No government can stop or control Bitcoin transactions. This has been one of the main selling points of cryptos since the first day they appeared. In today’s world, cryptocurrencies have established a strong user base among tech geeks and users who highly value the privacy of financial information. This is true all over the world, even in countries like Russia, where independent politicians and activists are currently using crypto markets to raise funds and fund activists.
But, while crypto advocates and freedom fighters may sing praises for Bitcoin all they want, the reality is that cryptos won’t be able to replace centralized legacy systems until the masses switch to them. So, how far are we from mass crypto adoption? Continue reading to learn.
Too Difficult for Average Users
Just like any new quality invention and technology, cryptocurrencies have garnered strong support from tech-savvy users. But, what’s halting them to become more widespread is mass adoption from average users. The crypto market is confusing, difficult to understand, and comes with a lot of information. The trading platforms are unintuitive and unlike anything else found in the real world of finances. For the ordinary user, who wants a convenient and straightforward payment method, this is just too much to handle and combines for an unpleasant experience.
With this in mind, when there is a lack of understanding, there’s also a lack of trust. Newbies who are looking to get into the market are overwhelmed with confusing information on financial forums. So much so, that they build up a distrust towards all of it, up to the point that they view all information as spam and scam attempts. On top of this, there’s the prevalent issue of real scammers. Skilled cryptocurrency users with technical skills often know how to take advantage of uninformed users who are just venturing into the market.
Fiat Currency Still Much More Practical
Aside from the technical standpoints we talked about above, there’s one more issue hindering the mass popularization of cryptos. This issue is present with every cryptocurrency, even Bitcoin, and it’s that it tends to specialize only in a narrow niche. For example, Bitcoin is a great way to store and safeguard your savings. Still, it’s a relatively unsupported payment option in the real world, despite being on the market for eleven years.
For this reason, fiat currencies still maintain a strong position over cryptocurrencies. A big part of this problem is that the most significant part of the general public still relies heavily on legacy institutions. They feel that they get everything from legacy finance and don’t think that switching to cryptos will bring them any significant benefits.
With all of this said, the deteriorating economic conditions all across the globe might open the door for more mass popularization and convince people to adopt crypto in the future. One thing is sure. The cryptocurrency industry still faces a lot of challenges. The way they address these adoption issues will play a deciding role in user adoption in the next years.