Mass Adoption of Crypto: What it Can Mean for You
Crypto traders have been watching the markets closely, waiting for signs that the long-awaited idea of mass adoption of digital currencies will finally be a reality.
In fact, the idea of crypto for the masses overtook the international news last June when Facebook announced the launch of a new cryptocurrency called Libra. The digital coin, its backers said, would give the world “better, cheaper and open financial services” to revolutionize the world’s payment systems and the crypto market along with it.
One the heels of the Libra announcement came even more good news for crypto as international financial institutions including JPMorgan announced it would offer its own digital coin. Suddenly, the idea of crypto as a mainstream form of payment was starting to take shape.
So what does this mean to you, the avid crypto fan and trader? How will mass adoption of cryptocurrencies impact your digital wallet? How will it change your life?
One the one hand, mass adoption means convenience. Imagine how easy it would be to just have one currency – digital currency – that you could use everywhere. No more fiddling with checks, cards or cash (dirty money) when you need to make a purchase or pay a bill. Your digital wallet would be all you need. That’s the first change you’d see with mass adoption.
And then think about the trading potential. When more people hold digital coins as their primary means of currency, more coins will be available in the markets. More coins lead to more trading opportunities and more ways for you to earn.
With so many benefits that could come with mass adoption, the idea of digital currencies becoming as mainstream as cash still has a way to go. Experts cite major barriers to mass adoption such as coin price volatility, a lack of understanding of the digital currency world, and the regulatory environment, which continues to evolve.
“Data privacy, security, and education are three key areas the crypto industry really needs to strengthen to build a more robust foundation to drive adoption,” said Crypto.com’s COO in response to a recent survey that the site conducted with The Economist.
While no one can predict if and when mass adoption will occur, the world’s financial systems are taking crypto seriously. Whether digital coins will overtake cash as the primary form of exchanging assets remains to be seen. In the meantime, opportunity knocks in the crypto world for early adopters who trade to win with STEX.