Theories regarding electricity were already published by the 1600s. However, electricity was not in people’s homes until the late 1800s. Even today, there are millions of homesteads without electricity.
Similarly, cryptocurrency is a new invention and it will take some time before the public accepts this new form of currency. However, there has been steady progress over the past few years especially considering cryptocurrency came to the fore in 2009.
Since its inception, digital currency has caused a lot of fluctuations in the virtual asset economy while sparking some of the biggest debates of our time. A significant portion of people around the globe sees cryptocurrency as a more efficient means of managing their finances and making transactions or withdrawals in the digital era.
Others see cryptocurrency as a financial system setting itself up to replace paper money, but with too many risks thus hindering its widespread adoption.
What do the experts think?
In a recent interview by Longhash, Tron CEO Justin Sun claimed a proper lack of understanding when it came to cryptocurrency was the biggest cause of stagnated adoption. The interview was conducted on some of the most influential proponents in the crypto world who cited various barriers affecting the adoption of cryptocurrency.
Justin also stated that user experience as a way of attracting more people to the crypto industry was not good enough.
As opposed to recommendations from friends and reading other people’s reviews, the CEO encouraged budding potential crypto users to understand the digital currency from a fundamental perspective.
As such, they will know the benefits and cons of using cryptocurrency as well as its impact on the financial system in the future. Such information is vital seeing we are living in the digital age and automation is no longer a pipedream.
More people are learning
Tony Vays, a reputable crypto-analyst claimed the barriers that had been formed around digital currency earlier on are weakening as more people get a deeper understanding of Bitcoin (BTC).
BTC was one of the first cryptocurrencies to emerge and is a leader in the industry to date. According to Tone, the biggest barrier at the moment is misinformation. He claims the Bitcoin’s usability and wallets will get better over time.
The crypto-analysts also backs BTC to improve its interface and security as more people join the crypto world. Erik Voorhees, the CEO of ShapeShift added regulatory challenges as one of the biggest barriers when it comes to crypto adoption. According to Erik, financial institutions are still hesitant in the adoption of cryptocurrency due to the uncertainty surrounding it and its effect on the market.
Another industry leader Tyler Spalding, the CEO of Flexa also cited functionality and price speculation as a major hindrance to the global adoption of cryptocurrency. The CEO urges crypto creators to make the digital currency available to regular people and show its use in their daily lives.
Crypto adoption is a slow process but more people are realizing its importance by the day. Some outlets around the world are now taking payments in crypto coins while others are preparing to take the step.
If the issues discussed above are taken into consideration and properly handled, the stagnation witnessed currently in the adoption of digital currency will cease to exist.