Massive Adoption of Bitcoin and Crypto
Only if you wonder, despite all this, why the cryptocurrency isn’t growing at the pace it should, here is the reason why it still has not been able to mark its fuller growth!
And i.e. lacking the Crypto Adoption by the masses at large!
The crypto adoption at a turtle’s pace is what’s limiting the prospects of the crypto market. And reaching its boiling point as to what’s stopping its mass acceptance isn’t that of mystery!
Here are the factors that are acting as a barrier to the wide acceptance of the cryptocurrency:
For any currency or instrument to establish its credibility, it requires a proper framework along with well-defined channels of operations.
And with so many coins entering the market with no single point of regulation has not only added to the confusion but lacks proper authentication that’s needed for the people to impose their faith in any cryptocurrency.
Then what is the way out?
Well, it's about bringing in measures that put in more clarity and transparency for the people to develop a healthy notion about it.
One such instance is where CryptoTalks have introduced an I AM WHO I SAY I AM badge on their platform that verifies the details of the participants, enabling the general audience to build genuine faith and trust over the interactions that they have over the portal.
Also, such measures are invaluable when it comes to bursting the bubble of false talks and rumours that are persisting to hit the market on the negative side.
Volatility comes along the way of a sudden increase or decrease in demand while having a limited supply at hand. So is the case with cryptocurrencies, where volatility is a predominant factor that’s not letting the cryptocurrency get established as a norm.
It’s hard to segregate the actual investors from the people who are there to have temporary gains and then leave.
This is what forms a bubble in the market and then eventually causes it to burst, leaving its destiny in the hands of such instances over and over again.
Today numerous blockchains are prevailing in the market with the least arrangement of bringing them all together. This is where interoperability becomes yet another cause for not having a full-fledged crypto market. Though channels like Chainlink are already in place to counter the concern of interoperability, a robust mechanism for bringing a perfect synchronization is what’s needed for the cryptocurrency to get going!
Wondering how it contributes as a barrier when it originally played as a theme for the cryptocurrencies to catch the attention in the first place!
Well, here’s how it plays the downside of not being regulated by a credible authority. This is where we see the cryptocurrency’s downside of being decentralized that gets engulfed in the bubble of high demand and then shrinks after the bubble of inflated demands bursts over a while.
The solution lies in bringing the strict mechanism and regulation so that it could find a way to much more stable and reliable ground.
- Criminal Activities:
Last but not least, criminal activity (cyber thefts and frauds) associated with cryptocurrencies is yet another cause that’s keeping people from adopting it large. There are many instances where the well-established crypto exchanges were burgled, leaving the investors at the mercy of under-developed systems and compromised security.
Such instances don’t just lay a dent over the reputation of given institutions but are great triggers to question the very existence of cryptocurrencies, claiming to be a whole system in itself.
The resort only lies in coming up with robust features, ensuring complete transparency and safety.
It’s a great call that big companies are making an effort to incorporate these coins as a part of their financial interactions but the ball is truly in the court of people.
Meaning, if the fears and notions about cryptocurrencies are not well addressed in the minds of the people, then having cryptocurrencies as a part of our financial instruments would become next to impossible.
And to have cryptocurrency well in our financial space, it is pertinent to sort out every barrier that comes in the way of crypto adoption as discussed above.