Which crypto platforms have the best chance for mass adoption?

by Arthur · September 11, 2022

Although many view cryptocurrencies as speculative vehicles, the concept was created for a completely different purpose. Unlike TradFi, crypto wants to achieve mass adoption and establish financial inclusion. Moreover, it still has the potential to become a more stable and sustainable form of financing, even if there are some bumps along the way.

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The true purpose of crypto

People often see bitcoin and other Ethereums as a way to make money fast. However, these assets are highly volatile and can record price gains – or losses – of several percent per day for no particular reason. Once valued above $69,000, Bitcoin is now struggling to convincingly climb above $20,000. To many, it seems like a volatile asset only suitable for speculation and nothing else.

However, one cannot lose sight of the bigger picture. The BTC price is only a small facet in a much larger equation. Countries have begun to embrace Bitcoin as legal tender, making it an effective form of money in regions like El Salvador. It may seem like a “far from my bed” show, but it sets a valuable precedent for other countries to follow. It may not happen overnight, but similar measures may be taken in the developed world in the coming years.

There are many reasons to fully embrace cryptocurrency, even at the government level. Unlike fiat currencies, banks and other financial institutions, cryptocurrencies do not require permission to be used. Instead, anyone can get hold of them, use them and treat them like money. It is a great boon for both consumers and businesses and paves the way for a sustainable global economy where everyone is on the same page.

A bumpy road to progress

As one might expect, cryptocurrencies have faced a number of struggles in their quest for mainstream adoption. Although there is no “huge” mainstream use of cryptocurrencies, their status as legal tender in El Salvador and the Central African Republic is the result of tireless work by a global community of supporters and users. However, these victories only came after many setbacks, doubts, FUD campaigns, misinformation, etc.

Key issues plaguing the industry today include:

Steep learning curve: cryptocurrencies require a fair amount of technical knowledge to understand. Using them requires no specific knowledge other than the right software and a way to acquire/convert between fiat and crypto
Regulation (or lack thereof): Most countries have no guidelines for cryptocurrencies, which makes them seem less credible. Countries with regulations either virtually ban them or are very open-minded. There is no uniform legal framework, and one is badly needed.
Volatility: fluctuating market prices make it very difficult to consider crypto as “stable”. There will always be concerns when your asset can gain or lose 20% of its value in mere hours.

Smart individuals can see these issues as crucial challenges for the industry to overcome. Fiat currencies are also not stable – their exchange rates can also fluctuate wildly – and no global currency is accepted everywhere. Cryptocurrency can still solve the broken economy with its hundreds of currencies and turn it into a global front where Bitcoin and maybe a few other assets play a decisive role.

Overcoming limitations to gain mass adoption

Fortunately, several companies have shown great resilience in dealing with these challenges. For example, Radix, a project that brings the full potential of DeFi to the world, has developed a new asset-oriented programming language – Scrypto. It makes life much easier for developers, and leads to a broader development focus and more products, services and solutions. In addition, Radix provides unlimited scalability thanks to its Cerberus consensus algorithm, a key aspect in an effort to achieve mass adoption.

Getting people to enter the crypto world remains one of the biggest hurdles to overcome. Applications with “earning” mechanics, such as Walken and its play and training model, can become crucial gateways in that regard. It’s a way for people to get healthy — a model young and old can easily embrace — and they get rewarded for doing it. With over 1 million users – 13% of whom have never touched crypto before – the concept continues to draw people in. Also, there are no upfront investment costs, eliminating volatility and regulatory concerns.

Looking beyond consumers, businesses and brands should pay more attention to crypto and its technology stack. The transition from Web2 to Web3 will prove to be decisive for many devices. The technology to facilitate this transition already exists, and Snook is a great example of how teams can easily embrace user value. Snook’s new solution facilitates the building and growth of communities through BBT-themed spaces, creating an almost plug-and-play solution for engaging community members while providing value and entertainment.

When people no longer have to think about using special software to interface with crypto and blockchain, mainstream adoption will happen organically. Despite the industry’s obstacles so far, progress continues, and new efforts are in the pipeline. It’s a matter of “when” rather than “if” until crypto becomes a part of everyone’s daily life.