Hello everyone!
I’m new to the crypto world and I’m really interested in learning more about what it takes to achieve mass adoption of cryptocurrency. I’m sure there are a lot of experienced crypto users here who can help me out.
What do you think are the most important things needed for crypto mass adoption? Are there any specific technologies or strategies that need to be implemented? What about regulations and government policies?
I’m really curious to hear your thoughts and opinions on this topic. Thanks in advance for your help!
There are a lot of dapps and blockchain wallets that have a really good user interface, I think in that front we are actually there
Some innovations do not need to be understood by everyone
We need one killer dapp that will change the whole perspective, or a one click blockchain platform that is so easy to incorporate with traditional ledgers in all areas
Regulators needs to take into account innovation and not have a Monopoly mindset because that kills the conversation. New players in the space needs to be able to grow their projects if they can prove it’s legitimate. The US and China have done the opposite of what’s required, but at least ETF’s are knocking at the door and we can use that towards the bullrun.
I believe all of this will start with education. You can’t really push people to use something they don’t even have the basic knowledge of.
User experience is key. If it was easy it would be already 5 times bigger. Also, the fees… it is not much when something is growing 10% daily, but the fees are terrible
And time. Just like the internet or a smartphone, time is what helped technology take a step forward.
Younger generations born into the technology will have an easier time understanding it than those who have to make the transition.
Imagine being a first time crypto user and having to pay 10 dollars for anything on ETH. Such a fucking turnoff, and to think we were around the 200+ dollar fees back when NFT’s were all the craze. This chief is not it.
I’ve said it before and I’ll say it again.
Mass adoption needs people who know about cryptocurrency to talk about it to people who don’t.
The average person doesn’t know about institutional investment in crypto, debates around legislation, utility or user experience…and they aren’t looking to learn.
If we stick to the mantra “don’t talk about crypto” that’s so popular round here we might insulate ourselves from falling out with our friends/family but we will hold back mass adoption in the process.
Remember though, you can give the facts and educate without persuading or evangelizing.
Crypto storage & sending needs to be as easy as email
BTC Maxis hoarding their BTC somewhere in a cold wallet waiting for it to hit one milly is not adoption, its only greed. Why do they want for it to hit one milly? So they can obtain more dirty FIAT. BTC maxis are killing their own coin and they don’t even know it. Sadly greed will always destroy humanity.
I remember back in 2011 you needed a degree to use wallets and make transactions after many years has become simplier but if we need more crypto adoption making the technology even easier it’s crucial
On the note of education.
The story of how and why BTC was created and how decentralization is so important. On top of being open-source.
Once I understood what the term block chain meant it all clicked for me
>Improved User Experience
This is such an important one and probably one of the biggest barriers to adoption, we need to get to the point where grandma can easily use crypto without assistance or worry
Coexist with banks and fiat will be the biggest improvement
Please put your sight in El Salvador. We did a lot of things in the wrong way.
EDUCATION should be the first step, if your citizens don’t understand crypto at all, the project is gonna be dead even before starts. Right now not even 5% of the population is paying in BTC anymore, even tho is legal tender. Until next year we are going to have a proper education program that is going to be taught in schools, but come one… 2 years later… (I know is better later than never
TRANSPARENCY is something important to make the citizens trust the project (Especially when is something new for them)
INTERNET ACCESS, in El Salvador we have not even 60% of the population with internet access, from that point you know that you only can target 60% of the people.
User experience is really really important.
Try picturing some of your friends setting up a wallet, transferring funds via the correct network, understanding gas fees.
Unless you have put effort in to understand it’s difficult – people will just use their bank account if that’s the choice.
We don’t need to really do anything. No one ever really promoted the internet, and such. It just came over time. Things that have value and use will rise.
Please don’t go around telling people about crypto, you look like a cult member and a weirdo. Only if they ask, educate them if you have knowledge.
There’s pretty much just one thing that is needed for mass adoption, crypto being used for its intended purpose, a method of payment, it has to be accepted by merchants worldwide and there are negative connotations attached to crypto like it’s extreme volatility (by manipulation) and people thinking only scammers use crypto, there has to be education too…
Definitely agreed!
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With ethereum gas fees coming down along with the power of Layer 2 Platforms, it seems like high fees might become a thing of the past and a major hurdle is becoming accomplished.
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Beyond this, we need the hacks to stop. We need greater security and a crypto insurance fund along with better security protocols and regular audits.
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We need improved education
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We need clear regulation to support the crypto industry
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Lastly, the developers need to make real use cases for this and make using crypto much more simple without fear of losing your crypto and the cumbersome process of buying it, staking it, engaging with Defi, etc.
Clarity around regulation is key. It’s clear from the SECs actions that uncertainty around regulations isn’t good for crypto
With better education, comes more people with confidence that they’ll be fine going into the space. There are so many tools and websites for free that are super engaging as well like layer3 that teaches people about how things work in crypto
I believe that when we adopt more people in the space then our regulators will see more clearly the light
There will be a mass adoption if all governments recognizes it and all companies starts accepting it as a payment method.
I’d add that regulations need to good and tailored around the usability. Furthermore, people are pushed away because of all the horror stories. It’s literally a wild west. Protocols and people getting hacked right and left and end up losing their all assets with a click.
user experience is one of the most important parts – people are accustomed to plug and go solutions, so anything complicated can scare them off easily
It needs to be used without the majority of the world knowing that its being used in my opinion
There’s also the issue of security. Many newbies (and some OGs) feel that there isn’t enough security in crypto. The daily hacks and exploits give people so much fear.