Everyone is constantly talking about the mass adoption of cryptocurrencies. The cherished mass adoption is already perceived as something mythical, something that can only be believed in, but cannot be felt. What if it has already happened? And if not, how close are we to that? Let's try to figure it out.
The Path Taken
To begin with, mass adoption is closer than you think. At the end of the 2000s, only a few geeks knew about cryptocurrencies. Today we have hundreds of millions of users. Let's look back and see what stages of mass adoption are already left behind.
The Legal Framework
Cryptocurrencies are legal in most countries of the world, including every country in North America, Europe and Oceania. Of the major countries, only China has not legalized crypto. And although there is still pressure on the crypto market in the US and a number of other countries, the global legislative climate can be assessed as positive.
Integration with major financial systems
Visa, MasterCard, PayPal, as well as a number of other international financial organizations have integrated crypto into their products. This indicates a high degree of trust, and also makes crypto more accessible to a mass audience.
Awareness
Most of the population knows about cryptocurrencies. Although, here, of course, there is something to work on. Stereotypes are still firmly entrenched in the mass consciousness. And the general attitude towards digital currencies is ambiguous. However, the situation is getting better every year.
Technical Scalability
For a long time, the low bandwidth of blockchains has been an obstacle to global adoption. Bitcoin and Ethereum, purely physically, would not be able to process the same number of transactions that centralized payment systems process. But there is no such problem anymore. Third-generation blockchains have greater bandwidth and are ready for these challenges.
To sum up: we have already achieved the coveted mass implementation by about 60%.
What remains to be done to reach 100?
Number of Users
For cryptocurrencies to become a truly global financial force, the number of users must reach billions, not hundreds of millions, as it is today. According to Triple-A, there are 420 million users in the world. This is just over 5% of the world's population. Quite a high figure already, but for true mass adoption, you need to reach at least 20%.
The more people actively use digital currencies, the higher their practical value.
However, for this we need even more simple and understandable solutions for the average user. Not everyone is ready to study the complexities of technology, which is why the emphasis should be placed on the convenience and intuitiveness of interfaces.
Everyday Use
While cryptocurrencies are largely perceived as an investment or speculation tool, their potential for payment has not been fully exploited. To change the situation, it is necessary to stimulate the use of cryptocurrencies in everyday life: payment for goods, services, utility bills, etc.
In addition, businesses large and small could implement cryptocurrency payment systems, offering discounts or bonuses to incentivize such payments. This approach will help shape the habit of consumers to pay in cryptocurrency, making it a part of their daily life.
And this is already happening. According to Fundera, more than 15,000 businesses already accept crypto payments. However, this is still not enough for true mass adoption.
Deep Integration Into the Global Financial System
Today, cryptocurrencies are largely separated from the rest of the economy. To trade cryptocurrencies and, say, stocks or precious metals, you need to create investor accounts on different platforms.
However, a universal platform already exists. FIXONE Meta Trader 5 combines 9 market sectors, including cryptocurrencies. On this platform, investors can easily move capital between different sectors, making crypto even more accessible.
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As the popularity of the platform grows, so can the adoption rate of cryptocurrencies.
We are witnessing an amazing and, at the same time, difficult time for the development of cryptocurrencies. For more than ten years, they have gone from a strange, incomprehensible thing to almost global recognition. However, the full potential of cryptocurrencies is yet to be unleashed!
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