Crypto to Reach Mass Adoption?
Admittedly, compared to 5 years ago, a lot more people own crypto nowadays. With crypto’s inclusion in the global financial systems including financial markets, adoption by institutional investors and various funds, many jurisdictions are also developing their own CBDCs, the adoption of crypto has really gone up over the past decade.
So, how do we achieve an even better adoption and eventually achieve mass adoption of crypto to provide everyone with financial independence?
Let’s look at Bitcoin in 2020
As we have mentioned many times, we are evolving in to a digital age where fiat money can no longer cater for our modern days’ new normal. Hence we have Bitcoin and also other altcoins.
Survey and research conducted by Statists had shown Nigeria, Vietnam and South Africa had crowned the use of crypto for remittance and payments. Respondents were asked whether they had used crypto in the past 12 months and in Nigeria, 32% of the respondents said yes, 21% and 17% of respondents in Vietnam and South Africa answered affirmative as well.
As we can see, even the world’s biggest crypto using countries are not really achieving mass adoption with 3 our of 10 people using crypto, why is that and how we can change that and bring on a crypto revolution?
Factors for crypto’s mass adoption
Cryptocurrencies are meant to be decentralised and it means reaching to the far edges of the world and bank all the entire unbanked population. However, this idea has seen major roadblocks from banks and regulatory bodies in various jurisdictions.
Of course, as time goes by and the education level goes up, the central banks’ opinion changes and so does the opinions of the regulatory bodies. Highly regarded jurisdictions such as Hong Kong had also announced its licensing for Virtual Asset Service Providers.
Utility of crypto
Imagine a world where you could really completely use crypto instead of fiat. Making payments of everything, remittance, tipping, investing, etc.. Although cryptos are being structured as funds to provide guaranteed returns for investors, cryptos being included in various investment products. Also the entrance of major financial players are also trying to push for the mass adoption of crypto. For example. PayPal has provided its massive client base – 26 million merchants the payment gateway for cryptocurrencies and DBS bank has also announced its crypto plans.
Although you can already do all of that with crypto now, it is not enough. We need more companies to adopt crypto in order for the market to adopt crypto and to eventually achieve mass adoption.
Education and awareness
For a thing to be adopted by majority of the population in the world, it has to be something easy to use and intuitive to the general population. We will admit although using crypto in our daily lives is no problems for our us, it could be difficult for some people in the world. We shouldn’t create a one size fits all solution for the population, we need different companies trying to penetrate the market with different methods, allowing every user to find a platform they are comfortable with.
Crypto awareness needs to be more widespread through trustworthy news distribution channels. Although we already see international conventions, and Bloomberg and BBC interviews on crypto, it is not enough we need more exposure in order to increase awareness and education on cryptocurrencies.
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About Bitprive (BPVE)
Bitprive is a Blockchain startup focusing on developing a regulated global cryptocurrency OTC marketplace with 180+ popular payment methods in the world.
Verified users can list buy and sell offers on the Bitprive platform for multi-cryptocurrency trading with a wide range of digital and physical payment methods. On top of providing the platform technology and matching services, we also provide the BitEscrow Network where crypto is held in our Bitprive hot wallet before the payment is confirmed. Once the seller confirms payment, Bitprive releases the crypto from the BitEscrow Network to the buyer’s Bitprive wallet.
At Bitprive, we value security and efficacy.