When will everybody be crypto-fluent❓

Although cryptocurrencies have become much more popular than they once were, they still have yet to reach a full mainstream audience. People involved are still known as "crypto people" and not just regular people. This is because so many human beings are yet to create their first wallet or ever see how a crypto transaction works.

Many of us working with crypto ask why everyone hasn't been turned on to this new technology yet. There isn't just one answer, but I believe I've come up with 7 solid reasons why crypto has yet to reach peak adoption.

There are many factors that have been delaying the widespread adoption of cryptocurrencies:

1. Regulation

The lack of clear regulations and the risk of governmental bans have made individuals and institutions cautious about investing in cryptocurrencies.

The rules are different in every country and most of the time they don't make a lick of sense. Governments are dumbfounded when it comes to crypto and they always seem to act like it is not something totally new. It may take old politicians dying off and a new wave of political figures that are more knowledgeable about crypto to find some regulation that actually works and doesn't cripple the capabilities of the technology.

2. Complexity

The technical nature of cryptocurrencies can make it difficult for the average person to understand and use them.

This depends largely on how much effort one is willing to put in. It doesn't take a lot of work to understand how crypto works, but some don't wish to put in any effort at all. The older someone is usually, the less likely they are to spend time learning something new. As we age, we get stuck in our ways even when we know the latest things could make our lives better if we are willing to adapt.

3. Volatility

Cryptocurrencies are often subject to large price swings, making them a risky investment for many people.

I blame this largely on market manipulation. It's hard to say who exactly is the one causing prices to go up and down, but there is something going on. There are stablecoins to rely on such as HBD if you are really worried about volatility. This is a pretty lame excuse to not give crypto a chance.

4. User experience

The user experience of most cryptocurrency exchanges and wallets is still clunky and not as user-friendly as traditional financial systems.

Let's face it, there aren't many crypto-based apps that are as user-friendly as something like Facebook. They've spent nearly 20 years improving their systems, so you really can't expect crypto to keep up just yet. The evolution of AI will accelerate how quickly crypto catches up and eventually surpasses the competitors, but it won't happen overnight.

5. Security

The frequent instances of hacking and theft in the cryptocurrency space have made many people wary of holding their assets in digital form.

The thing about crypto is you have much more responsibility than with the legacy financial systems. You can't call up a bank or credit card company to reverse a transaction. You also won't be able to rely on them to recover any stolen accounts. These types of problems can be eliminated if people become more aware of what they are doing and are careful not to store their passwords in places that can easily be sabotaged.

6. Slow transaction times and high fees

Compared to traditional payment methods, transactions on some cryptocurrency networks can be slow and expensive.

This was a huge problem back when I first got started with crypto in 2017. Waiting hours for a BTC or ETH transaction to go through was very stressful. Since then, things have improved drastically. Bitcoin transactions are speedy thanks to Lightning. Then we have blockchains such as Hive that offer instant transactions with no fee other than needing to have resource credits, which automatically replenish daily.

7. Lack of acceptance

Although more and more businesses are beginning to accept cryptocurrencies as payment, it is still far from being widely accepted, which limits its utility.

This to me is the biggest reason crypto hasn't popped off as big as I expect it to. We are still unable to walk inside the grocery store and scan a QR code to pay for our items. Sure, you can easily load up crypto on a debit card, but you must convert it to fiat first and that sort of defeats the purpose of it all. Some businesses already accept crypto payments and to them I say bravo. I think once larger companies such as Wal-Mart begin to accept crypto as a form of payment, then we will be much closer to something like Bitcoin being treated as legal tender instead of property.

These are some of the main challenges facing the widespread adoption of cryptocurrencies, but as the technology and infrastructure continue to improve, it is likely that these issues will be addressed over time.

The future is pretty undeniable at this point ⏳

I remain confident that there will be a day not too far from now when every person that you meet has a crypto wallet and uses it daily. I'm so tired of having to sell my crypto into USD and then pay a tax on it at the end of the year. It makes absolutely no sense for it to work like this.

I'll continue to be patient until the day that these issues are resolved more than they already have been. I can say without a doubt that the 2017 crypto world and 2023 crypto look insanely different. It's hard to predict what the next few years will end up looking like.

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