2021 had us all going berserks. Most of us probably figured crypto was going mainstream and only up was just a way of life. It was so easy to get caught up in the hype and euphoria. But things have a funny way of turning out.
Bitcoin had surged to an all-time high of $68,721, and the first Bitcoin ETFs were being created. Ether, on the other hand, gained $443% in one year to reach an ATH of $4,891. And with most investors bullish on all kinds of crypto assets, the global cryptocurrency market cap crossed the $3 trillion mark. Crypto’s time had finally arrived, or so the world thought.
In the two years since, crypto has yet to go mainstream. It has, on the contrary, been rocked by storms that have plummeted the value of crypto assets and wiped billions of dollars in value, from dramatic crypto exchange collapses and bankruptcies to government lawsuits and criminal charges. The bear market might have stretched longer than many would’ve liked, but crypto is still alive and well, let's take a look at the things needed for crypto mass adoption.
The crypto space has lacked clear regulation for much of its existence. The resulting lack of oversight has given fraudsters and scammers free range in the crypto market, and a lack of investor protection means it is investors who bear the brunt of any and all consequences. This scares off a lot of would-be users.
Education is important for the adoption of any new technology. This is because people can only believe in and embrace something they understand. A confused mind always says no. There is currently no shortage of information on cryptocurrencies. However, most of it is tailored for people already in the space, those already knowledgeable in blockchain, finance, and/or investing. It is unsuitable for newcomers. And because these represent the majority of the population, the mainstream has been alienated.
One of crypto’s biggest criticisms is the lack of utility. Many crypto assets have no real use cases. They lack an underlying value, and their prices are sorely dependent on speculation. This makes it difficult to convince skeptics and inspires little confidence among would-be investors.
Improved User Experience
The user experience is also lacking in the current crypto landscape. It tends to be so complicated that only seasoned users have the confidence to navigate it. The average person, on the other hand, finds it hard to cope with all the tools and varying user interfaces (UI) across different platforms.
With an improved user experience, real utility, comprehensive regulation, and better education to help users understand it all, crypto may have a chance at taking over the world. The internet didn’t disappear when the dotcom bubble burst in the late 90s. The underlying technologies are here to stay, but the industry itself is going through a cleansing fire!
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