Crypto Mass Adoption Problems and Their Solutions
Though global crypto adoption is increasing heavily, there are still a number of issues that somewhat limit this growth and why people are not yet willing or able to adopt cryptocurrency.
According to a Chainalysis report, crypto adoption globally increased by over 800% between 2020 and 2021. This is a good sign for all those involved in the crypto industry in one way or another. In countries like India where digital payments and transactions are booming, crypto adoption has been even faster. However, there are things or so-called hurdles that still trouble the crypto industry and prevent cryptocurrencies from going mainstream.
Here are some of the issues in mass crypto adoption along with their proposed solutions:
Ease of Use & Understand
Even after a decade of launch, cryptocurrencies still remain a mystery for many. Those who want to begin in the field of cryptocurrency have limited options and resources available. Moreover, the future of crypto investors, users and businesses seem unsure given the number and amount of fraud activities in this space.
Most of these issues, however, can be dealt with through the right blockchain education and learning. There are a number of crypto startups working in this direction. Libra Ecosystem, for instance, has partnered with the Indian Blockchain Institute to establish a dedicated institute for blockchain learning and education and create new opportunities for youth in the blockchain space through career-oriented learning.
“We aim to make blockchain education feasible and accessible to everyone. As of now, cryptocurrencies are difficult to understand and use for most people in India. They want to invest in cryptocurrencies, but don’t know how. The Libra Institute will change that,” said Libra CEO.
Crypto Volatility
Another major issue with the global adoption of cryptocurrencies is volatility, which refers to the fluctuation in cryptocurrency prices. Cryptocurrencies are known to be highly volatile, which means the price of these digital currencies may change significantly and very frequently. This is the very reason why crypto is often termed as not a safe investment option.
Of course, investing in cryptocurrencies is a risky matter, but in the long term, this volatility of crypto can help you earn really good profits, as we have seen many times in this industry. For example, the price of bitcoin has increased by over 32,000% in the last 10 years or so. So, anyone who would have held their bitcoins during this period would be a millionaire/billionaire now.
Also, there are stablecoins that largely overcome the volatility part of crypto, allowing investors to enjoy crypto benefits without the unexpected price fluctuations.
Conclusion
The right crypto education combined with the right, genuine resources can help solve the lack of information problem of the crypto industry and boost their mass adoption globally. While the governments globally are working to bring proper regulations to cryptocurrencies, it is through proper crypto education that we can remove misconceptions and help people educate more and better about these innovative digital currencies.
Lastly, cryptocurrencies are not just an investment option to make quick money and should not be treated as one. The actual usage of cryptocurrencies is far wide and in a variety of industries. If treated right, it can help make digital money and payments accessible to everyone in the world. Libra coin is a classic example of that. Find out more at https://libraecosystem.com/
