstream Completely
We have had many speculators in the crypto market the past couple of years, especially after the surge in price and market cap in 2017. On the flip side of that coin, we have had so many wins in getting crypto to be widely accepted by people outside of the crypto space that has aided in getting the word out about crypto to the masses!
According to many financial experts, it is still too soon to tell whether or not cryptocurrencies are here to stay or not. I completely disagree with their observation. Crypto has been around for close to a decade now and has endured many changes and some strict global regulation.
So why hasn’t crypto gone entirely mainstream when it seems to be all over the mainstream media and many people have seen huge gains in their portfolio?
#1: Hard to Spend
It is fairly easy to purchase crypto from exchanges like Coinbase after you go through the vetting process for the first time. And it’s fairly easy to cash it out in the event that you want to.
But, not many retailers and service providers accept crypto yet. That number is consistently growing but hasn’t hit any significant milestones yet. Polls of Amazon customers have been conducted and more than half of those polled stated that if there was an Amazon crypto coin they would use it for purchases on the website. This is a possible viable use for crypto going forward that could blow mainstream use completely wide open.
#2: Way Too Volatile
In 2017, Bitcoin price jumped incredibly almost 2,000% before then losing at least two thirds of its value to stay down for months with no upward or downward movement really.
One way to change the level of volatility in the marketplace is to get more people using crypto on a regular basis, treating it like an actual currency. If usage becomes more widespread then we will likely see less surges or major drops in the value of crypto.
Fiat currencies will likely start to fluctuate or the value will become unstable and when that happens crypto will look more and more like a valuable solution.
#3: Too Many Legal Issues and Regulation Challenges
Many have gotten out of the crypto game or have decided not to play because there has been so much publicity surrounding the future of crypto, especially in the United States. Are we going to need a brokers license soon in order to conduct trades? Is there going to be cap on how much money you have to have in a traders account in order to participate in the marketplace?
Until world governments recognize crypto as a currency and treats it as such, it may be difficult for crypto to be widely accepted.
** I don’t really know much about OnixCoin but this tweet is fairly spot on **
The Chairman of the SEC and the CFTC have asked Congress to better regulate cryptos and develop stability rather than the snippets of possible regulation that we have seen so far. Once one government develops some concrete regulation that works, other world leaders will follow suit.
Crypto going mainstream will be instrumental in gaining ground for the community going forward and showing world leaders that crypto should be taken seriously. I would love to hear your thoughts on what is needed to get it mainstream and more in the public eye.
Thanks so much for reading!
Ivy
