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Will crypto go mainstream? Yes. Are we ready? Not yet.

There is no way around crypto, it’s going to be massive. Crypto is defined as ‘a digital currency designed to work as a medium of exchange’. Hailed as the ‘internet of money’ it is the current version of what internet technology was in 1994, on the brink of mass evolution in terms of functionality, security and privacy. We could go as far as to differentiate between the BC (Before Crypto) and AC (After Crypto) times. Right now we are in the AC and the world is about to change.

Crypto is certainly a buzzword right now but before declaring its place in popular culture it’s important to differentiate between adoption and speculation. Many people have speculated without really understanding the technology and in the next few years, this is likely to continue. Whilst progress is still slow and steady, the coming years will be a crucial foundation for mass adoption of cryptocurrencies and cryptocurrency technologies.

For this to take shape, however, we need the technology to become more user-friendly. That means better applications and interfaces, simpler UIs, and a simplified process for ordinary consumers to log on, buy, and sell items through Bitcoin and other cryptocurrency transactions. In a few years the technology will have advanced enough to handle this massive adoption.

The business world will also play its part in driving crypto adoption. From small businesses to large corporations, everyone is striving to gain a competitive advantage of lower fees with an eye on the future. As CNBC points out, however, challenging computer science problems — in particular blockchain scalability and security — will remain the core focus for many researchers” until the technology matures enough to go mainstream.

The tipping point

Another global recession could certainly play a part in accelerating crypto adoption. An unpredictable shakeup of the financial markets would lead to a credit crunch, which could in turn cause people to move their savings into a more stable currency. At this point cryptocurrencies, which anyone with an internet connection can invest in, could look like the more stable option.

For this to happen first the level of volatility in the crypto marketplace would need to stabilize. But this would happen if people started using it more regularly and 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.

Of course, there are also many legal issues with crypto in the current landscape.

Many have opted out altogether because of the hype and publicity storm surrounding it, questioning whether it has a viable future. Questions have definitely arisen, from whether people will need brokers licenses in order to conduct trades, to concerns regarding a cap on how much money they must have in their traders accounts to participate in the marketplace.

Crypto is inevitable

Until world leaders recognize crypto as a currency and treat it as such, it may be difficult for crypto to be widely accepted. The ball lies in their court to make this happen.

But one thing’s for sure, once the security, scalability and simplicity of the technology reaches maturity — crypto will go mainstream.

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The WOM Protocol is scaling an entire ecosystem enabling monetization of word-of-mouth (WOM) recommendations for brands, creators, and publishers. Join the conversation on Telegram: t.me/WOMProtocolChat

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WOM Protocol

WOM Protocol

A new blockchain-based MarTech solution that enables brands to leverage authentic word-of-mouth recommendations. Join the conversation: t.me/WOMProtocolChat

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