Factors affecting the Mass Adoption of Cryptocurrency
Cryptocurrency - the most trending terminology today, has been a talk of the table almost everywhere. But the adoption by the everyday users is still not to be greatly seen.
There can be more than one reasons behind it. The main one being not many people understand the concept of cryptocurrency and how it actually works. For the masses, it's seen both as a lottery and a scam. People are flocking towards the cryptocurrency after a substantial amount of knowledge on the subject while many are still skeptical about its existence and hence stay away from the crypto world.
Some of the commonly given reasons from different sources that we happened to reach, behind not adopting the cryptocurrencies are explained below:
1. Too technical to be understood
When we got such answer from plenty, we tried to figure out what exactly they mean! According to those people, it's a technology that is highly complex to understand and too skeptical to be implemented. They don't know the concept and aren't even able to actually see Bitcoin as a currency that floats in the air and not in their wallets.
2. It's a bubble, that's gonna blast soon!
Yes, that's really true. Many users believe that cryptocurrency is just a bubble that is growing day by day only to reach the bursting level. They feel it's kind of a limited -time lottery game which makes you invest your money and the money could either be 5x or 10x times the base investment or it could wipe out the entire investment.
3. Fear of risking the hard-earned fiat money
With more and more speculations about the sustainability of cryptocurrency, it's hard for the layman to actually trust this new digital money which can double or triple their fiat money. Also with the new advancement of the crypto world, there are numerous scams coming out, making people afraid of this new digital money.
4. No stability
With the extremely volatile nature of cryptocurrency, it's really hard for people to accept it as a currency to be used on daily basis. The currency needs to be stable. Only then the masses will have trust in its valuation and could hold them long enough to finally make it a routine. For a currency to be stable, it needs to be adopted by 99% of the mass and not just a few.
I truly believe the adoption of cryptocurrency by a huge mass will change the way the world functions today and it's not quite far now. We have to do substantially more so as to make it consumer-friendly, and thusly making it openly accessible. Fortunately, an influx of advancement is presently occurring that will begin sliding the mass market into the crypto world with more prominent affirmation.
The crypto world is becoming more and more promising but also it still has a long way to go. If you're currently thinking over it then let me tell you--you've everything you need to own these cryptocurrencies for yourself. Give it a try, as per your financial capabilities permit and see how it works for you and then take the final decision.
Here is the link to a full-fledged article on the Cryptocurrency Basics for Beginners, in case you feel the need to know the crypto world thoroughly.