How Do We Get the World to Adopt Cryptocurrency And Why it is Imperative We Do?
The Ebbs and Flows of Crypto
For many, 2017 was the year a larger percentage of the world’s population was introduced to the concept of cryptocurrency. People were presented with these strange “digital assets” that no one could quite explain in their basic form, which made it difficult to win over friends and family to buy the varying tokens.
Many individuals would simply point to the rising gains of various tokens and brag about how they had tripled their money overnight! I can imagine most conversations were based around the possibility of making more fiat than the practical use of Bitcoin or Ethereum in today’s society.
Maybe this is one of the reasons why there has been stunted growth in 2018.
This is just a small visualization of the massive growth and capitalization of cryptocurrency during 2017 through today, June 23, 2018. We peaked around $830 billion and are currently hoovering around $250 billion.
What Can Be Done?
So, what can we do as a community to help the general public understand the potential of a decentralized currency run along the coding of a blockchain? And, how do we explain why it is so important that the world adopt it?
The first issue is that central entities simply do not want to lose their power over money. Our entire economic system has been based on the debit and credit criteria, which is a ledger kept by the central banking industry. This is the basic formula around the world for most of the population. Unfortunately, there are many that do not have access to banks and are victims of hyper inflation, hidden fees, and a number of issues when trying to transfer funds across state or country borders.
When you first read about a solution of cryptocurrency and blockchain technology a lot of enthusiasts will drive home that very point. They bring up the fact that billions of people are not a part of the financial system already in place. They do not use banks or have access to many of the resources most of the world are accustomed to having and using on a daily basis. This point is very valid and definitely a strong topic when convincing people of the use of blockchain and cryptocurrency.
So, does cryptocurrency simply solve this issue of creating a system of banking for the 3 billion unbanked citizens of the world?
As much as I would love for that to be the case, I simply do not believe this solves some of the core issues that keeps cryptocurrency from becoming main stream and adopted worldwide.
Before I move forward with this article, everyone should take a moment and watch this short TED Talks by Charles Hoskinson about the future world of decentralization from 2014:
There are some fundamental issues that we may need to solve in order for a decentralized system to be fully adopted. As Charles mentions in his presentation, the largest issue is providing the world with accessible internet. In order for a decentralized system to work and to become a viable option, then the world will need access to the technology needed to run the blockchain.
The video is a bit dated, but the statistics mentioned are still pretty relevant. There is still about 50% of the world that does not have access to the internet. So, how do we get to the point where we can solve some of the issues mentioned in the video:
- Practically free remittance transaction fees
- Documentation for poorer nations
- Identification
- Deeds
- Insurance
- Security of goods and services
- Move from a cash-based system to crypto
- Plus, many more uses of data storage
Obviously, there are tech companies in the space that are equipped to solve some of the issues brought up in the presentation, but the implementation of internet and technology will still be the greatest obstacle outside of the perception of needing centralized banking.
A few things that the community could do to help bring awareness is continue to liberate the connected. Yes, this sort of sounds like a synopsis of the ‘Matrix’ films, but it is quite true. Most of the world is plugged into the idea that there is no issue with the world around them. The central banking system is like their central nervous system and essential for their survival. Obviously, this is just laziness blanketed by comfortability.
This simply means it is our duty to help educate the public on the technology of blockchain. Lately, large corporations have started adopting the superior technology in several fields, which may help bring the topic of discussion to light. However, we can still play our part and create content that expresses the potential and the need of blockchain for the world (i.e. blogs, articles, videos, and localized meetups).
If enough people speak about its need, then the masses will eventually adopt the meta.
Be More Like Elon Musk
This closing is a bit pretentious, but I have come to admire the mentality of the inventor and entrepreneur. The man simply wants to make the world a better place than it is right now by trying to solve issues he believe make it technologically greater. Yes, this may also include flame throwers made by the “Boring Company.” However, he has made strides and has been innovative in many fields that have pushed the boundaries of science and technology.
One particular venture has the potential to solve the 50% internet-less population with his advanced communications satellites. The objective is to provide powerful internet to areas of the world that currently do not have access. Obviously, there may also be some other agenda associated with the technology and communication companies, but it is a real solution to a major problem and roadblock for cryptocurrency.
If enough entrepreneurs and innovative scientists that have access to capital funding move into the space, then I do not see any problem that cannot be solved with perseverance. We simply have to continue to connect with one another as a species and fulfill the potential we have within ourselves to solve the world’s issues.
Freedom and power is at one end of the blockchain road. We can provide so many people with the possibility to grow financially without the intervention of centralized banking systems, governments, and corrupt hierarchies. It all starts with a conversation and spreading the word of blockchain to our friends, our families, and our neighbors.
So, keep learning and growing.
-Nick @mycryptoverse
Originally written on my blog: https://mycrptoverse.com/2018/06/23/how-do-we-get-the-world-to-adopt-cryptocurrency-and-why-it-is-imperative-we-do/
Extra Resources
Crypto Book Recommendations:
The Age of Cryptocurrency - https://amzn.to/2L1bWOW
The Truth Machine - https://amzn.to/2IekrrP
The Starfish and the Spider - https://amzn.to/2jXG15C
Digital Gold - https://amzn.to/2k0uAKx
Wildcat Currency - https://amzn.to/2IHyHJ6
Blockchain Revolution - https://amzn.to/2jUtrUB
Be More Pirate - https://amzn.to/2yA6ZKv
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I think the increase in icos and new coins is making the market weaker. The spread of capital is too wide and far that a lot of it is being loss to devaluation of the coins being invested.
The non-crypto investments have fair much better such as stocks and real estate. So who wants to get into crypto right now if everything else seems to be doing so well?
Long term believer in crypto so the devaluation we are seeing I believe will not last so long. Thanks.
You are wrong. We have billions of humans on Earth we are not close to "spread capital too wide". Read @taskmaster4450 and get up to date to the abundant society we will enter.
It comes down to yin and yang. If there are rich there must be poor. That is a reality we live. Every equity is spread evenly then why has wealth gap widened more now than in past.
Let's face it even if a coin can be distributed fairly it does not mean we all have equal share of food and land. Deep down I want to be wrong but human history has proven otherwise.
First of all there must not be poor that is not some universal law. That is based on scarcity in a human's mind. Wealth gap has not widened. Your mistake is that you hasn't taken into the account that the world population is still growing mega fast. More people are coming in faster. That means it gives the impression that we have more poor but we have not. Everyone across the board is richer than their grandfathers.
There is no such thing as equality you are correct on that one. But that is the beauty of humanity how we are all different in our capability. That you can take it into your own hands and empower yourself that is the beauty. Human history hasn't had this explosion of abundance as we seen the last 500 years. Perhaps once they had but not as far as we know. So look at the past may not be a good model.
Even though they aren't technically stocks, cryptocurrencies act like a decentralized stock market for the rest of the world. The market is consolidating right now so we need to educate the masses before prices go back up!
The masses will come automatically. Abundance is coming so price won't matter in the future. We are moving into an Attention Economy.
I agree. I think the ICO phase will eventually end and there will be more traditional crowdfunding in the space. STO's will be the next big thing for tech startups.
There is no point of Bitcoin Ban in India, Pls go through this video U will get the right AnswerOn 1st Week of July we will solve the Crypto Issue of India – (Subhash Chandra Garg, Economic Affairs Secretary of India INDIA) @mycryptoverse
https://steemit.com/cryptocurrency/@important-to-us/on-1st-week-of-july-we-will-solve-the-crypto-issue-of-india-subhash-chandra-garg-economic-affairs-secretary-of-india-india
There is no difference real between a token and a share in the traditional sense other than the "number" is a piece of digital property and the management is automated by code rather than by lawyers and accountants.
I think we can have a parallel universe on the blockchain. #facebook (with icos like Howdoo) #linkedin (with ICOs like Aworker) #banks etc are all replicable on the blockchain and so it is waiting for global adoption. Regulation will allow global adoption and institutional money and thereby it will
The Crypto Currencies changed the life of many people and will change everything in our world. They are the future and nothing can stop them. In the coming years many people will be aware of them and will join this revolution :)
It's just a matter of time
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Yes it is true cryptocurrencies will change life and whole world will adopt this revolutionary technology for payment method.
Usability
Blockchain technology lacks usability. It’s yet complicated enough to buy, move, exchange and store securely. The average people aren’t interested in going to an interface like stock market trading to move their money around.
You are wrong. Banks have a more complicated system than for example Steemit. This system is easier and more frictionless. Have you even tried Coinbase? Have you tried Blocktrades? It's not complicated. It's in fact easier than it used to be. It used to be complicated. Now things are getting easier.
I agree, that is the biggest barrier. Until you can go to a store and scan a barcode or something it's going to be a difficult prospect to get wide scale adoption.
It's coming. Have you checked out @asbear and his awesome service called SteemPay? Super easy.
I think there are already some great concepts to help with the usability of crypto. However, I do see this as a giant need to move forward in mass adoption.
So, which is first? Usability or internet? Would one bring about the other?
I personally see a correlation between now, and the 2001 internet bubble. We are passed this initial mania phase, and now it is time for the industry to mature. At this time that we see many projects die out, and only a few legitimate ones take control. As with the internet, I believe it is only a a matter of time until cryptocurrencies become an integral part of our everyday lives!
I think its a little bigger than that. I liken it to the late 1970s early 1980s when computers were just getting into the hands of consumers and starting to be used for everyday tasks. The major platforms for this stuff are just getting their roots planted into the ground. I predict that the next 40 years of digital currency will be like the last 40 years of the personal computer revolution.
It's very odd that you chose to use the introduceyourself tag on this post. Especially given that you've been here since November 2017.
With blockchain we can have both transparency and privacy hand in hand. We can change every system the world works with and make them better. I think there are a million reasons why we need blockchain to succeed and a strong 1% that want it to fail. Much love
A very interesting blog. Thanks for sharing @mycryptoverse. I do believe that blockchain is the future. Also when millions of people had access to the Internet there were also millions who did not have access “the digital divide”. Even in the United States. This did not stop the internet from flourishing and individuals from shopping online. Crypto-currencies will flourish and some coins will succeed and others not as much. This is also true for the traditional stock market. It would be wonderful to offer a global solution to the Khan’s of this world.
I agree with you the largest issue is providing the world with accessible internet when you says There is still about 50% of the world that does not have access to the internet, wow it's amazing in this century but it's real and this limits and controls many possibilities
I like your comment “our duty to help educate the public on the technology of blockchain” I really think that There is at least one solution.
Excellent message, very well explained thanks for sharing.
I know this may sound dumb but the very reason why we need cryptocurrency is because there are dark forces of oppression around every corner in every country in every state and city.
The only place theses forces do not exist is where freedom reins and even in those places the forces are relentlessly pressing in.
Cryptocurrency is in direct conflict with those forces and if you think they are not going to fight cryptocurrency with everything they have you are kidding yourself.
If they can't beat it the will try to own it. Beware of the fake coin and ICO.
If all would have stayed in one crypto this battle would be half over right now.
They will Divide, Confuse and discredit the entire crypto world with their usual tactics. Fraudulent cryptos and ICOs make the weak scream for regulation. Exchanges make people run to fiat instead of transacting directly with bitcoin. Too many cryptos have confused the new comers.
Just to name a few of the forces they have brought to bare.
Crypto is just a tool to fightthese forces with but what good is a tool if know one uses it or uses it wrongly.
If you are not prepared to fight for every inch crypto gains and then fight some more to hold it, it will be swept away by those forces. FUD and greedy traders have made this possible. Think of all the time money and talant taken from the original coin that could have been used to make it do all the things claimed to be done by all those alt coins.
These are the tools of the enemies of crypto the world you speak of.
This man who has been through hell and back knows whats coming.
Agree with you, it's a tough game only time will tell who wins......