What keeps crypto from world adoption?
More than 80% of people in Asia are aware of crypto but only a fraction of them own some coins/tokens. Bringing crypto to the mass is still a big question due to many reasons.
First and foremost is the regulation. Many countries around the world are banning crypto just because they don’t know how to regulate it properly. China, one of the biggest crypto markets on earth, is getting very strict again on crypto recently. This makes people around the world worry about the prospect of Bitcoin and other cryptocurrency. Crypto needs a global framework which makes most of the people feel “safe” to engage with it. It is hard to predict when but with its growth rate, regulation for crypto will materialie within 5 years.
There are still not many use cases for cryptocurrencies besides speculating values. There is no reason for many people to own crypto if they don’t know how to deal with it. There are many stores or even nations, like El Salvador, accepting Bitcoin. But due to the huge price fluctuation, using these assets for daily transactions does not make much sense. The emergence and growth of stable coin or central bank digital coin (CBDC) seems to solve the price fluctuation problem by pegging value to fiat currencies. But this removes the beauty of decentralization which is why crypto was born.
Customer education is the next challenging thing. After more than 10 years, creating a wallet and purchasing some Bitcoins are still a big problem to most people. To bring crypto to the masses, people need to understand more about crypto and feel comfortable to buy and store it. Without education, crypto is still a game of tech savvies. We are all still in the early days of the cryptocurrency era. As such, reaching widespread adoption is a big problem that needs to be solved.
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