A lack of knowledge remains the biggest problem for the crypto industry to become mainstream.
Major brands like Nike, Adidas, McDonald, and Burger King coming into the space of blockchain technology through Non-Fungible Tokens (NFTs) attracts people and, thus, are involved in cryptocurrency.
As per the report by Gemini, the major breakthrough of the crypto industry happened when half of the crypto owners bought digital assets for the first time from areas like Brazil, the US, Latin America, Hong Kong, India, and the Asia Pacific in 2021.
According to a report by crypto.com, the global crypto market had 295 million users at the end of 2021, and as per last year’s rate of growth, the numbers might reach 1 billion by the end of 2022.
Cryptocurrencies have entered mainstream usage in specific areas like sending money quickly, securely, and in an affordable way abroad.
It may be too early to consider that crypto has gone mainstream in all areas. Globally, 3.9% of people hold crypto assets as of 2022, which could happen because of 2 primary reasons: crypto-related frauds and lack of regulations to address the frauds.
Tron Nodes help to improve the gaming experience because of the data security and prevents crypto-related fraud.
In 2021, the market’s famous coin, Bitcoin, exceeded the $1 trillion mark. Bitcoin was adopted as a mark of legal tender in El Salvador.
As per the report by Chainalysis, the top 5 countries that are putting their most significant shares of their money in cryptocurrencies are Vietnam, the Philippines, Ukraine, India, and the United States.
Bitstamp surveyed 28,000 investors from 23 countries and found that 88% of institutional respondents and 75% of retail investors believe the crypto mainstream adoption will happen within a decade.
Let’s understand a bit about how some companies are solving the roadblock for crypto Mainstream Adoption –
A Familiar Pattern by Cryptocurrencies –
Crypto mainstream adoption follows a familiar pattern like the internet. From 2015 till today, the number of people using cryptocurrency is very similar to the number of internet users from 1998 to 2005. If the pattern continues, there will be a billion crypto users by the end of the decade.
Obstacles in Crypto Mainstream Adoption –
Wirex and the SDF surveyed 10,000 people; from those 10,000 people, over a 3rd of participants admitted that they lacked understanding of the usage and benefit of crypto and blockchain technology. However, companies like Wirex and Stellar have made education about the crypto industry the core of their business model. But, understanding the crypto industry for general users and casual investors can be challenging to navigate.
Solving the Problem of Crypto Mainstream Adoption –
1. Enhance the trust in the Crypto industry –
CryptoStudio is solving the biggest problem of crypto mainstream adoption by offering educational resources and tools that further help investors create informed decisions and helps to enhance trust across the crypto industry.
Enterprise grade web3 infrastructure like Zeeve helps blockchain startups by enhancing trust in the crypto industry.
2. Upgrade of Ethereum’s Consensus Mechanism –
In the mid of September 2022, Ethereum upgraded the Consensus Mechanism from Proof of Work (PoW) to Proof of Stake (PoS), solving the major global issue of energy consumption and enhancing the crypto communities.
Experts believe that upgrading Ethereum’s Consensus Mechanism will lead to the crypto mainstream adoption; thus, more corporates will invest in the crypto space.
Closing Thoughts –
It can be argued that crypto assets have achieved mainstream adoption in some areas, but to achieve in all areas, which experts believe, could take a decade. The process will be faster by tackling the roadblocks in the crypto mainstream adoption rather than taking a decade.